VA Mortgage Loans
DID YOU KNOW? GLOBAL HOME FINANCE INC. PAYS VETERAN’S CLOSING COSTS THROUGH CUSTOMER CLOSING COSTS SUBSIDY PROGRAM
Since 2016, Global Home Finance Inc. has had the right to provide a no closing cost program under the special Customer Closing Costs Subsidy Program (CCCSP). The program set aside funds of 100 million to be used to pay Texas Veteran’s mortgage closing costs. When the $100 million in funds is depleted the program will automatically terminate. This is only for Veterans Administration loans for Global Home Finance Inc. customers. Our company is allowed for a limited time to provide our customers with no closing cost loans under the VA lending program – including VA Jumbo loans with excess entitlement. Once the program’s $100 million is gone, this opportunity will be terminated, so act now by calling 866-923-3222 or apply securely online.
HOME REFINANCE HOME PURCHASE
How VA Mortgages Work
The VA does not make mortgage loans but guarantees mortgage loans. The guarantee removes or minimizes the risk of default that mortgage lenders face when buyers put down less than 20 percent. VA Approved Lenders Originate the mortgage loan and the Veteran’s Administration guarantees the loan with the Veteran’s entitlement. The best part about working with Global Home Finance on the purchase of your new home with a VA mortgage is that we pay your closing costs! So, you get 100% financing and don’t have to pay for the at closing costs! We finance the funding fee if you have one, pay all the 3rd party costs due at closing and all you have to worry about in the process is maybe a little bit of the taxes and insurance on the new house (3 months), the appraisal about $500 – $600 (paid upfront so not a closing cost) and inspection fees (to make sure the house is in good shape before you buy it again paid upfront so not a closing cost), and we handle the rest. Then you can worry about getting moved instead of if your qualified.
Blemished Credit History
If your credit is less than perfect, VA might be the loan for you. You may qualify for a VA mortgage loan with 100% financing even though you have had financial problems.
Credit scores can be lower than those for a conventional mortgage. Global Home Finance Inc. has access to more than one lending source providing financing for Qualified Veterans with Credit Scores as low as 560!
Bankruptcy: You can obtain an VA mortgage loan two years from the date of your bankruptcy discharge, as long as you’ve maintained good credit since your debts were discharged.
Foreclosure: If you keep your credit in excellent shape since a foreclosure, a VA loan will be available to you three years from the final date of your foreclosure. Provided that it was not a VA loan that was foreclosed on and you lost your entitlement.
Competitive Rates & Terms
Even if you have less than perfect credit you still get an “A-paper” like interest rate.
There is little adjustment to the interest rate for a VA mortgage loan due to credit score versus a conventional mortgage loan.
A VA funding fee(see chart below) of 1.25% or more for first time use is added into the loan balance instead of being paid out-of-pocket. In addition, there is no need for any monthly mortgage insurance premium when your loan to value is over 80% as is the case with FHA and Conventional mortgages.
Borrowers can finance 100% of the purchase price.
Allowable debt ratios are higher than the debt-ratio limits imposed for most conventional mortgage loans.
VA Funding Fee Chart (as of 12/05/2013)
Note: The funding fee for ALL subsequent use loans closed on or after October 1, 2006, and before October 1, 2007, is 3.35 percent. This applies to all purchase loans where no down payment of 5 percent or more is made as well as cash-out refinances where the fee would have been 3.3 percent. Effective October 1, 2007, the subsequent use fee reverts back to 3.3 percent.
Purchase and Construction Loans
| Type of Veteran |
Down Payment |
% For First Time Use |
% For Subsequent Use |
| Regular Military |
None |
2.15% |
3.3% |
|
5% or more (up to 10%) |
1.50% |
1.50% |
|
10% or more |
1.25% |
1.25% |
| Reserves/National Guard |
None |
2.4% |
3.3% |
|
5% or more (up to 10%) |
1.75% |
1.75% |
|
10% or more |
1.5% |
1.5% |
Cash-Out Refinancing Loans
| Type of Veteran |
% For First Time Use |
% For Subsequent Use |
| Regular Military |
2.15% |
3.3% |
| Reserves/National Guard |
2.4% |
3.3% |
*The higher subsequent use fee does not apply to these types of loans if the veteran’s only prior use of entitlement was for a manufactured home loan.
Other VA Loan Scenarios
| Type of Loan |
| IRRRLs |
.50% |
| Manufactured Home Loans (NOT permanently affixed) |
1.00% |
| Loan Assumptions |
.50% |
Call Global Home Finance Inc.’s Licensed Residential Mortgage Loan Originator to learn more about this program before funds are gone! 866-923-3222
APPLY NOW
