Mid America Mortgage, Inc. is pleased to offer no money down VA home loan solutions to qualifying active duty servicemen and women, U.S. military veterans, and surviving spouses. VA mortgages can be used to purchase real estate with no money out of pocket and as a refinancing solution with low closing costs and the potential to cash out some of the equity in one’s home. VA loans are guaranteed by the US Department of Veterans Affairs which allows lenders, such as Mid America Mortgage, the ability to offer VA financing at very competitive rates.
Contact Us for More Information on VA Financing
- Call 866-544-7013 to speak with a mortgage professional serving your area.
- Pre-Qualify Now
- Use the Rate Quote Form on this page to request additional information.
More on VA Mortgages
Please note the underwriting guidelines are subject to change. Contact one of our mortgage professionals today for the most up-to-date guidelines.
- There is no down payment required. However, the sales price cannot be higher than the appraised value of home home.
- Not exclusive to first time home buyers.
- There are no private mortgage insurance requirements with a VA mortgage.
- Sellers may contribute towards closing costs in many cases.
- There is no prepayment penalty for paying off a VA mortgage early.
- VA loans are assumable.
Please contact one of our mortgage professionals and we can help guide you through determining your eligibility and what is needed for verification. There is a good summary of service requirements located on the VA website. Below is a video from the Department of Veteran Affairs discussing VA home loan program eligibility.
VA IRRRL loans allow borrowers with VA mortgages the ability to lower their interest rate without many of the costs and hurdles associated with other mortgage programs. Here are some details on IRRRL refinancing:
- There is no appraisal required with an IRRRL.
- Borrowers may be able to roll any costs into their loan amounts or take on a higher rate in order for a lender to pay any associated loan expenses.
- No cash-out is available from a VA Interest Rate Reduction Refinance Loan.
There is a detailed of list of criteria on VA’s website along with steps to take once you’ve compiled your documentation.
Before you make an offer, be sure to discuss with your real estate professional if having a VA Option Clause in your Purchase and Sales Agreement is a smart move. A VA Option Clause may enable you to void the contract without penalty if you are unable to qualify for VA financing.
No. A review of your credit history is part of the underwriting process. To qualify, borrowers should be able to show a history of paying their bills on time.
The Department of Veterans Affairs publishes the VA loan limits through their website.