Tag Archives: VA Mortgage

All About VA Loans

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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.

4 Reasons to Choose a VA Mortgage Loan

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The veterans home loan, also referred to as the VA mortgage, has been around for a number of years and is still a great way to purchase a home. The VA stats show that these mortgages have the lowest occurrence of foreclosure among all types of home loans. While we could list several reasons to choose this mortgage, we are going to focus on the top 4 benefits of a VA home loan.

No Down Payment

The guidelines from the Veteran’s Administration for the VA home loan does not require a down payment for qualified buyers. This means a borrower can get a loan equal to 100% of the home’s purchase price. This one aspect of the loan can save a borrower thousands of dollars of out of pocket expenses at the time of purchase.

Flexible Credit Rules Make It Easier to Qualify

A conventional mortgage often requires borrowers to have a rather high credit score and a strong history of repaying debt in order to qualify for their best rates. This is not the case with a VA mortgage.

The credit requirements for a VA mortgage are more relaxed.  This means that people will less than perfect credit history can often get approved for a VA home loan, opening the opportunity to qualify to many more people.

Mortgage Insurance NOT Required

Conventional loans as well as the FHA loan will charge borrowers private mortgage insurance if the borrower pays less than 20% down at the time of purchase.  This mortgage insurance protects the lender, not the borrower, in the event that the borrower is no longer able to make the payments and the home is foreclosed.  The mortgage insurance is calculated as a percentage of the outstanding loan balance and can get quite costly depending on the borrower’s credit score and the loan amount.

The VA home loan has no private mortgage insurance requirement.  This saves the borrower money each month compared to other types of mortgage loans.

Limit on Closing Costs

The VA guidelines state that there is a limit on the maximum amount of closing costs that can be charged to a borrower.  This provides an immediate saving when the home is purchased that is unique to this type of home loan.

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.

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

Inlanta’s Partnership with Vets

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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

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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

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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.

VA Mortgages – No Down Payment Needed

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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

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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.

Veterans Day 2011

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Happy Veterans Day!

On the eleventh hour of the eleventh day of the eleventh month in 1918, fighting ceased between the Allied nations and Germans signifying the end of the “Great War”.

November 11th was officially proclaimed Armistice Day by Woodrow Wilson in 1919. In 1938, Armistice Day was formally recognized as a legal holiday to honor those dedicated to the cause of world peace during World War I. In 1954, Armistice Day was renamed Veterans Day to properly recognize American veterans of all wars.

Today we continue to celebrate and honor America’s veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good. We encourage you to thank those who have selflessly put themselves at risk for our safety.

Veterans rightfully receive many benefits for their selfless service – including access to VA Mortgage Loans. Inlanta Mortgage is proud to offer VA Mortgage loan programs and encourages interested veterans to contact their lender to discuss how a VA Mortgage can be obtained. Find a Inlanta Mortgage loan officer near you here.

According to the U.S. Department of Veterans Affairs, the following individuals are eligible for VA Mortgages:

  • Veterans
  • Active Duty Personnel
  • Reservists/National Guard Members
  • Some surviving spouses

Eligible individuals will need to provide evidence of their eligibility. For more information on eligibility visit the Department of VA Affairs. Your Inlanta Mortgage lender can obtain a certificate of eligibility immediately through through the Department of Veterans Affairs secure web site.

VA Mortgages are designed to make home ownership more affordable. VA Mortgages require less stringent credit requirements than conventional mortgages, have no private mortgage insurance requirements, and have a low or no down payment option.

For more information on VA Mortgages visit us  at www.inlanta.com, call toll-free 877-326-5626, or locate a branch near you here.