If you have VA eligibility, VA is typically the best option for first time homebuyers. With interest rates comparable with FHA and no monthly MI; it cannot be beat.  What makes it more attractive is that VA loans do not require a down payment. That's right, it is true 100% financing. VA loans are available for primary homes only, they are not offered for investment properties. VA loans are available in Fixed rates and adjustable rate mortgages. The minimum credit score requirement for a 100% VA mortgage is typically going to be 620. 

 

If you currently have a VA loan, than securing a lower interest rate could not be any easier. It is possible to qualify for a VA streamline without an appraisal or even income documentation. Guidelines on this program change frequently. Please contact me for the most up to date information

 

If you currently have a conventional mortgage, but due to the decline in home prices find yourself with very little equity, you may want to consider refinancing into a VA loan. VA allows for up to 100% on no cash out refinances and up o 90% of your homes value is you are applying for a cash out VA refinance.You will also want to see if you are eligible for a Fannie Mae or Freddie Mac HARP loan. Those are the over equity mortgages available unde the "Obama mortgage program" 

 

 

VA LOAN OFFICER in Maryland , Virginia and Washington D.C.

 

Josh Burley