We value all Veterans’ service to our country and strive to deliver the utmost in personalized service to our clients searching for a VA loan in Cornelius, Mooresville, and the entire Lake Norman area.
VA Loans are unique as they offer 100% financing with no mortgage insurance. Also, disabled Veterans are exempt from the VA funding fee as well as lender origination charges.
The terms offered for VA Loans are:
- 30-Year Fixed
- 15-Year Fixed
The maximum loan amount for 100% financing for a VA Loan is $424,100. VA Loans are available for higher loan amounts, known as High Balance VA loans up to $1,000,000. These loans require a down payment, which is calculated according to VA eligibility. The difference between the loan amount and $424,100 is used to roughly calculate the down payment. For example, a loan of $524,100 is $100,000 over the maximum loan amount, so that $100,000 requires a 25% down payment, or $25,000. In general, a Veteran can obtain a Jumbo Mortgage Loan with no mortgage insurance with less than 5% down.
The minimum time that must have elapsed from the date of a previous foreclosure is 2 years. The bank that foreclosed on the property must have taken possession of the home prior to the new VA loan closing.