We are experienced with Veterans and their home loan benefits. 

Getting your VA home loan right now will make your money go further.
We make it quick and easy with great customer service.
Veterans served us, now let 1st Choice Mortgage serve Veterans.

 

Purchase a Home Qualifier  Refinance a Home Qualifier

VA Loans: The Ideal Solution for Veterans and Service Members

VA loans are a unique type of home loan available exclusively to veterans and service members of the U.S. military. These loans are designed to provide eligible borrowers with a more affordable and accessible way to finance the purchase of a home. Here are some of the reasons why VA loans are so good:

  1. No down payment: One of the biggest advantages of VA loans is that they require no down payment. This is a huge benefit for veterans and service members who may not have a lot of money saved up for a down payment or who want to use their savings for other expenses.
  2. Lower interest rates: VA loans often come with lower interest rates compared to traditional or conventional loans. This means that VA borrowers can save thousands of dollars over the life of their loan.
  3. No private mortgage insurance (PMI): Another great feature of VA loans is that they do not require borrowers to pay for private mortgage insurance (PMI). PMI is an insurance policy that protects the lender in case the borrower defaults on their loan. Borrowers with conventional loans are typically required to pay for PMI if they put down less than 20% of the home's purchase price. With VA loans, however, PMI is not required, which can save borrowers hundreds of dollars per month.
  4. No prepayment penalties: VA loans also do not come with prepayment penalties. This means that if a borrower wants to pay off their loan early, they can do so without having to pay any additional fees or penalties.
  5. Widely accepted: VA loans are widely accepted by lenders, which makes it easy for veterans and service members to find a lender that will work with them. In addition, many real estate agents and homebuilders are familiar with VA loans and know how to navigate the process.
  6. More flexible underwriting standards: VA loans also have more flexible underwriting standards compared to conventional loans. This means that borrowers with lower credit scores or other financial issues may still be eligible for a VA loan.
  7. Access to the VA Home Loan Benefit: Finally, VA loans provide access to the VA Home Loan Benefit, which can be used multiple times. This means that if a borrower sells their home and buys another one, they can use their VA Home Loan Benefit again to finance the purchase of the new home.

VA loans are an ideal solution for veterans and service members looking to purchase a home. With no down payment, lower interest rates, no PMI, no prepayment penalties, widely accepted by lenders, more flexible underwriting standards, and access to the VA Home Loan Benefit, VA loans provide veterans and service members with a more affordable and accessible way to finance the purchase of a home.

1st Choice Mortgage is Your 1st Choice for Veteran (VA) Home Loans.

 

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VA HOME PURCHASE MORTGAGE

  • The Veterans Adminstration (VA) loan is a 100% financing, Zero Down Program In Idaho & Oregon
  • Downpayment ZERO for Veterans.
  • VA Loan Limit:  NO Limit as of 01/01/2020 in Idaho & Oregon
  • Minimum FICO Score 500
  • Owner Occupied Only in Idaho & Oregon
  • No Monthly Mortgage Insurance
  • Single Family Home, New Construction, Condo, Duplex, Manufactured homes.
  • Bankruptcy 7: 2 years from Discharge
  • Foreclosure/Shortsale:  24 months from Discharge
  • VA funding fee waived for certain Veterans

Link here for more info

Seller can pay all closing costs.

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VA HOME REFINANCE MORTGAGE

  • Lower your interest rate via the VA Interest Rate Reduction Loan (IRRRL).
  • You can also do 100% Cash OUT VA Refinance.
  • Get up to 100% of value for Cash Out in Idaho & Oregon
  • VA Loan Limits:  No Loan Limit in Idaho & Oregon
  • FICO Score:  500 for IRRRL, 500 Cash out
  • Owner Occupied Only in Idaho & Oregon
  • No Monthly Mortgage Insurance
  • Single family, Condo, Townhome, Manufactured homes
  • Bankruptcy 7:  Discharged for 24 months
  • VA funding fee waived for certain Veterans

Link here for more info

Closing costs rolled into loan or paid in rate.

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