Contour Mortgage is grateful for the service those in uniform provide our country.
We are determined to do our best to thank them for their sacrifice and are proud to offer VA loans to applicable borrowers.
What is a VA loan?
The Veterans Affairs Loan, commonly known as the VA loan, is a mortgage financing option available to veterans, active-duty service members, reservists, and National Guard members. It requires minimal closing costs, minimal credit score requirements, and offers flexible qualifications. Because of this, it is the ideal choice for any our nation’s military heroes.
Why should I care?
Backed by the U.S. Department of Veterans Affairs, VA loans were originally designed with military personnel and their families in mind. Borrowers can use their VA loans for many purposes beyond the average mortgage loan, including purchasing or building a new home, refinancing a current mortgage, repairing, or improving a borrower’s existing home, or installing home efficiency measures. Single-family and multi-family homes manufactured homes and condominiums are all acceptable property types.
Are they better than a conventional loan?
VA loans are provided to homebuyers through qualified mortgage lenders and hold several significant advantages for those who qualify, including surviving spouses.
See more benefits a VA loan:
Zero Dollar Down Payment Options Available
Many borrowers won’t be required to put any money down, although having some funds for a down payment is always helpful.
Private Mortgage Insurance (PMI) is NOT Required
Homebuyers who cannot afford a 20 percent down payment under another type of mortgage loan, such as a conventional loan, are expected to pay PMI. However, VA loans do not have this requirement since the VA guarantees them. This makes them very beneficial to the borrower.
Limits on Closing Costs
Unlike other mortgages, VA borrowers won’t have to pay for common closing expenses such as appraisal fees, inspection fees, and buyer-broker fees.
Forgiving Debt-to-Income (DTI) Ratio Requirements
Lenders require a borrower debt-to-income (DTI) ratio to outline how much money is being used to pay off debt each month. VA loans tend to be more lenient and may consider applicants with higher DTIs to meet other qualifications.
Bankruptcy DOESN'T Make Qualification Impossible
Under certain circumstances, those who filed for bankruptcy in the past could still obtain a VA loan. If, for example, the bankruptcy occurred two or more years ago, a lender might not disqualify an applicant. Applicants should contact a lender to discuss the details of their financial situation if they wish to find out more information.
Financial Counselling is Offered
If borrowers were to experience temporary financial difficulties, the VA extends forbearance and financial counseling to help prevent them from losing their homes.