VA Loans

In my opinion, a VA Home Loan is the absolute BEST Loan one can obtain if one qualifies as a Veteran Borrower (Military Service : Regular Active / Reservist / Nat. Guard) . A Veteran can purchase a property with No Money Down, negotiate the Sales Contract with the Sellers Paying All Closing Costs & Pre-Paids (Insurance), and use their own funds for possible home improvements at a later date once their loan closes.

Fixed Rate Loans of 30 Years, 20 Years,  15 Years

Maximum Mortgage in Illinois $417,000

Up to 4.00% Seller Paid Closing Costs Allowed

No Monthly Mortgage Insurance

Able to finance up to $6,000 in Energy Efficient Improvements 

The VA requires a Funding Fee varying widely from 0.50% to 3.30% of the loan amount depending on the veteran's service and loan type. This VA Home Loan Program is self-sustaining and does not use taxpayer dollars or use funds from other VA benefit programs ensuring future veterans can receive the same housing benefits. This Fee is a percentage shown below and added to the mortgage amount. VA Funding Fees & Types of Loans are as follows:

 

Down Payment           Veteran  / Active Duty   Reservist  / Nat. Guard

Less than 5.00%         2.15%                             2.40%

5.00% to 9.99%          1.50%                             1.75%

10% or more               1.25%                             1.50%

2nd time User , Purchase & Construction Loans

Less than 5.00%*        3.30%                            3.30%

5.00% to 9.99%           1.50%                            1.75%

10% or more                1.25%                            1.50%  

* Includes Cash-Out Refinance Loans

Streamline Refinance  / IRRRL (Interest Rate Reduction Refinance Loans)

1st Time User               0.50%                            0.50%

2nd Time User              0.50%                            0.50%

Other Types of Loans

Assumptions                 0.50%                            0.50%

Manufactured Homes     1.00%                            1.00%

* There is NO VA FUNDING FEE required for a Disabled Veteran.*

The Veterans Administration guarantees lenders against loss in case of a loan default. The VA Funding Fee helps defray some of these defaulting expenses and makes the VA Home Loan Program a viable benefit open to all qualified veteran borrowers. 

Robert J.Barouski - Mortgage Loan Originator - NMLS# 204947
American Fidelity Mortgage Services Inc
Ph: 630 885-1314Fax:630 681-1476
4200 COMMERCE CT STE 200
LISLE, IL 60532 US
License # 031:0010289
www.lowererates.com
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Copyright © 2013 American Fidelity Mortgage Services Inc
Illinois Mortgage Licensee License # MB 0000303
NMLS# 179785
In the State of Illinois Mortgage Bankers are governed by:
IL Department of Financial & Professional Regulation Division of Banking
122 South Michigan Ave., Suite 1900 Chicago, IL 60603
Phone: (312) 793-3000
Fax: (312) 793-7097
Web: http://www.idfpr.com/default.asp
Toll Free Consumer Hot Line: (877)-793-3470

 

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Illinois Residential Mortgage Licensee # MB.0000303
NMLS# 179785
Indiana Department of Financial Institutions (DFI) License ID Number 11229
State of Wisconsin - Department of Financial Institutions License #159BA
In the State of Illinois Mortgage Bankers are governed by:
IL Department of Financial & Professional Regulation Division of Banking
100 W. Randolph Street, 9th Floor, Chicago, IL 60601
Phone: (312) 793-3000
Fax: (312) 793-7097
Web: http://www.idfpr.com/default.asp
Toll Free Consumer Hot Line: (877)-793-3470