VA LOANS IN BROOKLYN

I figured I would share this information because many veterans do not realize a few things:

You can use your VA Certificate more than once for a mortgage.
VA has NO loan limit. I recently funded a mortgage for 1.3M in Brooklyn, it was a refinance. That rate was 4.125% Fixed.

Lets Say you owe 1.5M and your building is worth 2.2- Your eligible for a mortgage of 1,794,000 and yes you can take cash out.
There is no PMI.
There is an upfront Funding Fee that VA takes if you do not have a service connected disability.
You can do shorter terms.

If you have questions on these loan types, please feel free to reach out.

Vanessa Thatcher
Senior Loan Officer NMLS# 41404

Atlantic Home Capital
627 Horseblock Road, Suite 101
Farmingville, NY 11738

Office: 631-687-3510 x106
Direct Dial: 631-468-8809
Direct Fax: 631-918-5222
Cell: 631-672-4113

“Pennies don’t fall from heaven; they have to be earned here on earth” ~Margaret Thatcher~

vthatcher

in General Discussion 8 years and 1 month ago

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vthatcher | 8 years and 1 month ago

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Yeah, the VA loan is a great tool and FHA also allows for an owner occupied Mixed Use mortgage. So long as it is 51% residential. But FHA is subject to county limits based on the number of residential units.

BobMarvin | 8 years and 1 month ago

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There’s obviously a big change in the > 40 years since I bought my house. Back then most banks had stopped accepting mortgage applications for Brooklyn houses EXCEPT for VA (and FHA) loans, BUT the regulations for those were such that brownstones and other old city houses weren’t eligible.