VA Purchases Loans
Veterans Administration (VA) loans were created to help veterans finance the purchase of their new homes, or the refinance of their current home. They are offered to Active Military personnel and those that have served in the past. They offer 100% financing with NO down Payment on most loan products and do not require mortgage insurance. The loans are fixed rate for the life of the loan and do not have a pre-pay penalty. These loans are insured by the US government and offer a no down payment option for the consumer. They do typically charge a funding fee that can be rolled into the loan; unless the borrower is disabled from the Military then the funding fee is waived. Seller can pay up to 6% towards the buyers closing cost. The maximum loan amount of VA is currently $647,200. Low fixed rate for life of loan. Amortizations are available from 10, 15, 20, 25, and 30 years.
VA Refinance Loans
VA cash out refinances will allow up to 100% of the home’s appraised value. Fountain City Finance pays for the VA appraisal on a VA refinance. Maximum loan amount on a VA refinance is $647,200. Low fixed rate for life of loan. Amortizations are available from 10, 15, 20, 25, and 30 years.
VA IRRL Refinance Loans
Reduced funding fee on new VA loan, No appraisal required, lower VA interest rate. Quicker Closing time than standard VA refinance.