In 1944, the Servicemen’s Readjustment Act was created to provide veterans and their surviving spouses with a variety of benefits. One of these benefits was the VA home loan program. By taking advantage of the VA loan program, veterans can purchase a home with 100% financing, no private mortgage insurance, and limited closing costs. Canyon Mortgage Corp is proud to offer VA loans to veterans and active military members located throughout Lake Success, New Hyde Park, East Rockaway, and Floral Park.
New York VA Loan Benefits:
- 100% financing (appraised value cannot exceed sale price)
- VA funding fees can be financed with the loan (up to 3.3%)
- No private mortgage insurance (PMI)
- No pre-payment penalty
- VA regulation limits closing costs
- Up to $424,100 loan amount (certain counties may be higher)
Unlike many other government-backed loans, VA loans have no minimum credit score requirement. Although there is no minimum set it stone, it is common for lenders to require a score of at least 620. With no mandatory credit score requirement, we can be flexible with each borrower based on their individual circumstances. Regardless of what your credit score is, you should be prepared to provide W-2 statements, recent paystubs, checking account and savings account information, and other supporting documentation. These documents are needed to verify your income and support the requested loan amount.
Most veterans, military, and spouses of deceased military members are eligible to apply for a VA loan. If minimum active duty service requirements have been met, veterans can apply immediately. A minimum of 6 months of service will need to be completed by active duty servicemembers before they become eligible. National Guard and reservists will need to wait 6 years. If they are called to active duty at any point, they can apply after 181 days of service. A Certificate of Eligibility (COE) is required by all applicants. If you do not have your COE already, we would be happy to assist you with obtaining it during the application process.
Refinancing options are also available to existing VA loan holders. The Interest Rate Reduction Refinance Loan (IRRRL) is available to veterans looking to take advantage of lower interest rates. The IRRRL is also referred to as the VA’s streamline refinance loan. VA cash-out refinance loans are available for homeowners who need extra cash for home improvements, high-interest debt consolidation, and other various expenses.
Canyon Mortgage Corp is here to help the many veterans throughout Lake Success, New Hyde Park, East Rockaway, and Floral Park with all their VA loan needs. For more information or for any questions you may have on New York VA loans, contact Canyon Mortgage Corp today.