Home Purchase - Home Refinance
For Properties in MN WI IA ND SD CO FL
It is simple... Lower rates, zero down payment, and no mortgage insurance!
If you are active military, or former military, the VA mortgage loans are one of the best benefits given to you for your service.
The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.
• The VA Mortgage Loans is guaranteed for no money down up to $484,350
• No monthly Mortgage Insurance is required
• Many VA Mortgage Loans are assumable
• It is easier to qualify for a VA Loan than a conventional loan
• VA Mortgage Loans can be streamline refinanced
You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to the current conforming loan limit. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket cost. The loan and sales contract can be set up so that the VA Home Mortgage Loan cover 100% of the selling price and the seller covers the closing cost.
Larger VA loans, over the current conforming loan limit do require a small down payment. Call our VA loan expert at (651) 552-3681, and we'll help you calculate the amount, which is essentially about 25% of the difference between the homes purchase price and the local loan limit. Read more on VA Jumbo Loans
The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely. Read more on the VA Funding Fee
VA loans are also assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan a the beginning. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage. It is too great a benefit to give up.
The VA offers excellent qualifying standards. Even if you have experienced some financial difficulties in your life that caused your scores to be lower, but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan. We lend with scores as low as 620. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low.
Looking to lower the monthly payment on your existing VA Loan? The VA offers a streamline refinance program known as an IRRRL Loan. VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan.
With this Interest Rate Reduction Refinance Loan, the veteran can secure a lower interest rate with less paperwork, and maybe even without an appraisal. Closing costs of the transaction can be rolled into the loan, so there are no out of pocket costs. Learn more about the VA streamline refinance here. Read more on the VA Streamline refinance - IRRRL Loan
Top rated nationally and locally year after year. Because clients agree - expert Loan Officers, interest rates you can brag about and amazing service sets us apart from the big banks and internet lenders.
33 Wentworth Ave E, St Paul, MN 55118
(651) 552-3681
Loans@VAMortgageMN.com
Cambria Mortgage, Inc | NMLS #322798
Branch Manager: Joe Metzler, NMLS #274132
Branch NMLS #1888858
We are not acting on behalf of, or under the direction of the VA or the Federal Government. The Veterans Administration does not lend directly to the public, only through approved lending institutions like us here at Cambria Mortgage.
The Department of Veteran Affairs requires mortgage companies who offer VA Loans go through a stringent approval process. We are proud tp a VA approved mortgage lender and are proud to help military families use their VA Loan Benefits.
Equal Housing Lender, Cambria Mortgage NMLS# 322798. Our lending services provided only in the following states: Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 1998 - 2023, Joe Metzler, NMLS 274132
Rates listed here are national averages. Your actual interest rate may vary based on your personal situation, loan type, credit scores, and closing cost choices. Lower rates available by paying discount points (higher closing costs). Lower closing costs available by taking a higher interest rate. Rates below reflect PURCHASE loan interest rates, refinance rates tend to run higher.
NOTICE: You will be leaving this VA Mortgage website, and will be taken to the Cambria Mortgage MY ACCOUNT page. You must already have a login and password to view your account, upload documents, etc.