Kansas City Veterans home loan information. Mortgage information for the Kansas City home buyer.

Kansas City VA Home Loans || Financing Home

• Veterans administration financing is available only to individuals who have served in our nation’s armed services and their reserves. VA loans allow the buyer to put no money down if they want and to include all other loan costs into the sales price and therefore into the loan.
• In qualifying for a VA loan the buyer’s total debt should not exceed 41% of their gross monthly income with sufficient reserves for basic family needs. VA loans have no mortgage insurance, instead they have a funding fee. This fee is waived if the buyer has a service related disability. The first time a veteran uses the VA benefit the funding fee is 2% of the loan amount. Any subsequent use the fee will be 3%. If the buyer puts 5% down payment the fee is reduced to 1.5%. Refinance have different fees as well. Contact your lender for more details.
• At this time the loan limit is the same as the Fannie Mae limit of $322,700. The formula that is applied to the however limits the no down payment version of this loan to $240,000. The eligibility is worth $60,000. The buyer must put down 25% on the loan. The eligibility is then applied to this down payment requirement. At $240,000 the $60,000 eligibility meets 100% of the 25% down payment requirement so the loan can be for 100%. At $300,000 for example the 25% down payment requirement would be 75,000. The eligibility would account for $60,000 and the buyer would put down $15,000. If this is thoroughly confusing call your lender.
• VA loans are for primary residences only. A principal residence includes 1 to 4 unit properties as long as the buyer lives in one of the units. They cannot be used for investment purposes nor can they be used to buy vacant land. A buyer can only have one VA loan at a time.
• VA purchases are appraised by an appraiser assigned by the VA. The appraiser will look to see that all the systems in the home are serviceable, that the roof has a few years of life in it, the windows open and are not cracked or broken and there are no safety issues.
• Your VA mortgage specialist will need your DD214 to order a current certificate of eligibility.