100% Financing in Veterans Loans

August 19, 2014
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The variety of offers available, a generous inventory of housing to choose from (for all kinds of tastes and budgets), and the low interest rates on hand make this an ideal moment to purchase or refinance your home. On top of that, we have great news for veterans, who may get 100% financing.

In other words, if you are a veteran you may purchase or refinance your property with no down payment. This is one more incentive not to keep postponing your decision to buy.

This type of loan is guaranteed by the U.S. Veterans Administration. Only veterans, members of the reserve, the National Guard in active service, and some surviving spouses (ARMY, NAVY, MARINES, AIR FORCE, COAST GUARD) are eligible.

To apply, you must provide your Certificate of Eligibility or DD 124 Form and we will take care of the rest. You just need to select your property among the excellent variety of properties on sale in Puerto Rico at good prices and attractive interest rates.

Compared to other types of loans in the market, veterans loans are easier to obtain because the credit standards are more flexible. Monthly payments in this type of loan are usually lower because no mortgage insurance is required. Instead, there is known as a “funding fee” that may be included in the loan in order for the financing to go beyond 100%. There are cases, depending on the veteran’s eligibility, where the funding fee is not necessary because the veteran receives a compensation. Another advantage is that closing costs in a veterans loan are lower compared to those of other loans.

Your may also obtain 100% refinancing

The above benefits offered by veterans loans are not for those who are purchasing. They also apply to those who are homeowners already and are looking for financing options.

This product offers two types of refinancing. On the first one you take cash out towards paying off debts or making home improvements. The second type is known as “streamline” and simply seeks to obtain a lower interest rate or change the term of your mortgage.

Regarding streamline loans, interest rates are so low nowadays that, in some cases, you may reduce the number of years and still get a payment fairly similar to the one you currently have or even smaller, which represents significant savings. However, streamline is only applicable on loans already guaranteed by the Veterans Administration. It is very important to note that, in order to refinance through this veterans product, you must have a mortgage on the property. The terms available for these products are 15, 20, and 30 years. And there’s more: right now interest rates for refinancing have seldom been so attractive.

This is certainly the best time for purchase or refinancing because, besides the advantages of this excellent product, we still count on government incentives towards the purchase of your primary residence. The time is now, go for it, and call our Popular Mortgage experts who will be more than glad to help: Arecibo 787-879-8091, Manatí 787-884-8410, Naranjito 787-869-1390 y Vega Baja 787-654-1500, Bayamón 787-288-8505, Rexville 787-799-5820 or Plaza del Sol 787-779-2301.

 

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