VA Loans

VA Mortgage Loans

VA loans are mortgage loans offered through approved lenders and guaranteed by the Department of Veterans Affairs (VA) and offered to eligible veterans.

 

VA mortgage loans are extremely popular options for veterans because these loans have some of the best features of any mortgage - low down payment requirements (in many cases, 0% down payment required), low rates, and no monthly PMI, even with less than 20% down.

 

The VA mortgage is a benefit to veterans that helps veteran families achieve the dream of home ownership, and MasonMac is proud to be a direct lender for VA loans with VA underwriters and a team of loan officers that are VA experts.

VA Mortgage FAQ

What is the VA Funding Fee?

The VA Funding Fee is a charge issued on VA loans that helps keep the loan program viable.  This fee varies depending on various factors, and may be waived for eligible veterans with service related disabilities.

The funding fee is often financed into the loan amount for VA mortgage loans, so borrowers will see a "Base loan amount", and a "Total Loan Amount (the base loan amount + the funding fee)".   This is a similar structure to FHA loans and their UFMIP (up front mortgage insurance premium).

Can Someone Have More Than 1 VA Loan?

Veterans are entitled to a certain "entitlement amount" through the VA loan program.  This dollar amount can be used on one loan or combined across multiple loans.  If a veteran has expended some of their entitlement and would like to buy a new home using the VA program, they can often do so, but they may need to come up with a down payment if they do not have enough entitlement left to get a $0 down loan.

If you have a question about how much entitlement you have or if you can buy a home using the VA program, you can reach one of our expert LOs directly here.

Is a VA Loan Assumable?

VA loans are assumable, meaning that a new buyer on a property attached to a VA loan can take over the current loan in place, with stipulations.  The current lender and the VA must approve the assumption, but in short, yes, VA mortgage loans are assumable loan products.

This can be incredibly beneficial to a Veteran selling a home in an environment with interest rates higher than the current market.

Assumability, in most cases, must be approved, and in most cases, the assuming party must also be VA eligible.  A VA loan assumption may also affect a veterans eligibility for future VA mortgages, so it's important if considering assumption that you contact a professional that can offer the right guidance.

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Mason-McDuffie Mortgage Corporation

2430 Camino Ramon
Suite 300
San Ramon CA. 94583

Phone: 925-242-4400
Fax: 866-743-0260
Toll-Free: 877-ASK-MMMC (877-275-6662)
info@masonmac.com

Licensing

Licensed by the Department of Business Oversight
under the California Residential Mortgage Lending Act. NMLS# 1141
NMLS Consumer Access Site