We are pleased to announce that 7 Mortgage now offers VA Loans.  Extending these products to those who have served the U.S. is a great honor.  Great benefits like 100% financing, No PMI, no flipping restrictions, and more are just the beginning!

VA Requirements

• Eligibility – Be an eligible veteran or active duty service member.
• Credit- Be able to meet the VA and lender’s credit Standards.  Flexibility with lower credit scores, bankruptcies, foreclosures, and collections may be available.
• Income- Have enough qualifying income to support the mortgage payment and existing consumer debts.
• Assets- Be able to produce valid asset documentation if needed.

Eligibility – A Certificate of Eligibility (CPE) must be issued from the VA to make a final determination for eligibility.  The VA considers the following before issuing the CPE:

• You have served 90 consecutive day of active service during peacetime. or
• You have served 181 days of active service during peacetime. or
• You have more than 6 years of service in the National Guard or Reserves. or
• You are the spouse of a service member who has died in the line of duty or because of service- related disability.

Properties

• Single Family
• Multi-family up to 4 units
• Condo
• Manufactured Homes

Products

• Purchase Loans- Up to 100% financing with no money down and the seller is permitted to pay closing costs.
• Cash Out Refinance- Financing up to 100% of the current value of your home.  The proceeds may be used to pay off your existing mortgage, consolidate debt, or for home improvements.
• VA IRRRL- Sometimes referred to as a VA Streamline Loan.  Allows borrowers with a current VA loan to refinance to a lower rate if available.  Appraisal, income, or asset verification typically isn’t required

You’ve served the U.S.  Now let us serve you!