A Boise Idaho VA Mortgage home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.
VA’s program provides an excellent product and benefit for those individuals who have served or are serving to protect our families and our nation.
There are several advantages to using VA’s Home Loan Program. The VA allows a veteran who qualifies income and credit-wise to purchase a primary residence without putting money down towards the sales price, as long as the sales price does not exceed the appraised value. Veterans do, however, need money towards closing costs and the earnest money deposit, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller.
In this article we will discuss what role the VA plays in an Idaho VA guaranteed mortgage, the benefits of an Idaho VA home mortgage, who is eligible for a VA loan, and the VA documentation you will need to present to your lender.
Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet most aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored financing entitlement?
Primary Benefits of a Boise Idaho VA Home Loan:
- 100% financing
- No monthly private mortgage insurance is required
- There is a limitation on buyers closing costs
- The mortgage is assumable, subject to VA approval of the assumer’s credit
- 30 year fixed mortgage
- Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
- Interest rates are similar to FHA rates
- You don’t need perfect credit
Who is Eligible for an Idaho VA Home mortgage?
Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for Idaho VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.
Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days of active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.
Idaho VA Documentation Needed:
The three specific pieces of documentation a lender will need to determine your eligibility is a DD214 for discharged veterans, a statement of service for active military personnel, and a certificate of eligibility (COE) to determine you have VA entitlement.
Because each lender has different qualifying guidelines, the next step is to contact your lender to find out if you meet their qualifying criteria such as minimum FICO/credit scores, debt-to-income (DTI) ratios, and find out what your county’s maximum loan amount is. Your lender can help you attain your certificate of eligibility on your behalf.
If you have any questions about VA mortgage home loans please feel free to contact me.