Veterans Administration Mortgage

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Veterans Administration Mortgage

A mortgage made by a private bank to a qualifying veteran that is guaranteed by the U.S. Department of Veterans Affairs. In order to be eligible for a VA mortgage, the veteran cannot have been dishonorably discharged and must have served a certain number of years in one of the branches of the American military (the number varies by branch). During the credit crunch, obtaining a VA mortgage became the only way one could obtain a mortgage with no down payment.
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The ad typically sent by the lender for VA mortgages included the seal and logo for the VA at the top of the page and instructed consumers to call the "VA Interest Rate Reduction Department" at a phone number belonging to RMK.
Secure One Capital also offers VA mortgages to eligible veterans and other military personnel including active-duty servicepersons, members of the National Guard, Reservists, surviving spouses of veterans, cadets at the U.
FHA and VA mortgages will not be subject to QRM either.
FHA mortgages are still available with down payments of less than 5%, VA mortgages for qualified veterans are still available with no money down, and for the most creditworthy of potential home purchasers FNMA and Freddie Mac mortgages with 10% downpayments are available.
While all mortgages carry some default risk, FHA and VA mortgages have been found to be more prone to default relative to conventional mortgages.
This was not well-known or appreciated until the experience of FHA and VA mortgages was accumulated.
Scott Kolbe, Penny's associate of three years, originally joined her award winning team because of his expertise with first-time home buyers, and FHA and VA mortgages.
These mortgage loans - examples include FHA mortgages (Federal Housing Administration) and VA mortgages (Department of Veteran Affairs) - offer unique benefits such as significantly lower down payments or more flexible qualification requirements.
Like lower-income borrowers, black and Hispanic borrowers tend to use FHA and VA mortgages relatively often.
Since 1998 the Company has originated more VA mortgages in the United States than any other lender and has been recognized by the Veterans Administration as a leader in the industry.
From that research, they found that "in most areas with a large decrease in the VA loan limit, like New York City and high-cost areas of California and Massachusetts, VA mortgages constitute a very small percentage of total new mortgages (4.
Additionally, refinances on existing VA mortgages are available on second homes or investment properties.