A&D MORTGAGE, LLC
The VA Standard loan is a mortgage program offered by the Department of Veterans Affairs (VA) to veterans, active-duty service members, and their eligible spouses. It's designed to help veterans and their families buy, build, repair, maintain, or adapt a home for personal use.
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A VA Standard loan is a mortgage program offered by the Department of Veterans Affairs (VA) to help veterans, service members, and their eligible spouses finance the purchase of a home.
The VA guarantees a portion of the loan for approved lenders, allowing them to offer more favorable terms to veterans. This typically means lower down payments, competitive interest rates, and no private mortgage insurance (PMI).
VA Standard loans are for veterans, active-duty service members, and eligible spouses. Specific requirements include minimum service time or a service-connected disability. See more details here https://www.va.gov/housing-assistance/home-loans/eligibility/
Minimum service requirements as outlined by the VA
A borrower may be able to get a COE if they’re the surviving spouse of a Veteran or the spouse of a Veteran who’s missing in action or being held as a prisoner of war (POW). Find out how to request a COE as a surviving spouse here https://www.va.gov/housing-assistance/home-loans/surviving-spouse
The closing process for a VA loan can take 30-45 days, similar to a Conventional loan.
No, VA Standard loans do not require private mortgage insurance (PMI). However, a borrower will pay a VA funding fee, a one-time cost that can be financed into the loan amount.
The VA guarantee on the loan reduces the risk for lenders, allowing them to offer the benefit of no PMI.
Yes, VA loans allow down payments as low as 0%. A borrower can also use gift funds from family members or friends to help cover closing costs or a portion of the down payment.
Yes, there are VA refinance options available, including the VA IRRRL program for streamlining the refinance process for existing VA loans.
VA loans typically offer competitive interest rates, often lower than Conventional loans. Rates are influenced by market conditions, borrower’s creditworthiness, and the loan term they choose.
There is no national maximum loan amount for VA loans. However, A&D Mortgage has its own internal limits for a VA Standard loan of up to $2 million.