va loans
You served our country. Let us serve you. A VA loan is an amazing advantage offered to veterans, active duty, and military spouses. At FCM, we understand the sacrifices you've made and do not charge any lender fees to those who qualify*.
VA Loans
What Should I Know?
As a Veteran, you and your family have many powerful home buying benefits in addition to traditional financing. With the exclusive VA Home Loan benefit, you may qualify for a loan with lower payments and no money down. We at First Community Mortgage understand the sacrifice you have made for our country and do not charge lender fees on VA loans*. We are honored to provide VA Loans to veterans and qualified veteran’s spouses.
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No down payment is required
No down payment is required – so long as the sales price isn’t more than the appraised value. The VA purchase loan allows veterans over 100% financing without private mortgage insurance, or a 20% second mortgage and up to $6,000 for energy efficient improvements. With a home purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home – whichever is less, which means you could buy a home for zero down payment.
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Mortgage Insurance Premium (MIP)
There is a monthly mortgage insurance premium (MIP) which varies based on the loan term and loan-to-value ratio.
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You don’t have to be a first time home buyer
You don’t have to be a first time home buyer to take advantage of this program.
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VA to VA Refinance (also known as an IRRRL),
In a VA to VA refinance (also known as an IRRRL), the veteran may borrow up to 100.5% of the total loan amount and can re-use the entitlement originally used. With an IRRRL, no appraisal is required. Also, credit qualification is streamlined if you have a 6-month mortgage history.
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Terms and Conditions
Loan approval and terms are dependent upon borrower’s credit, documented ability to repay, acceptability of collateral property, and FCM underwriting criteria. VA loans require borrowers to have VA eligibility through Veterans Administration. For more information, please visit www.benefits.va.gov/homeloans. First Community Mortgage, Inc. is not affiliated with or acting on behalf of or at the direction of VA or the Federal Government. *Bond programs excluded.
