Reverse Mortgage Loans
Heritage Reverse Mortgage Loans
The VA loan allows veterans 103.15 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. In a refinance where a new VA loan is created, veterans may borrow up to 90% of reasonable value, allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for an VA Interest Rate Reduction Refinance.
VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. Patriot Home Mortgage can help walk you through this process to gain access to this incredible resource available to American veterans.
- No Down Payment
- Credit Scores as low as 600
- 2.15% Funding Fee for 1st time use
- Funding Fee waived for Disabled Veterans
- Loan Amounts up to $417,000