Murfreesboro VA Mortgage

VA Loans

VA Loans are a popular VA Benefit of Military Service utilized to buy and refinance homes in Tennessee.   VA Loans require ZERO down payment up to the county VA Loan Limit, and require NO Monthly Mortgage Insurance.   VA Loans are also forgiving in regards to Credit Scores, Loans after Bankruptcy, Loans after Foreclosure and Loans after Short Sale.   As you can see,  there are many advantages to VA Loans when compared to Conventional Loans.  The 2020 VA Loan Limit for is $510,400 for Tennessee VA Buyers looking to purchase with Zero down. .

VA Guaranteed Home Loans are made by private lenders.   The VA, ie the U.S. Department of Veteran Affairs guarantees VA loans for eligible Tennessee Veterans to purchase a Single Family Home, Condominium,  or 2-4 unit multi-family home.   The VA guaranty protects the Lender against loss if the Veteran fails to repay the loan due to hardship.   No down payment is required on most VA guaranteed home loans and the Veteran borrower usually receives a competitive interest rate compared with conventional loans.

Here are some of the benefits with VA loans for Tennessee Veterans:

  • 100% VA Purchase Loan up to $510,400 in Tennessee for 2020
  • Zero down payment required – up to the $510,400 Tennessee VA Loan Limit
  • Closing costs are typically lower than conventional or FHA Loans
  • NO PMI, MIP, or Mortgage Insurance
  • No Prepayment Penalties
  • Competitive fixed interest rates
  • VA loans can be used to purchase Condo’s, Single Family Homes, Townhomes,  Row Homes, PUD’s, &  2-4 Units

VA Loans After Financial Hardship:

  • VA Loans available in as little as 2 yrs after Bankruptcy Discharge
  • VA Loans available in as little as 2 yrs after Foreclosure
  • VA Loans available in as little as 2 yrs after Short Sale
  • VA Loans after a short sale with NO late payments available sooner!

VA Jumbo Loans

  • VA Jumbo Loans allow  you to exceed $510,400  by contributing a down payment (usually much smaller than what is required on conventional or FHA Loans)  (also a great option for VA Jumbo Refinances)
  • VA Jumbo loans can be used to purchase Condo’s, Single Family Homes, Townhomes, PUD’s, &  2-4 Units

VA IRRRL Streamline Refinance Info for Tennessee:

  • Tennessee VA IRRRL Streamlines – available to lower your interest rate without income verification
  • VA IRRRL Streamline Refinances are available for Non-Owner, Investment, or Rental Homes
  • Our VA Jumbo IRRRL Streamline Refinances can exceed your County VA Loan Limit.

VA Loans do not require mortgage insurance; however the VA requires a funding fee to issue a guarantee to a private lender against future VA borrower default on a mortgage.     The VA Funding Fee can be Financed into the loan (typical) or paid in cash by the buyer or seller.

Veterans with a 10% or higher VA Disability Rating are EXEMPT from the VA Funding Fee – please ask to see if you qualify.

VA loans can be used to buy a Home, refinance your home, consolidate debts, or just lower your interest rate.

VA Loans do require a  Certificate of Eligibility from the VA.  which must be obtained to qualify for a VA loan.