VA Mortgage Loans in Massachusetts
Designed to offer long-term financing to veterans, VA guaranteed home loans are made by lenders and are guaranteed by the U.S. Department of Veteran Affairs (VA) and are available to eligible military personnel and Veterans for the purchase of a home or refinance of an existing mortgage. The VA determines eligibility and issues a Certificate or Eligibility to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a Massachusetts VA mortgage loan than it is for conventional loans.
Here are the highlights of the VA mortgage loan in Massachusetts:
- 100% financing without private mortgage insurance or a second mortgage.
- A VA funding fee of 0% to 3.3% of the loan amount (depending on military service) is paid to the VA (this fee may be financed or paid by the seller).
- When purchasing a home, veterans may borrow up to 100% of the purchase price or appraised value of the home, whichever is less.
- When refinancing a home, veterans may borrow up to 90% of appraised value.
- Closing costs are comparable and sometimes lower than other financing types.
- No monthly mortgage insurance premiums.
- The mortgage is assumable by a qualified buyer when the house is sold.
- Veterans can now refinance an existing non-VA mortgage into a new VA loan in Massachusetts.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to protect a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.
A VA mortgage loan in Massachusetts can be used to buy a home, build a home and even improve a home with energy-saving features such as:
- solar or heating/cooling systems;
- water heaters;
- insulation;
- weather-stripping/caulking; and
- storm windows/doors or other energy efficient improvements approved by the lender and VA.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.
Go to VA mortgage loans to learn more.
Star Mortgage specializes in loans to veterans and is not a government agency or associated directly with VA.
Star Mortgage - 340 Manley Street - West Bridgewater, MA 02379
Office Phone: (800) 941-5616 Fax: (508) 941-6788
Cell Phone: (800) 984-3523 Email: Jeff@StarMortgage.com
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We lend in the following states: Massachusetts
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