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VA LOAN

The VA loan is a phenomenal product for current and former members of the United States military.

The VA Loan

The VA loan is backed by the United State Department of Veterans Affairs and is to be used by veterans only.

Benefits

No down payment

no mortgage insurance

for veterans only

Details

Loan Limits

Up to $548,250

VA loan limits determine how much a veteran with reduced entitlement can borrow before needing to factor in a down payment.

Loan to Value

Up to 100%

The USDA loan can finance 100% of your loan, meaning a down payment is not required.

Credit Score

580 or higher

The Department of Veterans Affairs doesn’t set a minimum credit scores, but lenders do. Higher scores may yield better rates and terms.

Terms

Fixed: 30

USDA loans are limited to a 30 year fixed mortgage, but that doesn’t mean you can’t make extra payments to pay it off quicker.

Funding Fee

1.25% – 3.3%

The upfront funding fee of the loan varies and can be rolled into the financed loan amount.

Terms

Fixed: 30

USDA loans are limited to a 30 year fixed mortgage, but that doesn’t mean you can’t make extra payments to pay it off quicker.

Additional Details

This product is designed for Military Veterans only. To determine eligibility, a Certificate of Release or Discharge from Active Duty (Form DD214) will be requested and reviewed. A VA loan can be used for a purchase transaction, rate or term refinance, or a cash-out refinance. It can only be used for a primary residence.

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© Copyright 2021 Root Mortgage is a division of Root Executives, LLC NMLS 1830982 Oregon License # ML-5796 Washington License # CL-1830982. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.

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