VA loans have been designed with favorable loan terms and this type of long-term financing is available to eligible American veterans and active-duty personnel. This type of home loan is available for one- to four-unit properties, planned unit development (PUD), condominiums and manufactured homes.
The intent of the VA home loan program is to provide home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.
The features and benefits of VA home loans include the following:
- Purchase, rate/term refinance and cash-out refinance options.
- No required down payment.1
- Seller-assistance options.
- Low minimum credit score requirement.
- Borrowers’ ability to qualify at note rate.
- Total Debt-to-income ratio of 41 percent.
- Available fixed- and adjustable-interest rates.
- Flexible repayment periods.
- Interest rate cap structure: one percent initial/one percent subsequent/five percent life.
Call Cliffco today at (516) 408-7300 or email email@example.com to get started and learn if you qualify. Our loan experts can help you achieve your dream of home ownership, and answer any and all questions you might have about VA loans and how to get a mortgage loan.
1 Down payment may be required for loan amounts more than $417,000 based on VA county loan limit.