We can help You get a VA Home Loan in Idaho. Let's talk!
What is a VA Loan?
A Veterans Affairs (VA) loan is a mortgage loan that is specifically designed for military personnel, veterans and military families. It is guaranteed by the U.S. Department of Veterans Affairs and is a home mortgage loan issued by approved lenders, such as Heidi Todd, and is guaranteed by the federal government.
If you or your spouse have served or are presently serving in the U.S. military, you might be eligible for a VA loan. A VA loan offers long-term financing with three types of loans: purchase loans, interest rate reduction refinance loans and cash-out refinance loans. No down payment is needed to purchase a home with a VA loan.
Who is Eligible for VA Loans?
National Guard members
Some surviving spouses
Veterans Administration (VA) Home Loan Benefits
Up to 100% financing available
No monthly private mortgage insurance
Credit scores as low as 600 FICO
Seller concessions up to 4% of the reasonable value of the property
Little to no down payment*
Low closing costs
No prepayment penalties
VA financing fees can be “rolled” into the loan amount
Variety of eligible property types, including townhomes, VA-approved condos, and manufactured homes
*A down payment is required if the borrower does not have full VA entitlement, or if the loan amount is greater than $417,000
0% Down (for qualified borrowers):VA Loans are among the last 0% down home loans available on the market today.
Up to 20% Down: Conventional loans generally require down payments that can reach up to 20% to secure a home loan, pushing them out of reach for many homebuyers.
No PMI: Since VA Loans are government backed, banks do not require you to buy Private Mortgage Insurance.
PMI Required: Private Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home’s value, tacking on additional monthly expenses.
Competitive Interest Rates: The VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a more competitive rate compared to non-VA loans.
Increased Risk for Lenders: Without government backing, banks are taking on more risk which, in turn, can result in a less-competitive interest rate on your home loan.
Easier to Qualify: Because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain.
Standard Qualification Procedures: Conventional options hold stricter qualification procedures that can put homeownership out of reach for some homebuyers.
Heidi Todd – Mortgage Loan Officer
As the wife of a retired member of the United States Air Force, I have a great appreciation for those who serve and their families. It gives me great pleasure to assist military members and their families with their home loan needs. I look forward to helping you become a homeowner or assisting you with a refinance. My team and I will work hard to make the process a smooth one!
My husband is currently serving in the United States Army. I am a Family Readiness Group Leader for the unit that my husband is presently Company Commander. I enjoy working with service members and their families, helping them to achieve their dreams of owning a home or refinancing their current mortgage to improve their financial situation.