{"id":87,"date":"2016-08-02T12:14:22","date_gmt":"2016-08-02T16:14:22","guid":{"rendered":"http:\/\/www.oakhillmortgagellc.com\/?page_id=87"},"modified":"2021-02-01T16:58:12","modified_gmt":"2021-02-01T20:58:12","slug":"va-program","status":"publish","type":"page","link":"https:\/\/www.oakhillmortgagellc.com\/?page_id=87","title":{"rendered":"VA Loans"},"content":{"rendered":"<p>As a veteran owned business, Oak Hill Mortgage, LLC loves to assist veterans with their home mortgage purchase or refinance needs.\u00a0 You can expect outstanding service, some of the best rates available, and assistance from someone who understands your needs and culture.\u00a0 We can help folks with FICO scores as low as 500.<\/p>\n<p>The VA guaranteed home loan program is simply the best loan program available today.\u00a0 These loans have the following pros and cons:<\/p>\n<p>PROS:<\/p>\n<ul>\n<li>100% financing (with full VA eligibility available &#8211; i.e., you have no current VA loan)<\/li>\n<li>Jumbo level loan amounts (100% financing no longer limited by the VA\u00a0&#8211; only by\u00a0the lending company)<\/li>\n<li>Low FICO scores allowed<\/li>\n<li>Lower Rates and higher Debt-To-Income (DTI) limits than conventional loans<\/li>\n<li>No mortgage insurance<\/li>\n<li>Lender Cost Restrictions (e.g., often lower underwriting fees)<\/li>\n<\/ul>\n<p>CONS:<\/p>\n<ul>\n<li>Upfront VA Funding Fee required unless granted an exemption by the VA (see note below).<\/li>\n<li>Restricted to Approved Veterans<\/li>\n<li>Different underwriting rules (can be a pro or a con)<\/li>\n<\/ul>\n<p>Note:\u00a0 Per the VA (current as of 2\/1\/2021,\u00a0<a href=\"https:\/\/www.va.gov\/housing-assistance\/home-loans\/funding-fee-and-closing-costs\/\">VA Funding Fee And Loan Closing Costs | Veterans Affairs<\/a>), no funding fee is required for\u00a0the following exceptions:<\/p>\n<ul>\n<li>Receiving VA compensation for a service-connected disability,\u00a0<strong>or<\/strong><\/li>\n<li>Eligible to receive VA compensation for a service-connected disability, but you\u2019re receiving retirement or active-duty pay instead,\u00a0<strong>or<\/strong><\/li>\n<li>The surviving spouse of a Veteran who died in service or\u00a0from a service-connected disability, or who\u00a0was totally disabled,\u00a0<strong>and\u00a0<\/strong>you&#8217;re receiving Dependency and Indemnity Compensation (DIC),\u00a0<strong>or<\/strong><\/li>\n<li>A service member with a proposed or memorandum rating, before the loan closing date,\u00a0saying you&#8217;re eligible to get compensation because of a pre-discharge claim,\u00a0<strong>or<\/strong><\/li>\n<li>A service member on active duty who before or on the loan closing date provides evidence of having received the Purple Heart<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>As a veteran owned business, Oak Hill Mortgage, LLC loves to assist veterans with their home mortgage purchase or refinance needs.\u00a0 You can expect outstanding service, some of the best rates available, and assistance from someone who understands your needs and culture.\u00a0 We can help folks with FICO scores as low as 500. The VA [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":30,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-87","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>VA Loans - Oak Hill Mortgage, LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oakhillmortgagellc.com\/?page_id=87\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VA Loans - Oak Hill Mortgage, LLC\" \/>\n<meta property=\"og:description\" content=\"As a veteran owned business, Oak Hill Mortgage, LLC loves to assist veterans with their home mortgage purchase or refinance needs.\u00a0 You can expect outstanding service, some of the best rates available, and assistance from someone who understands your needs and culture.\u00a0 We can help folks with FICO scores as low as 500. 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