Loan Products

Discover the right loan for you – at NewTech Mortgage, it's more than a loan, it's your key to a new chapter in homeownership.​

VA LOAN

VA Loan, proudly offered by NewTech Mortgage, is a government-sponsored mortgage backed by the U.S. Department of Veteran Affairs (VA). Tailored to adhere to mortgage laws, this loan is exclusively available to active-duty military, Veterans, reservists, National Guard members, and surviving military spouses.

Key Benefits of the VA Loan:

  1. No Down Payment:
    • Enjoy the advantage of securing a home without the need for a down payment.

  2. No Mortgage Insurance:
    • Experience the benefit of no ongoing Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP) payments.

  3. Flexible Underwriting Requirements:
    • Benefit from flexible underwriting criteria tailored to the unique circumstances of military personnel and their families.

  4. Streamlined Refinancing:
    • Access streamlined refinancing options, simplifying the process for current and former military members.

  5. Lower-Than-Average Interest Rate:
    • Often qualify for a lower-than-average interest rate, enhancing affordability over the life of the loan.

Here’s What You Will Need To get started with your Application:

  1. Provide a Certificate of Eligibility (COE):
    • Secure your COE online at va.gov or through assistance from a NewTech Mortgage loan officer.

  2. Debt-to-Income Ratio (DTI) of 41% or Less:
    • Maintain a DTI ratio of 41% or less, with exceptions considered.

  3. Primary Residence and HUD Guidelines:
    • The home financed must be your primary residence and adhere to HUD guidelines.

  4. Conforming Loan Limits by FHFA:
    • Ensure your loan amount aligns with the conforming loan limits set by the Federal Housing Finance Agency (FHFA).

Down Payment Requirements:

Benefit from 100% financing with no down payment requirement, provided the purchase price does not exceed the home’s appraised value.

Debt-to-Income Ratio (DTI) Requirements:

Maintain a DTI ratio no higher than 41%, showcasing your ability to manage monthly debts relative to pre-tax income.

Mortgage Insurance:

Unlike loans requiring less than 20% down, the VA Loan requires no ongoing mortgage insurance, eliminating the need for PMI or MIP payments.

Properties Eligible:

Homes financed with the VA Loan must be a 1 – 4-unit primary residence. Condos and townhouses are eligible, subject to VA approval. Manufactured homes must be on a permanent foundation with land. Eligible properties undergo a VA Loan appraisal and meet Department of Veterans Affairs’ minimum property requirements (MPRs).

Funding Fee:

A small, one-time funding fee of 0.5% to 3.6% of the loan amount applies. This fee can be rolled into the loan or paid at closing. Certain exemptions exist, including Veterans with service-related disabilities and Purple Heart recipients.

How to Apply for the VA Loan:

To apply, provide the following documents:

  1. Certificate of Eligibility (COE):
    • Apply online at va.gov or seek assistance from a NewTech Mortgage loan officer.

  2. Proof of Income and Employment:
    • Submit pay stubs, tax returns, W-2 statements, etc.

  3. Documentation of Financial Assets:
    • Include bank statements and other relevant financial records.

  4. Residential History:
    • Provide a two-year residential history.

  5. Identity Information:
    • Submit driver’s license, Social Security card, and date of birth details.

Start your loan application and secure preapproval here.

For immediate support and answers to your questions, contact us here.

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