As a veteran owned business, Oak Hill Mortgage, LLC loves to assist veterans with their home mortgage purchase or refinance needs. You can expect outstanding service, some of the best rates available, and assistance from someone who understands your needs and culture. We can help folks with FICO scores as low as 500.
The VA guaranteed home loan program is simply the best loan program available today. These loans have the following pros and cons:
PROS:
- 100% financing (with full VA eligibility available – i.e., you have no current VA loan)
- Jumbo level loan amounts (100% financing no longer limited by the VA – only by the lending company)
- Low FICO scores allowed
- Lower Rates and higher Debt-To-Income (DTI) limits than conventional loans
- No mortgage insurance
- Lender Cost Restrictions (e.g., often lower underwriting fees)
CONS:
- Upfront VA Funding Fee required unless granted an exemption by the VA (see note below).
- Restricted to Approved Veterans
- Different underwriting rules (can be a pro or a con)
Note: Per the VA (current as of 2/1/2021, VA Funding Fee And Loan Closing Costs | Veterans Affairs), no funding fee is required for the following exceptions:
- Receiving VA compensation for a service-connected disability, or
- Eligible to receive VA compensation for a service-connected disability, but you’re receiving retirement or active-duty pay instead, or
- The surviving spouse of a Veteran who died in service or from a service-connected disability, or who was totally disabled, and you’re receiving Dependency and Indemnity Compensation (DIC), or
- A service member with a proposed or memorandum rating, before the loan closing date, saying you’re eligible to get compensation because of a pre-discharge claim, or
- A service member on active duty who before or on the loan closing date provides evidence of having received the Purple Heart