Connecticut VA Loans

April 28, 2009
Matt Isleib

 

Veterans are still eligible for 100% financing on home purchases!  Do not miss the opportunity to purchase a home in this buyers market in Connecticut because you have not been able to save for a down payment.   100% financing is available for a Primary Residence only.  No Investment properties or Second Homes are allowed.

 

The first step in the process is to obtain a Certificate of Eligibility. You may contact us directly to see if we are able to obtain an eligibility certificate for you online OR Below is a direct link to the form that needs to be completed and sent to: 

 

VA Eligibility Center

PO Box 20729

Winston-Salem, NC 27120

888-244-6711 (8:00-4:00 EST)

Email Inquiries: https://iris.va.gov  

 

You will also need to send a copy of your DD-214 Certificate of Separation from Active Duty.  If you are currently active in the Military you will need an active duty personnel statement of service by Adjunct personnel officer or Commander.

 

Certificate of Eligibility- (VA Form 26-1880)

http://www.vba.va.gov/pubs/forms/vba-26-1880-ARE.pdf

 

GENERAL RULES FOR ELIGIBILITY

A veteran is eligible for VA home loan benefits if he or she has served on active duty and was

Discharged under conditions other than dishonorable after:

• 90 days or more during wartime, OR

• 181 continuous days or more during peacetime prior to 09/08/80.

2-Year Requirement: A greater length of service is required for a veteran who:

• Enlisted after September 7, 1980, OR

• was an officer AND began service after October 16, 1981.

These veterans must have completed either:

• At least 24 continuous months, OR

• The full period ordered to active duty, (not less than 90 days during wartime, or 181days during

Peacetime).

PERIOD DATES TIME REQUIRED

WW II 9/16/40 - 7/25/47 90 Days

Post-WW II 7/26/47 - 6/26/50 181 Days

Korean Conflict 6/27/50 - 1/31/55 90 Days

Post-Korean Conflict 2/01/55 8/04/64 181 Days

Vietnam Era 8/05/64 - 5/07/75 90 Days

Post-Vietnam Era 5/08/75 - 9/07/80 181 Days

Persian Gulf War 8/02/90 - present 2 years, or the full period called to

Active duty (at least 90 days).

RESERVES/NATIONAL GUARD

The veteran must complete a total of 6 years in the Select Reserves or National Guard with an

Honorable discharge and not be otherwise eligible. Members may also be eligible with less

than 6 years if they were called to active duty for at least 90 days during the Persian Gulf Era.

ACTIVE DUTY SERVICE PERSONNEL

A member of the military who is currently serving on active duty is eligible after having served

on continuous active duty for at least 181 days ( 90 days during the Gulf War period) unless

discharged or separated from a previous qualifying period of active duty service.

ALL OTHERS

Eligibility may be established for certain other individuals, such as the Unmarried Surviving

Spouse of a veteran who died while in service or from a service connected disability, Merchant

Marines, Public Health Service, WAC’S and other World War II Services, and Officers of the

Coast and Geodetic Survey.

 

 

 

VA Loan Limit including the funding fee is $417,000.00 in all counties in Connecticut except for Fairfield County, that maximum loan limit is $556,250.00

 

Minimum Down Payment is –0- and the VA Funding fee can be financed into the loan amount not to exceed the maximum loan limits.

 

There is no monthly mortgage insurance for a VA Guaranteed loan just the upfront VA Funding Fee. So as a veteran you can get a mortgage for up to 100% with no mortgage insurance.

 

The amount of the fee depends on amount of down payment see chart below….

 

Regular Military VETERAN
Down payment	1st time Use	Subsequent Use
0%	2.15%	3.30%
5% < 10%	1.50%	1.50%
≥ 10%	1.25%	1.25%
Reserve / guard VETERAN
Down payment	1st time Use	Subsequent Use
0%	2.40%	3. 30%
5% < 10%	1.75%	1.75%
≥ 10%	1.50%	1.50%

 

For Example- if you are purchasing a home for $300,000.00 and you are a regular military veteran purchasing your first home and you are not making a down payment- Your loan amount would be 300,000.00 X 2.15% = $306,450.00 and your monthly payments would be based on the final loan amount of $306,450.00. 

 

Once you have your certificate of eligibility, contact Eversley Capital Mortgage, LLC in Norwalk, CT to determine the maximum amount of financing you will qualify for.  Once you have been pre qualified for a mortgage then you should contact a realtor to start shopping!  

 

Rates for VA loans are very competitive.  Don’t miss out on this opportunity to purchase a home with no money down.  Call us today for more information or to get started in the qualification process.