VA loans represent a very powerful loan program. Created under President Franklin D. Roosevelt in 1944, this flexible loan program has helped millions of American service members become homeowners. VA loans have some great benefits and unique quirks. Here are some things to be aware of when thinking about applying for this loan program.
No down payment is required. Unless the purchase price exceeds the reasonable value of the property, no down payment will be required for qualified borrowers. On top of that, VA loans do not require private mortgage insurance (PMI), helping borrowers save even more money.
Gift funds are allowed. If you receive gift funds from an acceptable donor you may use those funds on a VA loan.
No cash reserve requirements. Cash reserve requirements – the amount of cash that banks must have on hand – are not required for VA loans. However, they do require residual income to be verified. Residual income is the amount of money left over each month after withholdings from your paycheck and expenses.
Sellers pay for any required repairs & can pay for closing costs. Sellers can be asked to pay for some or all of your closing costs or required repairs, up to 4% of the loan amount.
No pre-payment penalty. You can make extra payments any time you want, saving you a lot in interest over the life of your loan. You can even structure your payments to automatically deduct a little extra every month.
To determine your eligibility to participate in this program, provide your Certificate of Eligibility (COE) or your Discharge/Separation form (DD214). If you do not have your COE, you can request one using form 26-1880.
Other requirements:
600 Min FICO
Max Loan Amount $750,000
VA Funding Fee - The veteran pays a funding fee to help defray costs of the VA Home Loan program. VA Funding Fee may be rolled into the loan amount
Interested? Contact one of our InterLinc mortgage professionals to learn more about this product today!
* InterLinc Mortgage Services, LLC. NMLS ID: 205696. InterLinc is an Equal Housing Lender. DISCLAIMER: This is not a commitment to lend. Credit and collateral are subject to approval. Other restrictions may apply. Programs, rates, terms and conditions are subject to change without notice. www.nmlsconsumeraccess.org.
Paul and team always go leaps and bounds above expectations to get my clients to the closing table as quickly and seamlessly as possible! Thank you!
MaryGen B.
They were great to work with. They made everything run smooth and they were always there to answer questions anytime of the day.
Kimberly A.
Great communication
Samuel M.
Paul and his team are fantastic. They communicate effectively and provide excellent care for my clients. I highly recommend them and consider them my preferred lender.
Kristy B.
Always a great experience with Paul and his team. Makes every step easy.
Tiffany S.
Paul is amazing to work with, his communication is excellent!
Amy O.
Always a smooth process with Paul and Interlinc
Victor C.
Always look forward to working with Paul and Bob at Interlinc. Their service is second to none.
Victor W.
Paul was awesome to work with! He kept all of us involved in the transaction up to date at all times. The transaction could not have went any smoother! And we closed right on time.
Jessica S.
I can’t say enough great things about my experience with InterLinc Mortgage! From start to finish, the process was seamless, professional, and personalized. The entire process was handled with care and attention to detail, making what could have been a stressful experience incredibly smooth. InterLinc Mortgage is highly knowledgeable, responsive, and genuinely focused on their clients. They were always available to answer my questions, provide updates, and guide me through all the options available. Their dedication to customer service is unmatched, and their expertise ensured I got the best possible mortgage terms. If you’re looking for a company that combines professionalism, transparency, and exceptional customer service, I highly recommend InterLinc Mortgage. Thank you for helping me achieve my homeownership dreams!
Joshua D.
Back to News