Delaware VA Loan Limits for 2020 depend on whether a qualified Delaware Veteran has full entitlement or not. Veterans with full entitlement have no loan limits in Delaware or any other state for a Delaware VA Loan. The maximum VA loan limit was eliminated with the Blue Water Navy Vietnam Veterans Act of 2019. If a Veteran has reduced entitlement then the VA Loan Limit will be the same as the Federal Housing Finance Agency (FHFA) conforming loan limit for the county. If you are a Delaware Veteran and want to find out the maximum VA loan you qualify for, give us a call at 302-703-0727 or get started online at APPLY ONLINE
What is a VA One Time Close Construction Loan? If you’re a Veteran or have a loved one who has served as member of the Armed Forces, you’ll understand sacrifices such as being away from family, missing the birth of your child, experiencing battle trauma—or worse. Perhaps one common challenge faced by Veterans when you finally make it home is difficulty integrating back into civilian life.
Needless to say, you are our heroes and you deserve the best benefits. One such benefit relates to housing. It’s called the VA One-Time Close Construction Loan. Call 302-703-0727 to talk to a VA Lending Specialist about a VA Construction or get started online APPLY ONLINE
Understanding the Delaware VA IRRRL Refinance Mortgage Loan
Delaware homeowners with existing VA mortgages have an option for refinancing called the Delaware VA IRRRL Refinance Mortgage Loan. Commonly known as the VA Streamline Refinance, the program simplifies home refinancing for Delaware Veterans by waiving documentation typically required by lenders, including income information, employment verification, bank account and credit score verification, and even an actual appraisal of the home. Call the John Thomas Team at 302-703-0727 with questions or to get started with a VA Loan. You can also APPLY ONLINE
What is a Delaware VA IRRRL Refinance Mortgage Loan?
To better explain the VA Streamline Refinance loan, it’s important to understand what a Delaware VA loan is and who it services. Delaware VA loans are loans specifically designed for veterans and their loved ones. VA loans are guaranteed by the federal government and can be a great tool to get veterans into much needed homes. The defining characteristics of the VA Loan is that qualified veterans can buy a home with no money down – this makes the home buying process easy and affordable for military families. VA Loans also offer other perks like no private mortgage insurance and competitive mortgage rates.
How Do You Qualify for a Delaware VA Loan?
To Qualify for a Delaware VA Loan, Delaware veterans must have done one of the following:
- Must have served 181 days during the peacetime
- 90 days during war time
- 6 years in the reserves or National Guard
Once you have a VA Loan, you can then qualify to refinance in the future using the VA IRRRL Refinance Loan. To learn more about the Delaware VA Loan, call the John Thomas Team at 302-703-0727 or APPLY ONLINE to get started today. We made the Best Va Lender List for 2018 and can help you get started!
What is the Delaware VA Streamline Refinance Loan?
The Delaware VA IRRRL Refinance mortgage loan is another loan program, or the Interest Rate Reduction Refinance Loan (IRRRL), is specific to veterans and is made available via the VA Loan Guaranty program. It’s sometimes called a VA-to-VA Loan.
Almost all active duty and/or honorably discharged Delaware service members are eligible for a VA purchase or Delaware streamline refinance loan. This helpful program allows veterans to refinance their current mortgage interest rate to a lower rate than they are currently paying. This loan is a popular option because of its ease of use. An experienced VA loan officer could complete the loan in about a month in many cases.
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:
Attend the Free Online Workshop from the comfort of your own home by registering online. You can get all your questions answered live during the Online Workshop.
For a Complete list of seminars visit Free Delaware Real Estate Seminars.
APPLY ONLINE today to be pre-approved for a mortgage to buy your first home in Delaware.
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
WHY A DELAWARE VA LOAN?
The more you know about our Delaware home loan program for Veterans, the more you will realize how little “red tape” there really is in getting a Delaware VA loan. These loans are often made without any down payment at all which means a veteran can get 100% financing. Aside from the veteran’s certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of Delaware mortgage loan. And if the lender is approved for automatic processing and the Lender Appraisal Processing Program (LAPP), as more and more lenders are now, a buyer’s loan can be processed and closed by the lender without waiting for VA’s approval of the credit application or for VA to review the appraisal.Lenders are also able to use VA recognized automated underwriting systems, such as Loan Prospector and Desktop Underwriter, to facilitate the underwriting process. This makes the VA Loan a great program for Delaware First Time Home Buyers who meet the eligibility requirements.
Helping Spouses and Qualifying Family Members Find a Delaware Home
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