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.

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 Mortgage Loan Program Changes

VA Mortgage Loans Change

Changes to VA Home Loan Guarantee Program will help more veterans.

VA (Veterans Affairs) mortgage loans will undergo some big changes thanks to bipartisan legislation that President Obama recently signed into law. The changes will further assist surviving spouses, married military couples, single-parent service members and veterans with disabilities. Let’s look at how this bill will help our nation’s veterans and their families:

VA Funding Fee

The VA applies a mandatory fee to all loans in order to keep the no-down payment program running. The VA waives the fee for borrowers with service-connected disabilities. This has caused problems for our veterans in the past who are waiting to receive a formal disability rating. New laws will exempt a service member from paying this fee as soon as a pre-discharge exam finds them eligible to receive disability compensation.

Surviving Spouses

Under current VA regulations, only surviving spouses of service members who die in the line of duty or as a result of a service-connected disability have access to the VA loan guarantee program. New rules will tweak the regulations so that veterans need only have had a permanent service-connect disability for at least ten years prior to death in order for a servicing spouse to qualify for home loan benefits.

Married Military Couples & Single Parents

VA purchase loans come with occupancy requirements that only military members or their spouses can fulfill. These loans are for primary residences, and borrowers typically have a set time after closing to occupy the home. This proves difficult for married military couples and single service members serving abroad. Under new legislation, a dependent military child would be able to satisfy the occupancy requirement for a parent or parents who can’t be there.

Adjustable Rate Mortgages

The VA has backed adjustable rate mortgages (ARMs) on and off for the last couple of decades. New regulation will make ARMs and hybrid ARMs permanent fixtures in the VA loan program.

Inlanta Mortgage is an agency-approved VA mortgage lender and is proud to assist our nation’s vets achieve the dream of homeownership. Find a licensed mortgage loan officer near you to discuss your home financing options as a U.S. military veteran.

To read more a out Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012 visit the House Committee on Veterans Affairs.

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.

Tips for First Time Home Buyers

Tips for First Time Home Buyers

Are You Ready to Buy Your First Home?

Buying a home is serious business. With 15 and 30-year fixed rate mortgages at record lows, many people are embarking on this great adventure. For those of you ready to make the leap from renting to home owning – here are just a few tips!

1.  Check the selling prices of homes in the area you wish to live. Web sites such as Zillow and Trulia can give you a general idea of what you should expect to pay. You can also do a quick search of actual MLS listings in your area on a number of web sites hosted by reputable Realtors, including the  National Association of Realtors. In Wisconsin, you can search by MLS# at First Weber.

2.  See what you can afford and get a pre-approval letter.  Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor. Visit our blog post How Much House Can You Afford? This post will help you understand how Inlanta Mortgage computes the amount you are pre-approved to purchase. Click here to learn more about the importance of getting pre-approved.

3.  Consult a licensed real estate agent. Realtors are trained to help home buyers objectively examine properties in terms of school districts, safety, zoning, and much more. Don’t stop your inspection of a prospective home at the property line – the area surrounding your new home will undoubtedly affect how happy you will be in it.

Ready to begin? Contact a licensed Inlanta Mortgage loan consultant today! Your mortgage loan consultant can help you determine which of the following first time home buyer loan programs are best for you:

Conventional Mortgage Loans – Traditional program that usually requires 5% down and offers competitive interest rates.

FHA Mortgages – FHA mortgages enable the borrower to put as low as 3.5% down and are available to borrowers with less than perfect credit.

USDA Mortgages – USDA mortgage loans are designed to help lower income individuals or households purchase homes in rural areas.

VA Mortgages – VA mortgage loans are federally guaranteed mortgage loans for veterans that don’t require a down payment.

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.