All About VA Loans

As we celebrate our nation during July, we’re reminded that we live in The Land of the Free because of The Brave Who Served and Sacrificed for us.

To our veterans and active military personnel, we tip our hats to you, and to your sacrifices that make our freedom possible. We are committed to making your dream of homeownership possible with our VA mortgage loan options.

What is a VA loan?

A VA (Veterans Affairs) mortgage loan is designed specifically for service members, veterans, and eligible surviving spouses, offering excellent benefits that allow eligible VA borrowers to purchase a home with:

  • No money down
  • No PMI* (primary mortgage insurance) required
  • More flexible credit guidelines

What Can You Do with a VA Loan?

A VA loan is similar to any other conventional loan, allowing you to:

  • Purchase a home or condo
  • Build a new home
  • Refinance your current home
  • Make improvements on your current home, such as adding energy efficient features

Who is Eligible^?

In order to be eligible for a VA mortgage loan, veterans and surviving spouses must meet requirements based on available entitlement and years of service. To learn more about our VA mortgage loans, contact your local Inlanta loan officer today.

Finally, to all of those who proudly serve or have served in our US military, we thank you for your service!

*PMI is typically required when purchasing a home with a down payment under 20%, and the payment is added to your monthly mortgage payment.

Benefits of VA Mortgage Loans

Benefits of VA Mortgage Loans

At Inlanta, we believe in honoring our Vets who have proudly served and sacrificed for our country to protect our freedom. And it’s personal for us, with our Vet loan officers representing every branch of the military.

If you are a veteran or active military member, it is our privilege to serve you to help make homeownership possible. We are all committed to serving Veterans with our VA loan program, and have also partnered with Pets for Vets, an organization that helps pair rescue dogs with at-risk returning veteran, and donated $25,000 to their cause earlier this year.

Why Choose a VA Loan?

A VA (Veterans Affairs) mortgage loan is designed specifically for service members, veterans, and eligible surviving spouses to help them purchase a home.

VA Loans offer excellent benefits that allow eligible VA borrowers to purchase a home with:

  • No money down
  • No Private Mortgage Insurance (PMI) required
  • More flexible credit guidelines

PMI is usually required if a down payment of 20% is not provided when purchasing a home. With the VA mortgage loan, both the down payment and PMI requirements are waived for veterans.

What Can You Do with a VA Loan?

A VA loan is similar to any other conventional loan, allowing you to:

  • Purchase a home or condo
  • Build a new home
  • Refinance your current home
  • Make improvements on your current home, such as adding energy efficient features

Who is Eligible?

Veterans and surviving spouses must meet requirements to qualify for a VA mortgage loan, based on available entitlement and years of service. To learn more about our VA mortgage loans, contact your local Inlanta loan officer today.

Did you Know?

This year marks the 75th anniversary of the GI Bill! Passed in 1944 as the “Servicemen’s Readjustment Act,” the law that positively impacted millions of veterans and their families by providing a wide range of benefits to Veterans including low-cost home loans, education and vocational training, unemployment payments, and an expansion of Veterans’ health care.

Inlanta’s Partnership with Vets

Inlanta’s Partnership with Vets

Our veterans have made the ultimate sacrifice to protect our freedom. And Inlanta Mortgage believes in paying tribute to these heroes every day by partnering with them in many ways, every day, including:

VA Loans

Inanta is proud to offer our veterans and active military personnel VA mortgage loan options to help our heroes purchase or refinance a home. Designed specifically for service members, veterans and eligible surviving spouses, these mortgage loans offer excellent benefits including:

  • No money down
  • No PMI* (primary mortgage insurance) required
  • More flexible credit guidelines

*PMI is typically required when purchasing a home with a down payment under 20%, and the payment is added to your monthly mortgage payment.

Pets for Vets

It’s our mission to help everyone achieve the dream of homeownership, including our returning service members who may find their transition to civilian life difficult. It’s important to have someone special waiting for them at home to provide friendship and comfort to make that transition easier. That’s why we’ve partnered with Pets for Vets, an organization that adopts shelter dogs, trains them and pairs them with a veteran in need, to donate a portion of every loan closed through the end of 2018. For more information on Pets for Vets, click here: https://www.petsforvets.com/

Homes for Heroes

Homes for Heroes is the largest nationwide network of affiliate real estate, mortgage and local business specialists committed to providing easy ways for heroes to save on a home. The organization was established shortly after 9/11 to give back to firefighters, EMS, law enforcement, military (active, reserves & veterans), healthcare professionals and teachers. Team Inlanta has a network of Homes for Heroes mortgage professionals that are supporting its mission to help our heroes achieve the dream of homeownership. To find an Inlanta Homes for Heroes lender in your area, contact us today.

Inlanta Veterans

We’re honored to have military veterans on our Inlanta team who personally understand the sacrifice and selflessness of our vets and active military personnel. They are thrilled to have the opportunity to help their fellow veterans achieve the dream of homeownership and are prepared to help those who have served and their families obtain a mortgage loan. Contact us today if you’d like to find a veteran lender in your area.

Happy Veterans Day to all those who have served for our country and for our freedom!

FHA and VA Increase Loan Limits for 2017

fha_va

FHA and VA increase loan limits for 2017

 

Last week, we announced the news that the FHFA increased conforming loan limits. As a result, the Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) have also increased the limits for FHA loans and VA loans, respectively.

FHA loan limits have increased from $271,050 to $275,665. These new loan limits apply to FHA-insured loans that have an application date of January 1, 2017 or later.
VA loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

A loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

If you are looking to buy a home in 2017, this is excellent news for you! With rising home prices and the market’s return to pre-recession growth, the loan limit increase signifies a growing market. Many homebuyers will now be able to afford larger homes or homes in more expensive areas with better loan terms. If you need help getting started on your home loan journey, check out our blog for more details on the home buying process, FHA loans, and VA loans.

 

 

FHA & VA Loan Programs

fha_vaFHA & VA Loan Programs

With mortgage rates still low, now is a great time to buy! There are many different loan options out there today that make buying a home achievable, and it is important to understand your options throughout the home buying process. Continuing our discussion on government loans from last week, we want to take some time to discuss your options with FHA & VA loan programs.

 

FHA Mortgage Loans

The FHA, or Federal Housing Administration, offers a low down payment option that can help low income or first time homebuyers purchase a home. Since the Federal Housing Administration insures your mortgage, individual lenders may be more willing to give you loan terms that make it easier for you to qualify. To qualify, you must have proof of steady employment and clear CAIVRS, which is the government’s Credit Alert Interactive Verification Reporting system, to qualify. CAIVRS is a database of those who have defaulted on government loans, owe back taxes, or have other federal debt. If you are on this list, you will not be able to receive the loan unless you can get your report cleared.

Compared to other loan programs, FHA has lower credit score requirements. It does, however, require a minimum score of 580 to qualify for a low down payment. If you are concerned about your credit score, consult your loan officer to find out if you might still qualify. These loans can also have a lower down payment requirement than a conventional loan. Conventional guidelines call for two months of asset reserves at closing, meaning two months of mortgage payments, including taxes and property insurance. FHA has no reserve requirements which means less money spent at the closing table.

Not only can closing costs be paid for by the seller, but the down payment of an FHA loan can also be gifted to the homebuyer. This has become a trend for buyers who are getting married and prefer that their gifts go towards a down payment on a home rather than a wedding registry. If you are getting a gift for your down payment, make sure you document it by getting a gift letter from the person you receive the gift from and be able to document any large deposits to your bank account. This will be required when your application is looked at by an underwriter.

It is important to note that FHA loans can only be used towards the purchase of a primary residence, so if you are looking to purchase a second home or vacation home, you will need to look at other programs. In addition to FHA purchase loans, other FHA options include streamlined and cash-out refinancing, as well as FHA 203k rehabilitation loans, which allow you to combine renovations and the purchase of your home into one loan.

 

VA Loans

If you have served our country, you may qualify for a VA loan. These loans are available for active, non-active, and retired Army, Air Force, Marine, Navy, National Guard, and Coast Guard vets who meet the established service requirements. To qualify, the veteran must have served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum or 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is six-year requirement for National Guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA loans offer many great benefits to veterans that are worth looking into eligibility for. These benefits include:

  • No Down Payment
  • No monthly mortgage insurance (PMI)
  • Gift Funds are acceptable for closing costs
  • No Cash reserves requirement
  • A variety of terms or loan types available
  • Available for purchase and refinance
  • Reduced costs for disabled veterans
  • Seller can pay closing costs
  • Seller pays for any required repairs
  • No pre-payment penalty

Both of these programs can offer many great benefits to qualified borrowers. If you think one of these programs would be a good match for you, contact one of your local Inlanta Mortgage loan officers to get pre-approved today!

 

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2016. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

Getting a VA Loan

VA Mortgage Loans

VA Mortgage Loans

VA mortgage loans are designed to help our nation’s veterans purchase a home or refinance their existing mortgage. VA loans are a great option for eligible veterans because there is no down payment requirement, qualifying requirements are less restrictive than conventional loans and private mortgage insurance is not required.

Visit the Department of Veterans Affairs website to determine if you are eligible. Spouses of veterans may also qualify under specific circumstances.

VA Mortgage Loan Process

1. Find a Lender – You need a lender who participates in the VA program.

2. Get a Certificate of Eligibility (COE) – A COE verifies that you meet eligibility requirements for a VA loan. In most cases, Inlanta Mortgage loan officers can access and obtain your COE through an internet-based application (Web LGY) in a matter of seconds.

3. Find a Realtor – A Realtor can help you find a home and negotiate a purchase agreement.

4. Complete Your Loan Application – Work with your lender to complete your loan application and gather required documentation (bank statements, pay stubs, W2s).

5. Loan Processing – An appraisal will be ordered from a state-licensed real estate appraiser and your mortgage lender will begin to process all your application and documentation. Your lender will review all your information and confirm that the appraisal meets the market value requirements for a VA home loan guaranty.

7. Loan Approval & Closing – After reviewing the property appraisal and your credit, income and asset documentation, your lender can make a decision to approve or deny. Approved loans move towards closing. Title company representatives or attorneys conduct the closing – which is where the property is transferred to you!

Learn More About VA Loans

Do you have additional questions on VA mortgage loan eligibility, the loan process, or VA loans in general? Inlanta Mortgage loan officers are qualified to answer all of your VA mortgage loan questions. Use our branch locator to find a licensed mortgage loan officer near you.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage – Celebrating 20 Years

Celebrating its 20th Anniversary, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

 

 

Happy Veterans Day!

Veterans Day 2013

We Salute Our Veterans

Today, we salute our nation’s veterans. We sincerely appreciate the sacrifices made by our men and women (and their families) in service to our country. We encourage you to thank a veteran for their services!

Veterans Day

The holiday was first observed in the United States in 1919 as Armistice Day, marking the day one year earlier, November 11, 1918, when the United States and its allies reached a formal agreement with Germany to end World War One.

Discounts for Veterans

On Military.com, there are nearly 100 Veterans Day discounts on goods, services and dining for 2013. The full list is available at military.com, but here are a few of the discounts listed:

  • Applebees – Veterans and active duty military receive a free meal from a limited menu, on Veterans Day, Monday, Nov. 11.
  • Boston Market – Boston Market is offering a free whole chicken with the purchase of a family meal on Monday, Nov. 11 with a military ID.
  • Famous Dave’s – Famous Dave’s is offering various discounts and free meals on Monday, Nov. 11 with proof of service. Specific offers vary by locations.
  • National Parks – On Veterans Day weekend (Nov. 9-11) veterans will have access to over 100 National Parks that require entrance fees for free.
  • Lowe’s – All veterans receive a 10% discount on Veterans Day, Memorial Day and the Fourth of July. The offer is available in stores only.
  • Walgreens – Walgreens is offering 15% off eligible store items and 20% of Walgreens, Nice! and W brand products on Monday, Nov. 11. This discount is available to all veterans and active duty military personnel.
  • Toys“R”Us – At Toys“R”Us and Babies”R”Us, military members and their families can get 20% off one regular-priced item from Sunday, Nov. 10 through Saturday, Nov. 16.

Mortgage Options for Veterans

Inlanta is proud to offer Veterans Affairs (VA) mortgage loans. For more information on VA mortgage loans and the VA mortgage loan process, visit our blog post VA Mortgage Loan Process.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage – Celebrating 20 Years

Celebrating its 20th Anniversary, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

 

VA Mortgage Loan Process

VA-mortgage-loans

VA Mortgage Loans

VA mortgage loans are designed to help our nation’s veterans purchase a home or refinance their existing mortgage.

Veterans with qualifying credit and income can purchase a home with no money down, no private mortgage insurance, and competitive interest rates. Visit the Department of Veterans Affairs website to determine if you are eligible. Spouses of veterans may also qualify under specific circumstances.

 VA Mortgage Loan Process

1. Find a Lender – You need a lender who participates in the VA program.

2. Get a Certificate of Eligibility (COE) – A COE verifies that you meet eligibility requirements for a VA loan. In most cases, Inlanta Mortgage loan officers can access and obtain your COE through an internet-based application (Web LGY) in a matter of seconds.

3. Find a Realtor – A Realtor can help you find a home and negotiate a purchase agreement.

4. Complete Your Loan Application – Work with your lender to complete your loan application and gather required documentation (bank statements, pay stubs, W2s).

5. Loan Processing – An appraisal will be ordered from a state-licensed real estate appraiser and your mortgage lender will begin to process all your application and documentation. Your lender will review all your information and confirm that the appraisal meets the market value requirements for a VA home loan guaranty.

7. Loan Approval & Closing – After reviewing the property appraisal and your credit, income and asset documentation, your lender can make a decision to approve or deny. Approved loans move towards closing. Title company representatives or attorneys conduct the closing – which is where the property is transferred to you!

VA Mortgage Loan Questions?

Do you have additional questions on VA mortgage loan eligibility, the loan process, or VA loans in general? Inlanta Mortgage loan officers are qualified to answer all of your VA mortgage loan questions. Use our branch locator to find a licensed mortgage loan officer near you.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is proud to be named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012.

VA Mortgages – No Down Payment Needed

VA Mortgages

What are VA Loans?

VA mortgage loans are designed to help our nation’s veterans purchase a home or refinance their existing mortgage.

Veterans with qualifying credit and income can purchase a home with no money down, no private mortgage insurance, and competitive interest rates. To qualify for a VA loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. Spouses of veterans may also qualify under specific circumstances. Contact a licensed Inlanta Mortgage loan professional to discuss this unique loan program available to qualifying veterans and spouses.

VA Refinancing Options – IRRRL

Under the VA guaranteed mortgage loan program, eligible veterans may refinance their existing mortgage with an Interest Rate Reduction Loan (IRRRL). IRRRL’s, or VA Streamline Refinance Loans, help veterans refinance their current mortgage interest rate to a lower rate.

Features & Requirements of the IRRRL:

  • Closing costs can be rolled into cost of loan
  • Lender may allow reduced closing costs in exchange for higher interest rate
  • Veterans must be current on mortgage with no more than one 30-day late payment in the last year
  • You cannot receive any cash back from an IRRRL
  • You must certify that you have previously occupied the property
  • You must have financed the original mortgage using your VA Loan eligibility

VA Cash-Out Refinance Loan

This loan allows eligible veterans to refinance their conventional or VA loan into a lower rate while also taking cash from the home’s value. Just like the VA Streamline Refinance, the home must be the principal residence of the owner. Use our branch locator to contact a loan officer near you to learn more about VA mortgages.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

VA Loan Facts for Veterans

VA Loans

What are VA Loans?

VA mortgage loans are designed to help our nation’s veterans purchase a home or refinance their existing mortgage.

Veterans with qualifying credit and income can purchase a home with no money down, no private mortgage insurance, and competitive interest rates. To qualify for a VA loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. Spouses of veterans may also qualify under specific circumstances.

VA Refinancing Options – IRRRL

Under the VA guaranteed mortgage loan program, eligible veterans may refinance their existing mortgage with an Interest Rate Reduction Loan (IRRRL). IRRRL’s, or VA Streamline Refinance Loans, help veterans refinance their current mortgage interest rate to a lower rate.

Features & Requirements of the IRRRL:

  • Closing costs can be rolled into cost of loan
  • Lender may allow reduced closing costs in exchange for higher interest rate
  • Veterans must be current on mortgage with no more than one 30-day late payment in the last year
  • You cannot receive any cash back from an IRRRL
  • You must certify that you have previously occupied the property
  • You must have financed the original mortgage using your VA Loan eligibility

VA Cash-Out Refinance Loan

This loan allows eligible veterans to refinance their conventional or VA loan into a lower rate while also taking cash from the home’s value.
Just like the VA Streamline Refinance, the home must be the principal residence of the owner.

Questions?

VA mortgage loans are an extremely attractive home financing option for those who have served our country. Contact a licensed mortgage loan officer near you for more details or begin your loan application now.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

VA Loan programs are subject to change and dependent upon credit approval. Contact your Inlanta Mortgage licensed loan officers for additional program details.