At MSA we are proud to offer the VA program to our veterans. This great program offers very competitive rates, easier qualifying guidelines and little to no down payment requirement. These loans can be used to purchase a home, build one, refinance an existing VA guaranteed loan or refinance an existing conventional mortgage.
What are the benefits of a VA loan:
- No monthly mortgage insurance payment
- No down payment requirement for most loans
- All VA mortgages are assumable
- Competitive interest rates
- Seller can pay all of buyer’s closing costs up to 4% of the loan amount
- Easier credit and qualifying guidelines
- Lifetime benefit. The VA program can be used multiple times and is not a one time benefit
- VA loans have no pre-payment penalties
What is the Maximum Loan amount for a VA loan:
VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount MSA will lend you. The National limit is $453,100, but this limit is much higher on high cost areas. A list of the loan limits for all counties can be found here.
To be eligible for a VA loan you must meet the VA eligibility requirements listed here