A VA Loan is Designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans. Lincoln Mortgage Solutions LLC is a VA approved lender located in Summit and serving surrounding areas, and all of New Jersey.
What is a VA Loan?
A VA Loan is provided by the Veterans Administration and has no down payment requirement.
Are there different loan programs under the VA loan?
Yes. There are a two basic that I offer: 1) Standard purchase or cash out that can exceed the county loan limits to 1.2M and the Interest Rate Reduction Refinancing Loan (IRRRL) which is a rate and term low cost refinance loan.
Benefits of VA Loans
There are many benefits to VA Loans beyond just no down payment. Higher debt to ratios because the VA looks at your residual income (what’s left over each month after bills are paid).
VA Loan Eligibility
VA Loans are available to active duty military, veterans, reservists and military spouses. Credit scores as low as 500 can qualify.
VA Loan Limits
Different counties have different limits on how much you can borrow for a VA Loan.
Get Pre-Approved for a VA Loan
If you are a veteran in Summit, or anywhere in New Jersey, contact Lincoln Mortgage Solutions LLC at (201) 405-2187 for more information, or simply fill out the form on this page.