Many mortgagors want to get Atlantic Bay Mortgage VA loan rates. Let’s see the features of this particular mortgage program.
Those who have served in United States army (as well as fulfilling additional requirements) are eligible to get Veteran Affairs (VA) loan. This loan is offered to commemorate the army officers’ service. Through this article, you are going to learn about Atlantic Bay Mortgage VA loan rates. What makes it so special?
VA Loan Program at Atlantic Bay Mortgage
VA loan is a mortgage loan that is insured by a government agency named Veteran Affairs. This agency works together with many mortgage companies to originate loans for military people and their families.
Atlantic Bay Mortgage is one of the companies dealing with this particular loan type. It offers this type of loan for military officers (active duty and retired ones) in 31 states across the US. The mortgage company has its own policy regarding the VA loan that it services. Let’s learn the following details about Atlantic Bay Mortgage VA loan program.
1. Eligible Applicants
Generally, there are five categories of people who are considered eligible. The first category is veteran which means inactive military members who have previously served in active duty. Then, we have serving members who are currently at active duty. Members of National Guard are also eligible to receive VA loan. This loan is also designated for military reserve members who have never been in active federal service as well as surviving spouse of deceased officers.
People who fall under those categories can obtain VA loan as long as they receive Certificate of Eligibility (COE) from Veteran Affairs. To get the certificate, applicants can fill in necessary form as mentioned https://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp then send it through government’s portal or lender’s LGY system.
2. Minimum Credit Score
Another benefit of VA loan is its low requirement for credit score. Applicant is only required to have minimum credit score of 580 based on FICO scoring system. This score is considered below the average when it comes to getting any type of loan, not just a mortgage loan. However with this score, veterans are able to get the benefits of Atlantic Bay Mortgage VA loan rates. Of course, if you have a higher credit score it will be more beneficial. Nonetheless, for those who have below the average score, this loan is a great way to build up the score.
3. Limit for Loan Financing
The maximum loan amount that this mortgage lender can offer to veteran is ranging from $1 to $1.5 million. The amount is determined by applicant’s credit score. When applicant is capable of showing their high credit score, they will be eligible to obtain higher amount of loan. Of course, this amount also varies from state to state. In VA loan, Atlantic Bay Mortgage will fully finance your home mortgage loan until the limit amount. There is no need to pay down payment, which is really beneficial.
4. Loan Term
Atlantic Bay Mortgage VA loan rates depend on the loan term that you select. This mortgage lender offers two loan term options for eligible borrowers: 15 years and 30 years. The freedom to choose is fully given to applicant. Applicant must make sound justifications for their choice, though. Longer loan term means that borrower is paying the lender more in interest. Even then, many people cannot help but getting the longer loan term because it means lower monthly installments. If you want to get this type of loan, you should measure and project your financial ability beforehand.
5. Interest Rates
VA loan applicant also gets the option between two interest rate system: fixed and adjustable. Both systems have their own pros and cons. In fixed interest rate, you will be able to make better financial planning since the amount you pay every month until the loan term ends will remain the same. Meanwhile, adjustable interest rate system is riskier system since you may have to deal with inflation and other finance world dynamics. However, oftentimes you will be able to get more beneficial Atlantic Bay Mortgage VA loan rates.
What Can You Finance with the VA Loan by Atlantic Bay Mortgage?
VA loan is definitely an interesting mortgage program for any US military officers out there. But what can kind of house financing that you can obtain using VA loan from Atlantic Bay?
Atlantic Bay Mortgage VA mortgage loan rates allow borrowers to finance home purchase and loan refinancing. The refinancing usually enables borrower to get lower interest rate than in previous loan. VA loan can also be used to finance home building and renovation. The renovation can be done to improve the house’s energy efficiency. You will be able to get VA loan to purchase manufactured house and its lot as well.
Seeing the features of VA loan and its usability, you might be super interested in getting one. If you are eligible for this mortgage, you should contact Atlantic Bay Mortgage banker near your area by searching in https://atlanticbay.com/search-mortgage-bankers. See if the banker can give you the best Atlantic Bay Mortgage VA loan rates.