Silvia Herrera NMLS# 2497009

Loan Program:

VA

VA loans are a popular option for eligible military personnel and their families, as they offer a government guarantee and flexible eligibility requirements, along with low or no down payment requirements and competitive interest rates.

Loan Type

VA loans are government-backed loans that are guaranteed by the U.S. Department of Veterans Affairs.

Down Payment

FHA mortgages require a minimum down payment of 3.5% of the purchase price, which can be a gift from a family member or a grant from a government program.

Credit Score:

VA loans do not require a down payment for most borrowers, although a small down payment may be required for borrowers with lower credit scores or higher loan amounts.

Loan Limits

VA loans do not have a set loan limit, but there are limits on the amount the VA will guarantee, which vary by location.

Interest Rates

The interest rates for VA loans are typically lower than those of conventional loans and are determined by the lender based on the borrower’s creditworthiness, loan amount, and down payment.

Mortgage Insurance

VA loans do not require borrowers to pay mortgage insurance, although a funding fee may be required, which can be financed into the loan. The funding fee varies based on the borrower’s service status, down payment, and loan type