At Indigo Mortgage, our VA loan division closes more VA loans than any other mortgage company in New Mexico. Here’s some basic information for veterans who are interested in this type of loan.
Borrowers can have multiple VA loans. If all previous VA loans have been paid off, a veteran can take out another loan. In fact, a veteran can have two VA loans simultaneously. Borrowers can split their entitlement and purchase two properties, as long as both loans do not exceed a combined total of $417,000, the new loan is over $144,000, and the new VA loan is an owner-occupied loan.
VA allows 100% cash-out on refinances. If a lender tells you that they only allow 90%, keep looking. At Indigo Mortgage, we offer 100% cash out, without compromising our low rates.
VA now allows jumbo mortgages. Borrowers can get mortgage loans over $417,000.
The VA never requires mortgage insurance, but there is a funding fee. The funding fee can be waived if the veteran receives 10% or more disability.
Be wary of lenders offering outrageously low rates. Typically, when a lender offers unbelievably low rates, they’re adjustable rate mortgages, not fixed rate mortgages. These types of mortgages can be very expensive to buy down, and aren’t really worth it.
Keep it local. When you’re shopping for a VA loan, remember to shop local. A local mortgage broker like Indigo Mortgage is easier to work with face to face, and can often save you money!