VA Loans

I can talk about VA loans all day. The main reason is  that I have so much respect for our veterans and our active military who are defending our freedom across the world.

I come from a military family. My father served in the Navy during the Korean War. All of my uncles on my mom’s side served in World War II. Two of them were decorated with Purple Hearts. While I personally didn’t serve in the military I certainly have a ton of respect for those that do.

As far as deals are concerned, if we’re looking for the best deal possible it is almost always going to be a VA loan if you are eligible. One of the reasons is the qualification process. It’s a little different than the traditional guidelines for a conventional loan.

With VA loans there is no hard-debt ratio. There is a disposable income calculation but, generally speaking, if you’re having trouble fitting into a home from a debt perspective the VA loan will give you some flexibility there.

You also don’t have to put any money down, whether it be buying a home or even refinancing a home. That can come in handy when it comes to mortgages for police. You can even refinance up to 100% of the home’s value.

The credit requirements are actually going down as well. A 620 credit score used to be a hard floor. Now credit scores as low as 600 are being accepted.

There is a lot of flexibility with VA loans so it’s a great product for veterans. Our parent company, Chicago Patrolmen’s FCU, as a professional police credit union has a lot of respect for veterans. So, it’s a privilege that we do a number of VA loans. 

Interest rates on VA loans are generally lower than that of a 30-year conventional fixed-rate mortgage. So, there’s a benefit not only with the mortgage, because a veteran can come in and buy a home truly with no money down, but also with an affordable payment due to the rate.

There is a VA funding fee. However, if the veteran has a disability many times that funding fee can be waived. We at Police Mortgage are experts in VA loans so we are aware of the expanded definition of what a VA disability is.

It’s a privilege to work with veterans, especially when we can save them money. Save them money on mortgage insurance. Save them money on the rate. The VA loan is usually an excellent option for our veterans and we are happy to help them take advantage of it.

Police Mortgage specializes in conventional mortgages, purchase money transactions, FHA loans, and VA loans. Led by founder and CEO John Aretos, Police Mortgage is known and respected for providing clients with exceptional service, customized terms, quick and easy closings, and low money down options. To learn more about Police Mortgage, call 312-499-8878.