Buy a Home With A VA Loan

If you are active or retired U.S. Military, you have some very special VA home loan benefits available to you that make VA loans the hands down winner for home financing.

If you're like most people, purchasing a home is probably one of the biggest investments you'll ever make in your lifetime. If you're considering buying a home, you're likely aware of the cost and complexity of the endeavor. You need to prove your income, have OK or better credit, need some money for down payment and closing costs, and more.

Plus now more than ever, banks are requiring bigger and bigger down payments, with expensive monthly mortgage insurance. VA loans do not require a down payment and never have mortgage insurance, making them a great choice for your home financing.

Because of the numerous factors to consider when purchasing a home, it's important to prepare as best you can. At Cambria Mortgage, the Joe Metzler Team, we are dedicated to finding the loan that fits your individual needs, including the awesome VA loan.

The Primary VA Loan Benefits

• A VA loan allows our military personal to buy a home with ZERO DOWN PAYMENT. You can finance 100% of the homes purchase price. 
• No expensive monthly mortgage insurance ever. This is a huge savings monthly over conventional loans if you put less than 20% down.
• Lower interest rates than other loans
• Reduced closing costs. The VA does not allow lenders and title companies to charge certain fees that are common on other loan types.
• Easier qualifying with expanded debt-to-income ratios compared to other loans
• Allows for lower credit scores than other programs
• Seller can pay your closing costs

For Refinance

• Cash out up to 100% of appraised value
• Streamline refinance (reduced documents, no appraisal needed)

Why Choose Cambria Mortgage for your VA Loan

It's simple. Better rates, lower costs, and better service than those big online VA lenders that show up if you search VA Loans, or the banks. We have very experienced Licensed Loan Officers, not low level application clerks working in a boiler room. Here you always talk to the same person. There you rarely ever get the same person twice.

Because we live and work here. We have a local reputation to uphold. We know the upper Midwest, from St Paul and Minneapolis, to Rochester and Duluth. In Wisconsin, from Madison and Milwaukee, to Green Bay and Appleton. In the Dakota's from Sioux Falls to Fargo, and in Iowa, from Des Moines to Cedar Rapids, we know the Real Estate Agents, appraisers, and inspectors who work these areas.

Cambria Mortgage is owned and operated by the same family that brings you industry-leading Cambria countertops, a familiar name to most people.  Heck, good chance you may have Cambria countertops where you live today. All Cambria companies are unified in our commitment to providing all our customers with the highest levels of quality and service in everything we do.

VA Loans also require the lender to verify your VA eligibility with a current VA Certificate of Eligibility ( COE ).  Your certificate tells the lender if you are even eligible, how much eligibility is remaining if you have a VA loan right now, and if you have any service related disability, which allows you to get your VA funding fee waived (see below for info on funding fees).

We find that most people don't know where their certificate is.  No problem, we can usually get it for you in just a few minutes. 

Click here to learn more about your VA Certificate of Eligibility for loan in MN, WI, SD, ND, IA, CO, TX.

While VA loans are zero down payment, all mortgage loans, including VA loans have closing costs. These costs cover the many different people and costs associated with obtaining, processing, and closing your loan. These items including origination fees, appraisal, credit reports, state deed transfer taxes, title companies fees, and initial escrow account setup for taxes and homeowners insurance.

Your closing costs can be paid four different ways:

• Cash out of your pocket
• Rolled into the loan (known as seller paid closing costs)
• Rolled into a slightly higher interest rate
• A combination of any or all of these options (most popular)

Between all these options, most of our VA eligible home buyers using a VA loan end up buying their new home with very little, to no out-of-pocket costs whatsoever.

How cool is that? Learn more on VA loan Closing Costs

As with any home loan, your credit and credit scores are a very important part of home loan approval. The VA program is very liberal compared to other loan programs, and has significant advantages over other loans.

Technically the VA loan program allows for credit score as low as 500. The reality is that once your credit score drops below about 620, you will have increasing difficulty getting approved. Once your credit score drops below 580, the odds of being denied go way up. Even with lower credit scores, don't assume you will be denied. Contact our VA Loan experts here are Cambria Mortgage for advice.

PRO TIP: With very low credit scores, a small down payment will dramatically increase odds of loan approval. 

MAJOR CREDIT ISSUES

Major credit issues, like bankruptcy and foreclosures have mandatory waiting periods after the event before your can get a home loan. The waiting period varies based on the type of loan your are getting, like conventional, FHA, VA, or a sub-prime loan. The VA program is one of the most liberal in the market with some of the shortest waiting periods.

Waiting Periods

Foreclosure:

• 2-years from date foreclosure completed and transferred back to the bank
• 1-2 years from date foreclosure completed and transferred back to the bank if good credit re-established and paid on time, AND, if the foreclosure was caused by an acceptable extenuating circumstance

Short Sale

• 2-years from date home transferred to a new owner
• NO waiting period if you had no late payment son and any accounts, including the mortgage, within 12 months prior to the short-sale, AND if the short sale was determined not to be a strategic short-sale

Bankruptcy, Chapter 7:

• 2-years from discharge date AND re-established credit paid on time, or no new credit obligations occurred
• 1-2 years from date of discharge if the bankruptcy was caused by an acceptable extenuating circumstance AND you have since documented the ability to handle financial affairs in a responsible manner (re-established credit)

Bankruptcy, Chapter 13:

• At least 1-year of on time payments have been made under the terms of your bankruptcy, and all payments have been made on time
• Maximum debt to income ratios to not exceed 29/41 (ask your VA loan expert what this means)

The quick answer is a solid MAYBE... 

Go to our special page on buying a second home with a VA loan for more information