As an experienced DIRECT VA lender

  • VA loan applicants, that Purchase or Refinance will receive a Free Appraisal.
  • VA applicants may qualify for ZERO$ Out of Pocket on their VA Mortgage.

A VA loan is a United States mortgage loan and is guaranteed by the U.S. Department of Veterans Affairs (VA) for eligible veterans or their surviving spouses (providing they do not remarry).

The VA direct home loan assists eligible veterans in areas where private financing may not be available. It also allows veterans to purchase their home without a down payment. There are areas designated by the VA as housing credit shortage areas. These are rural areas and small cities and towns away from metropolitan or commuting areas of large cities.

Up to 102.15 percent financing is available to eligible veterans without private mortgage insurance. 20 per cent second mortgages can also be obtained offering an added $6,000 for energy efficient improvements. The VA charges ZERO funding fee if the veteran has a previously documented disability. The VA funding fee varies depending upon whether it is the first time use or a subsequent use. The funding fee is ZERO for disabled veterans, 2.15% for first-time use, and 3.3% for subsequent uses. When purchasing, a veteran can borrow as much as 102.15% of the sales prices or assessed value of the home, whichever is less. For a refinance, veterans can borrow up to 90% of the assessed value, this can vary in different states.

With a VA loan a veteran can qualify for larger loan amounts than a traditional Fannie Mae/ conforming loan. VA insures mortgages where the monthly payment of the home can be up to 41% of the gross monthly income. Conforming loans will only allow 28%.

Vincent has had approvals up to debt ratios exceeding 60%. As a VA borrower your Maximum debt ratio (DTI) depends on your FICO score, credit usage, the property's value and type (Single-family residences preferred).

Maximum VA loan guarantees vary by county. $417,000 is the maximum VA loan amount with no down payment as of January 1, 2010. Download the county list to view the maximum VA loan guaranty amount in your county.

$424,100 in Ventura County.

VA will also allow the seller to pay all the closing cost as long as they do not exceed 6% of the sales price of the home.

Funding Fees

VA requires a funding fee to be paid unless the veteran is exempt or receives a VA disability compensation. This fee can be paid in full or included in the loan. Fees which may not be included in a VA loan are credit report, appraisal, loan processing fee, title search, title insurance, recording fees, transfer taxes, survey charges and hazard insurance. It is allowable that the seller pay these fees if negotiated for them to do so. Any surviving spouse of a military veteran who has died in service or has a service related disability is exempt from such a fee.

The VA funding fee can be financed into the maximum loan amount so long as the funding fee and sales price do not exceed the maximum loan amount in your county. This additional difference would be an out of pocket expense from either the seller or the buyer. Impound accounts for property taxes and homeowners insurance are required on all VA loans. The calculation for this monthly payment is called a PITI payment.

VA Loan Application

The VA loan application is a standardized loan application form 1003 issued by Fannie Mae also known as Freddie Mac Form 65. It is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements on a VA loan application under the provisions of Title 18, United States Code, Section 1001, “VA Home Loan Application”. Fannie Mae.

BRE # 01136125, NMLS # 245744

CMS Capital Mortgage Services

3140 Telegraph Road, Suite A, Ventura, CA 93003

805-256-6430 office

805 340-0282 cell

Vincent Louis Sorisio, MBA

Capital Mortgage Services

4253 Transport Street

Ventura, CA 93003

(805) 340-0282

Real Estate Broker - CA Bur of Real Estate Lender: 01856990 | NMLS Unique Identifier: 245744