Tag: va benefits

Michigan VA Home Loans

VA Loan Benefits for military veterans

VA Loans are mortgages guaranteed by the US Government for military members who have served our country. With no down payment required, VA Loans are one of the best loan options.

Underwriting requirements are flexible which allows for low credit scores and short wait periods after bankruptcy and foreclosure. We currently offer Zero Down VA loans with as low as a 580 credit score.

Military Veterans, Thank You For Your Service!

VA LOAN BENEFITS

Using VA financing, you can buy a house with no money out of pocket. Using a lender with no fees and negotiating to have the seller pay 3rd party closing costs, and prepaid can truly be a no cost purchase option. Other benefits include:

  • Low Rates
  • No down Payment Required
  • Fixed Rates
  • No Lender Fee Options
  • Easy Eligibility Requirements

RELATED: Use our VA Loan Calculator to estimate mortgage payments!

STEPS TO GET A VA LOAN

Once you have made the decision to use your VA Loan benefits to buy a home, you can use the steps below to buy a home!

  1. Call a Loan Officer to review VA Loan Requirements
  2. Request your Certificate of Eligibility from the VA (COE)
  3. Receive a VA Mortgage Pre-Approval from your Loan Officer
  4. Return Required Loan Documents to Complete Your Pre-Approval
  5. Search for a Home with a Local Realtor
  6. Submit Your Offer on a Home You Love
  7. Start the Mortgage Loan Process
  8. Get a Home Appraisal on The Home Through Your Lender
  9. Receive a Clear to Close from Underwriting
  10. Schedule the Loan Closing and Review Final Numbers
  11. Sign Loan Documents in from of a Notary
  12. Get the Keys to your Home!

Currently serving or a veteran? You are eligible for special mortgage benefits. Give us a call today at 800-555-2098 or request information below!

Request Information Now!

VA Loans Just Got Better

 

For eligible servicemembers, veterans, and surviving spouses, the existing VA home loan program just got better! The Department of Veterans Affairs (VA) has introduced a new policy regarding how student loan debt affects mortgage eligibility.

Related: VA Loans for Military Veterans

VA loosens Guidelines for Student Loans

The new policy makes it easier for VA eligible borrowers to obtain a purchase or refinance loan, by changing the way student loan monthly payments are calculated. Prior to this change, 1% of the total student loan debt had to be counted toward the borrower’s debt-to-income (DTI) ratio each month, regardless of actual monthly payment structure or deferment. Now, however, the payment will be calculated based on 5% of the total student loan debt, divided by 12 months. Clear as mud, right?

Lets do some math!

For example, lets say John has $65,000 in student loan debt. Formerly, his monthly student loan payment would have been $65,000 * 1% (.01) = $650. Now, his payment will be $65,000 * 5% (.05) / 12 = $271.

What if John is on an income-based repayment structure, and only pays $250 per month? The new policy also allows a statement from John’s student loan servicer to be provided, allowing the calculated payment to reflect the actual loan terms.

What if John’s student loans are in deferment? If his repayment is scheduled to begin within 12 months from the estimated closing date, we must use the 5% / 12 months rule. If not, however, the payment can be omitted altogether if written evidence can be provided that repayment will be deferred at least another 12 months from the closing date.

By changing the way student loan payments are calculated, more VA eligible borrowers will qualify, and for a larger amount. Check out our VA Mortgage Calculator to estimate your monthly payment on a desired home purchase.

What is a VA home loan?

VA home loans are originated by private lenders, banks, and mortgage companies, but the VA guarantees a portion of the loan, allowing us to offer you more favorable terms. VA purchase loans help you buy a home with a low interest rate, without requiring a down payment or private mortgage insurance (PMI). There are also special VA loan programs for Cashout and Streamline Refinances.

Who is eligible for a VA home loan?

Active servicemembers, veterans, and surviving spouses are eligible for VA home loan programs, with a valid certificate of eligibility (COE). Length of service or service commitment, duty status and character of service determine each veteran’s eligibility for specific benefits. All VA borrowers are still subject to the minimum credit score requirement of 580 and sufficient income levels to cover expected monthly obligations. For more specific information on eligibility and requirements, visit the VA benefits website.

For More Information Visit the VA Student Loan Announcement.

Get More Information

To apply for a VA Mortgage or Refinance call Riverbank Finance today at 1-800-555-2098.

Request Information Now!

VA Home Loans for Military Veterans | Free Appraisal

Veterans Day - Free Appraisal OfferAbout Veterans Day

As the United States continues fighting overseas, the population of military veterans continues to increase. According to the most recent Census information there are over 21 million veterans that have served our country. The growing population of veterans struggle to receive proper healthcare and are faced with repeated VA hospital related scandals and deficiencies. There are nearly 4 million veterans with service related disabilities that return to the United States and are in great need of a helping hand from those around them.

Please remember the meaning of Veterans Day and together, let’s honor those who have served our country.

VA Home Loan | Free Appraisal Offer

Here at Riverbank Finance, we take pride in offering zero down VA loans to our military veterans. As with most of our loan options, we offer VA loans with no lender fees and have zero cost loan options. From today through the end of November, the owners of Riverbank Finance will personally pay for the appraisal cost for new VA-eligible home buyers that receive financing through our company.

Disabled Veterans can Waive the VA Funding Fee

For military veterans with a disability rating of at least 10%, the Veterans Administration will waive the VA funding fee.  Additionally surviving spouses of veterans who died in service or from a service-connected disability are also eligible to have the VA funding fee waived.

Michigan Property Tax Exemption

Veterans that have served our country and have disability rating of 100% are eligible to have their Michigan property taxes waived for their primary residence located in the state of Michigan. We would love to help our disabled veterans complete the required paperwork to have their property taxes waived as part of our home buying process.

We look forward to helping you buy a home with no down payment using your VA benefits. Call a VA loan officer today at 1-800-555-2098 to start your home purchase application or request information below:

Request Information Now!

Disclaimer: Appraisal program available only to new clients that are approved for VA financing. Riverbank Finance LLC reserves the right to discontinue this program without notice. Not all will qualify. No purchase necessary. Call 1-800-555-2098 to request your VA certificate of eligibility through the Veterans Administration.