Take Advantage of VA Refinance Loans and VA Home Loans From our Mortgage Company in NJ
You’ve served your country and should be rewarded for your commitment and honor. At Jersey Mortgage Company in NJ we are dedicated to helping veterans obtain superior Veteran Affairs (VA)-backed loans with unsurpassed personal service. We are one of the leading VA Loan- approved lenders in the country.
Whether you’re buying your first home or seeking VA refinance loans, as a Veteran you qualify for all the outstanding benefits this loan provides. There is virtually no “red tape” involved and it includes 100% financing with no money down, with less stringent underwriting standards and requirements than conventional loans.
Congress created the VA Home Loan Guarantee Program in 1944 to help returning service members achieve the dream of home ownership. Since then, the Department of Veterans Affairs has helped more than 18 million military members purchase homes and get VA refinance loans. In fact, according to the US Department of Veterans Affairs about 80% of VA borrowers could not have qualified for a conventional home loan.
Benefits of a VA Home Loan
- No down payment with up to 100% financing
- No application fee
- Extremely competitive interest rates
- No PMI, a monthly expense that conventional borrowers are required to pay unless they put down at least 20% of the loan amount
- Liberal qualifying ratio
- No cash reserves required after closing
- Fixed rate mortgages
- Up to 4% seller concession allowed
- Minimum credit score of 640
- Widows and widowers of Veterans can take advantage of this program
- In-house loan underwriting
We are a proud VA approved lender
As one of the elite VA Loan-approved lenders in the country, we consistently deliver a level of customer dedication that is unheard of in the mortgage industry today. Rather than offering “cookie-cutter” home loans we take the time to get to know you and your unique situation in order to ensure a smooth home loan and home buying experience. We are well-known for going the extra mile to ensure you get a flexible, comfortable home loan that meets your needs and lifestyle.
Jersey Mortgage Company is a trusted home loan leader with roots dating back to 1938. We are an award-winning direct lender that actively participates in the LendRIGHT excellence program and takes an active role in NY, NJ, PA, FL and CT communities with contributions to groups like Jeremy’s Heroes and Habitat for Humanity. At Jersey Mortgage Company in NJ we believe in giving back.
Eligibility for VA refinance loans or home loans
A VA Home Loan is available to veterans, reservists, active-duty personnel and un-remarried surviving spouses of veterans with 100% entitlement. Additionally, certain reservists and National Guard members qualify, as do many spouses of military personnel.
Qualifying veterans include:
- World War II (September 16, 1940 to July 25, 1947)
- Korean conflict (June 27, 1950 to January 31, 1955)
- Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days' service.
- Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days' active service.
- Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served at least 2 years.
- Persian Gulf Conflict—Generally, reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days and were discharged are eligible.
- Selective Reserve—Members of the Selected Reserve, including National Guard, who are not otherwise eligible and who have completed 6 years of service and have been honorably discharged or have completed 6 years of service and are still serving may be eligible.
VA refinance loans and finance loan requirements
The application process for VA refinancing or financing is no different from any other type of loan. In fact, the VA application form is the same as that used for HUD/FHA and conventional loans. We'll verify the applicant's income and assets, and obtain a credit report to see that other obligations are being paid on time
Requirements for VA Home Loan approval
- The loan must be for an eligible purpose
- The veteran must be a satisfactory credit risk
- The veteran must occupy or intend to occupy the property as a home within a reasonable period of time after closing the loan
- The income of the veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and have enough left over for family support
For more information about VA refinance loans and VA home loans, please see the following:
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