VA Home Loan Basics

Thanks for posting this on my MANUFACTURED HOME SALES AND LENDING INDUSTRY group. It's important information for our industry and I will gladly re post it.

VA Home Loan Information for Veterans

Veterans, did you know you can refinance your current VA home loan with very little paperwork? Plus you can do it without an appraisal.

For example: A Veteran can obtain a refinance of $300,000 to pay off a current VA home loan.  The loan to value is unlimited as no appraisal is required. You can actually owe more on your loan than your home is valued and still get the loan.

Current low interest rates allow for 3.25% fixed rate interest for a thirty year term and 780 credit score. This equates to an estimated $1312 principal and interest payment. Plus, no mortgage insurance is required on VA home loans.

Veterans with other types of loans can also obtain VA home loans but these would need an appraisal. The loan to value ratio can be up to 100%. Plus, again, no private mortgage insurance.

Veterans can qualify for VA home loans with credit scores as low as 580 on regular stick built homes and Class C double wide manufactured homes.    

The upfront VA Funding fee is waived if the Veteran receives any military disability income on at least 10% disability.

First time use of the VA eligibility has a 2.15% up front funding fee and 3.3 % after that. The upfront funding fee is reduced to 1.5% with down payments of 5% - 9.9% and down to 1.25% on down payments of 10% or more.

The streamlined VA refinance (VA loan to VA loan) has an upfront funding fee of .50%.

If you are a Veteran and have your DD-214 and/or Certificate of Eligibility, it would be a good idea to check further into what great loan programs are available to you.

Article written and submitted by:  JoAnn Moore, Licensed Mortgage Professional, NMLS # 165477. The Mortgage Market of Delaware P O Box 204 Georgetown, Delaware 19947. 302.855.1306,           


JoAnn Moore

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John DL Arenden, Broker 

TAG Real Estate Sales & Investments

TAG (The Arendsen Group) Real Estate Sales & Investments is a full service, one-stop, turnkey, family owned and operated real estate brokerage, General Contractor, Manufactured Home Contractor, Developer, Investor, Property Manager, Interior Design, Engineering, architectural, Landscape design, Expert Witness, Consulting, Curative Title and Troubleshooting company with over 100 years of combined experience in the San Diego real estate sales, construction, design & development arena.





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Comment balloon 2 commentsJohn DL Arendsen • November 20 2016 04:44AM


Good morning John. Veterans should check with a knowledgeable loan officer to determine their best choices. Enjooy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) almost 2 years ago

Amen to that Wayne Martin 

Posted by John DL Arendsen, Crest Backyard Homes "ADU" dealer & Contractor (CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS) almost 2 years ago