Helping Sellers, Buyers, Landlords And Tenants
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VA Total Loan Amount
VA Funding Fee
Have you ever had a VA loan?
Do you receive service related disability?
Are you eligible because you were a reservist?
VA Loan Summary
If you purchase a
home with a VA loan at
down, your VA loan payment will be
This does NOT include monthly escrow for taxes and insurance. Please enter annual taxes and insurance to calculate your full payment.
VA funding fee percentage is also impacted by making 5% or more down payment.
5% down decreases the funding fee to 1.50%. A down payment
of 10% or more reduces the funding fee to 1.25%.
The staff at Citywide Housing Services, prides itself on being an important source for Landlords, Tenants, Buyers and Sellers to find real estate solutions online. If you are thinking of buying a home with the VA Loan or need assistance finding a home for rent using Hud-Vash or a home to buy, contact us for more information at 914-299-0420.
What Is a VA Loan
VA Loans are mortgages guaranteed by the Department of Veteran Affairs. The VA bill also known as the GI Bill of Rights, was created to provide veterans, service personnel and their families an opportunity to enjoy the dream of homeownership, which would otherwise not be possible. The most important feature of the VA Loan is that it provides 100% financing and no PMI payments. . The VA does not give loans directly. Loans are provided by private institutions such as banks and credit unions. The VA only insures a portion of these loans against default to encourage private institutions to lend at favorable terms.
VA Loan Eligibility Requirements
To qualify, the service member cannot have a dishonorable discharge, must have served a minimum of 90 days of service during wartime or a minimum of 181 days of uninterrupted service during peacetime. A valid Certificate of Eligibility (COE) is required by the lender. This verifies to the lender you are eligible for a VA insured loan For more information about eligibility requirements, Learn More.
A valid Certificate of Eligibility doesn't mean you will automatically qualify. Lenders will also review your credit scores, income and debt ratio before making a decision to issue a pre-approval. Additionally, even though a VA loan guarantees 100% financing, this does not exclude closing cost fees or earnest money required by the seller. Expect closing cost fees to be in the range of 3% - 4% of the loan amount. This might be covered during a purchase if the seller allows the buyer to claim a "Sellers Concession". VA Loans will allow a buyer to have up to 6% of the purchase price included in the loan to cover their closing cost.
Starting The VA Loan Process
The first step in starting the process is to contact a lending institution who understands the VA loan. This will help you to navigate the complete VA Loans process and understand the steps. The lender will also provide you with valuable information about your credit and possible loan size. Lenders have the ability to request the Certificate of Eligibility on your behalf, an important document needed to process your VA loan application or you can elect to apply online at ebenefits (www.ebenefits.va.gov).
The decision to apply for a VA Loan starts with you. Any questions about the VA Loan process, an approved VA lender or to find a home using the VA Loan can be forwarded to 914-299-0420.