Utah VA Loans

If you have served in the military and are looking to purchase a home, you just may qualify for a VA home loan.  The loan officers at Trillion Mortgage, a Utah mortgage loan company, can assist you in determining whether you qualify for a VA loan.  If you already have a VA Utah mortgage loan and are would like to refinance, we can help you with that too.  Our goal is to educate our clients about all of the options available for Utah mortgages.  There are many programs for which you may be eligible and we can help you discover which option may be the best choice for your situation.  We have written separate articles about FHA and conventional loans that you may refer to, this article will focus on explaining what is different about a VA mortgage loan.

A VA loan is a mortgage loan guaranteed by the U.S. Government Department of Veteran’s Affairs.  The program began back in 1944 as a way of assisting U.S. veterans and their spouses to obtain mortgages that did not require down payments.  In order to qualify for a VA loan, your eligibility must be determined.  You may do this prior to contacting us by applying for a certificate of eligibility directly from the VA or better yet, contact the Utah mortgage loan officers at Trillion Mortgage and they can assist you with this step.  Once eligibility is determined, we can take your application to get you pre-approved for your loan.

VA loans have lending limits that are similar to FHA loans; the limit is based on the county of where the home is located.  For Utah mortgages, the limit is $417,000 for all counties except Salt Lake, Summit and Tooele, for those counties, the limit is $594,550.  VA has lower loan limits when compared to FHA and conventional Utah mortgage loans.  Loan eligibility, like for all other mortgage loans, is based on the borrower’s credit history, income, current debts and assets.

One great benefit of VA loans is that the borrowers do not have to have money for a down payment.  A VA loan can be used to finance the whole purchase transaction, the seller can pay the closing costs and the VA funding fee can be added to the loan balance at closing.  The funding fee is charged by the government who then guarantees the loan.  It is similar to the FHA upfront mortgage insurance premium which is charged at closing but there are no monthly mortgage insurance payments required on a VA loan.  The fee can be reduced slightly if the borrowers opt to make at least a 5% down payment.  Veterans who receive service-connected disability payments each month are exempt from paying the funding fee.

If you currently have a VA loan and would like to refinance it to reduce your interest rate, or to go from an ARM to a fixed rate loan, we can assist you with you IRRRL (Interest rate reduction refinance loan).  You will not need to provide a new certificate of eligibility for this transaction.  This option is to reduce your interest rate only; no cash back can go to the borrower on an IRRRL.  If you would like a cash-out refinance transaction it cannot be with a VA loan.

The loan officers at Trillion Mortgage, a Utah mortgage loan company, can assist you with FHA, VA or conventional Utah mortgage loans.  If you have served your country with military service and are looking for a new Utah mortgage, talk to our loan officers about whether a VA loan could be the best option for you.  For your next purchase transaction, you just may be able to close on your VA loan with no cash out of pocket.  We want to be your Utah mortgage company, contact us at (801) 261-2617 today.

By: +Mark Schow

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Trillion Mortgage NMLS# 313391

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