JFK Financial NMLS # 6540  
Ken Sarna MLD # 32564 / NMLS # 147577            

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VA Loans


The VA mortgage loans are one of the best and safest methods to use when buying a home. In order to obtain a VA loan, you must have eligibility through past military duty.  Now even active duty personnel can qualify for this loan program. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program but does charge a VA funding fee.

The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.

The Veterans Benefit Act, signed recently increased the VA loan limit to $417,000 for a loan with no money down. It also increased the eligibility for Veterans and active duty personnel and increased the benefits to Disabled Veterans.

Some of the benefits of the VA Mortgage Loan Program are:

  • The VA Mortgage Loans is guaranteed for no money down up to $417,000
  • You can get a loan for more than $417,000 but you would need to have a down payment in order to do the VA Jumbo
  • No monthly Mortgage Insurance (MI) is required
  • Low interest rates
  • It is easier to qualify for a VA Loan than a conventional loan
  • VA Mortgage Loans can be refinanced easily and without an appraisal

Some of the downfalls of the VA Mortgage Loan Program are:

  • The VA Funding Fee is built into your loan balance owed at closing (1.75% of the loan amount on 1st time use)
  • The VA funding fee amount increases after your first use
  • The property must be a primary residence
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