VA Mortgage Lender
Are you wondering about VA Home Mortgages, VA Mortgage Rates and if you should use your Veteran Administration Loan? We can help you understand the advantages of your VA loan benefits and if it is the right time to use for the current mortgage loan. Box Home Mortgage is a direct VA Mortgage Lender, which means we have VA direct authority to underwrite, approve, fund and service your VA home loan. This control of the loan process and loan approval allows for streamline operations resulting in a quick and stress-free experience.
Ready to get started? Call now and one of our VA mortgage professionals will answer your questions and walk you through the application, pre-qualification, and approval process. Call today (833) 838-5626 to speak to a Va Loan Officer.
Thank you again for your service and for allowing us the opportunity to provide your VA home financing needs.
Why Veterans Are Choosing Box Home Loans
Close On Time with True Approval
Control Application to Funding
Great Rates / Low Fees
Direct VA Mortgage Lender
Exceptional Customer Service
Application to Final Payment
VA Mortgage Rates
Have you ever wondered why interests rates are what they are and what determines the final rate? Why borrowers receive different interest rates? Or why rates go up and down? Interest Rates are calculated using several factors.
- Demand for mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
VA stands for “Veterans Administration”, which is cabinet level executive branch department of the federal government overseeing all Veteran Benefits including home loans. Established in 1944 as part of the GI Bill of Rights, VA set out to help men and women who served their country catch up to their civilian counterparts by establishing credit and building financial wealth. A major part of this initiative was making home ownership attainable. VA Home Loans are for active duty service members, active reservists, honorably discharged service members, as well as retired and disabled service members.
It’s important to understand that VA does not lend money, VA instead provides lenders a guarantee that covers the lender from loss in the event of foreclosures. In simple terms VA insures a portion of the loan that the buyer would have normally had to put down to qualify allowing for a zero down payment. VA loans do require an upfront mortgage insurance fee, which can be financed into the loan, or paid at closing. This fee supports the guarantee fund and makes the 100% VA home loan possible. Veterans with a minimum of 10% disability are exempt from the funding fee.
- No Down Payment / No Loan Limits
- No Monthly Mortgage Insurance Required
- Simple Qualifying/ Flexible Underwriting
- Seller Paid Closing Costs up to 4%
- Higher Debt to Income Ratios Allowed
- Alternate Credit Allowed
- Manufactured Housing Permitted
The VA streamline refinance, known as an Interest Rate Reduction Refinance Loan or VA “IRRRL” requires no income documentation or appraisal, but must provide the veteran a net tangible benefit.
- Streamline Refinance
- Rate and Term Only
- No Appraisal / No Income Verification
- Must Have Made a Min 7 Mortgage Payments
- Closing Costs Can Be Rolled Into the New Loan
- Must Provide a Benefit
- Lower Payment, Shorten Term, Arm Conversion
The VA Home Mortgage Program offers two types of refinances. The regular refinance is for cash-out and for conversions when a veteran is changing their mortgage over to a VA home loan.
- Streamline Refinance
- Rate and Term Only
- No Appraisal / No Income Verification
- Must Have Made a Min 7 Mortgage Payments
- Closing Costs Can Be Rolled Into the New Loan
- Must Provide a Benefit
- Lower Payment, Shorten Term, Arm Conversion
VA Mortgage Eligibility
Use of the VA Mortgage Benefits Require One of the following:
- Active Duty – 90 days Wartime / 180 Days Peacetime
- Honorable Discharged – 22 Months of Completed Service
- National Guard / Reserves – 6 Years of Completed Service
- Spouse of a Service Member who Died in the line of Duty
- Spouse of a Service Member as a result of Service Related Disability
VA Mortgage Funding Fees
- Purchase 0 Down – 2.3%
- Purchase 5% – 10% Down – 1.65%
- Purchase 10% or Higher – 1.4%
- CashOut Refinance – 2.3%
- IRRRL (Rate and Term) – 0.5%
- Purchase 0 Down – 3.6%
- Purchase 5% – 10% Down – 1.65%
- Purchase 10% or Higher – 1.4%
- CashOut Refinance – 3.6%
- IRRRL (Rate and Term) – 0.5%
