February 4, 2021
What is it?
A VA Loan is a program available through The Department of Veterans Affairs (VA) for those who have served in our nation’s armed forces and, in certain cases, to spouses of deceased veterans. It is designed to make home ownership for veterans easier!
How Does it Work?
VA Loans require no down payment or monthly mortgage insurance requirements. Premium Mortgage Corporation, specifically, does not charge origination, processing, or underwriting fees. The loan limit for a VA Loan is $548,250 however, if the full VA entitlement is available, the loan amount may exceed $548,250.
Buyer must verify eligibility for a VA loan by filling out VA Form 26-1880 (you can access this here www.benefits.va.gov/HOMELOANSpurchasecocertificate.asp) along with DD214 copy 4 or point statement of service to be submitted to The Department of Veterans Affairs. Veterans receiving VA Disability are exempt from a VA Funding Fee.
Gifts and contributions are allowed with a VA Loan. This means buyers can use gifts for their closing costs!
SONYMA Homes for Veterans
VA Loans are the lowest available rate by The State of New York Mortgage Agency (SONYMA.) They offer down payment assistance up to the greater of $3,000 or 3% of the home purchase. (Not to exceed $15,000.) Veterans can apply with a non-spouse as a co-applicant and applicants do not have to be first time homebuyers.
These loans also offer up to 97% financing and no points or origination fees. Borrowers may receive as little as 1% borrower cash contribution. They can also include financing for home improvements and the funds are available until they are fully used. However, borrowers must meet eligibility requirements set forth by SONYMA.
Call the experts at Premium Mortgage Corporation to find out if you qualify!