About VA Home Loans
Thank you for your interest in VA home financing with Alpha Mortgage. We offer highly competitive rates for both VA home purchase financing and VA refinancing. We’ve received your request for more information and will be in touch with you shortly.
if you’d like to speak with someone immediately, please call us toll-free at (855) 566-6329 during our regular business hours.
About VA Loans
The loans are guaranteed by private lenders which include banks and mortgage companies. As long as the veteran is eligible to purchase the home, which is required to be for their own personal occupancy, the lender is protected against a loss if the loan is not repaid. This is why no down payment is required and the veteran and his or her family can obtain very favorable financing terms.
If you are a veteran and you want to apply for a VA Loan, what is your next step? The answer is to follow the normal steps of home buying and that is to get preapproved from a mortgage lender such as Alpha Mortgage. We will help determine your credit rating, your income to debt ratio and go through the process of helping you understand what your monthly costs might be. This will give you a solid understanding of what you can afford. Once we have determined what you are preapproved for, we will have a clearer understanding of how much you will need from your VA Loan.
The maximum guarantee authorized by the VA is 25 percent of the loan amount up to $104,250 and the maximum VA home loan is $417,000.
If you are looking to refinance, a VA Loan can help with that as well. Be sure to ask your Alpha Mortgage Mortgage Loan Officer about the Streamline Refinancing Program. If you qualify you may be able to refinance at little or no expense.
Product, Payment, APR, & Rate Example Scenarios
Here you’ll find an example scenario of a VA home loan. The rate, APR, and monthly payment examples are for illustrative purposes only.
Actual interest rates will vary from the example scenario as rates and terms change frequently. You will need to contact a licensed mortgage professional for the most -up-to-date pricing and product information.
The examples below are for a purchase home mortgage or rate and term refinance loan of a stick built, single family, primary residence for a borrowers with a 700 credit score.
30 Year VA Fixed Rate Mortgage
The principal and interest payment on a $175,000 30 year VA fixed rate mortgage at an interest rate of 4.250% and 100% loan-to-value (0 Down Payment) is $860.89. VA loans do not have mortgage insurance premiums. The APR is 4.494% with a 2.15% funding fee paid at closing (will vary), no origination and discount points, and $1200 in fees. 30 year fixed rate mortgages require repayment over the course of 360 months. 30 year mortgages require monthly payments for 360 months.
Please note that this is an example scenario. Please contact a licensed mortgage professional for the most up-to-date rates and terms and to receive a personalized estimate for your unique scenario.
If you have any questions, you can reach out to us at the phone number or address listed on our website.