Pennsylvania VA Mortgage Loans
Pennsylvania VA Mortgage Loans
Many veterans in Pennsylvania are aware that the VA home loan is a popular way to finance a home. When you select a Pennsylvania VA loan, you can avoid paying monthly mortgage insurance and you can finance up to 100% of the property value. Another popular feature of having a VA loan is that when it is time to refinance because interest rates have dropped, the VA streamline refinance makes it easy to do.
Most people who have a VA loan are aware that they don’t make their monthly mortgage payments to the VA, the VA is only an insurer of your loan in the event of default and not the actual lender. Whenever a VA loan defaults, the VA steps in and insures the lender against loss. Because the VA insures against default, many lenders are eager to loan money under the VA loan programs.
Pennsylvania VA Loan Highlights
- A one-time funding fee is charged on all VA loans – unless you are at least 20% disabled
- Closing costs can be rolled into the loan with VA loans
- Not required to pay monthly mortgage insurance on VA loans
- No prepay penalties on VA loans
- When buying a home, VA loans allow for 100% financing
Pennsylvania VA Loan Certificate of Eligibility
In order to qualify for a VA loan, the first step is to prove that you are eligible under the VA guidelines. In order to be determined eligible for the VA loan program, you must provide the lender with a copy of your Certificate of Eligibility at the time of application. If you are unsure how to obtain your Certificate of Eligibility, your loan officer should be able to help.
Pennsylvania VA Streamline Refinance Program
For those people who currently have a VA mortgage, the VA streamline refinance allows you to take advantage of lower interest rates when they are available without requiring that you completely re-qualify for a new mortgage. When you do a VA streamline refinance, there are no out of pocket expenses – which is only one more reason that it is easy to do. The VA IRRRL streamline is easy for a reason — VA wants your monthly mortgage payments to be as low as possible.
Pennsylvania VA Mortgage Loan Experts: Contact Us
For more information about the VA loan program, you can contact us directly either by phone or email. We are happy to become your trusted advisor when it comes to Pennsylvania VA loans.
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