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VA Loans

VA Loans

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.

The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans to help purchase properties with no down payment. Most Single Family Homes are Eligible and Peoples Mortgage is able to help approve condos that are not currently approved by the VA. In either case, you will want to work with a Loan Professional to review each individual property.

The VA loan allows veterans up to 103.3 percent financing without private mortgage insurance. Peoples Mortgage also offers loans with up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.15% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.15% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment.

People’s Mortgage VA department is run by a fellow veteran. Through his insight and direction, loan officers are trained to not only understand how to get a VA home loan done, but the intricacies of how the military works. Through his passion, the VA home loan takes on a entirely deeper meaning to everyone involved. Please see the below review, of how the entire team utilized their skill sets in the lending world to pay it forward and thank our Veteran client that is currently serving our country. We always make sure we stay by our word to deliver the best VA product possible to each and every VA borrower, especially when it matters most:

Features & Benefits

  • Loan Terms: Fixed 30 year, 5/1 ARM, 3/1 ARM
  • You are eligible if you served the under any of the following timelines and were honorably discharged:
    • 2 years active Duty
    • 6 years Reserves Duty
    • 90 days War Time
    • 181 days Non War time

Please don’t hesitate to call or email to review questions. We can get your Certificate of Eligibility within minutes and can review your eligibility with you.

“Brian DuCommun and his team at Peoples Mortgage are the BEST!!!! Plain and Simple! I was skeptical at first about applying and going with a lender that I found on the internet but Brian was by far the most helpful person during our whole house buying experience. He will stay true to his word and he will work his ass off for you in order to close on time. He is a no BS kind of dude and is not going to sugar coat anything. I was deploying overseas in less than 3 weeks and Brian and his team made sure that I was able to close ON TIME before I left. He went way out of his way to make sure that my file was at the top of their company’s to-do list. Give this guy a call if you are looking for a VA home loan!!!! He is going to take care of you! Brian, I can’t thank you enough man! Great Work, Keep it up, and I’ll pass your name around to anyone here that is looking for a lender. I’ll def give you a call when I’m looking to buy again. Thanks again!!”

– Shawn Ley, Airforce