Delaware Veteran Loans
Delaware Veteran Loans
Delaware Veteran Loans are mortgage loans for Veterans that are made by mortgage lenders such as banks or mortgage brokers but are backed by the United States Government through the Veterans Administration. The GI Bill that was signed into law in 1944 by President Roosevelt created the home loan program for Veterans to ensure they had access to housing. Eligible veterans are able to use a VA loan to purchase or refinance a property. The Delaware VA Loan is the best loan option for veterans hands down. Get 100% financing with a VA loan which means NO Down Payment! Call 302-703-0727 to get started on Delaware Veteran Loan or APPLY ONLINE.
Who is Eligible for Delaware Veteran Loans?
Delaware Veterans must first determine if they are eligible for a VA loan by applying for a Certificate of Eligibility (COE) from the Veterans Administration. Eligibility is based on the type of service, length of service, and type of discharge. In order to be eligible the Veteran must have served in one of the following branches of service:
- US Navy
- US Army
- US Air Force
- US Coast Guard
- US Marines
- The Oceanic & Atmospheric Administration
- Public Health Service
What are the benefits of Delaware Veteran Loans
The benefits of a Delaware VA Loan are as follows:
- 100% Financing
- No Down Payment Required
- Seller Can pay up to 4% toward Veterans Settlement Charges
- No pre-payment penalty
- No Monthly Mortgage Insurance (MI)
- Very Competitive Interest Rates
What is the Maximum Delaware Veteran Loans Limit?
The maximum loan limit for Delaware for 100% financing is $453,100 but you can actually borrower over $1 Million. If the loan amount is above $453,100 then the Veteran must put down 25% of the amount above the $453,100 limit for 100% financing.
For example, if Delaware Veteran is purchasing a home for $550,00 he/she would be eligible to borrower 100% of $453,100 and would need to put down 25% of the difference between $550,000 and $453,100. So the difference is $96,900.
25% of the $96,900 is $24,225. So the Vet could borrower $477,325 with a Delaware Veteran Loan and would only need to put down $24,225.
Can you use a Delaware VA Loan for a Refinance?
YES! Eligible veterans can use a Delaware Veteran Loan to refinance a property they currently own whether they have a VA mortgage loan or not. Vets are able to refinance to 100% loan to value up to the county loan limit and are also able to cash out up to 100% loan to value. There is an also a special streamline refinance option for vets called an Interest Rate Reduction Refinance or IRRRL for short. You can get more information on Delaware VA IRRRL Refinance Loan.
How do you Apply for Delaware Veteran Loans?
You can apply online for a Delaware Veteran Loan for the purchase or refinance of a home with Delaware’s Number One Veteran Loan Lender, the John Thomas Team with Primary Residential Mortgage by clicking the link below.
If you have any questions about VA loans please call 302-703-0727.
John R. Thomas – NMLS 38783
Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
248 E Chestnut Hill Rd, Newark, DE 19713