VA Home Loans from the Educator Mortgage Program, by Supreme Lending
The VA home loan program was created in 1944 by Franklin D. Roosevelt as part of the Servicemen’s Readjustment Act, better known as the GI Bill of Rights. The VA Loan program was designed to offer long term financing to American veterans or select surviving spouses without requiring a down payment or stellar credit. The VA Loan has allowed over 24 million veterans to purchase or refinance a home!
Watch to see how the Educator Mortgage Program works:
Special programs available to:
Teachers, Faculty, Coaches, Librarians, Nurses, Secretaries, Custodial/Facilities Staff, School/District Leadership, Professors, Adjunct Faculty, Counselors, any ISD/Higher EDU/Private EDU employee.
VA Home loans from the Educator Mortgage Program, by Supreme Lending, can be one of the most rewarding of all types of mortgage loans. These home loans are provided through the U.S. Department of Veterans Affairs and are guaranteed by the department.
Additionally, the VA has a lighter policy which allows some borrowers to qualify for the loan without meeting all the requiring factors.
This benefit makes it easier for veterans to achieve their dream of homeownership.
To qualify for the VA loan from the Educator Mortgage Program, a teacher(s) would need to meet one or more of the following requirements:
- Having served 90 consecutive days of active service during wartime or,
- Having served 181 days of active service during peacetime or,
- Six years in the national guard service or Reserves, or
- You are a surviving spouse of an active service member who died in the line of duty or has a service-related disability as a result.
VA Loan Limits from the Educator Mortgage Program, by Supreme Lending
As of 2020, those who qualify for the VA loan can borrow up to $510,400 without putting any money down. Supreme Lending requires borrowers have a minimum 640 FICO score for qualifying for the loan.
Funding Fees
Almost every VA Loan from the Educator Mortgage Program has a funding fee. The Funding fee goes directly to the department to ensure the program keeps running for future generations of veterans and their families. The fee varies from borrower to borrower and does not apply for veterans with service-related disabilities.
The funding fee varies on usage and is typically 2.3% of the amount borrowed for first-time use. The fee is between 3.3% – 3.6% of the amount borrowed if a VA Loan has been used in the past or the borrower is a repeat buyer. The funding fee can be decreased by putting down 5% or more at the time of closing.
The VA Home Loan from the Educator Mortgage Program, by Supreme Lending:
- Home can be purchased with another spouse or veteran
- Purchase and Refinance home loan for veterans only
Advantages of the VA Loan from the Educator Mortgage Program:
- No Monthly Mortgage Insurance Premiums
- VA Interest Rate Reduction Refinance Loans Available (IRRRL)
- No Prepayment penalties
- Up to 100% Seller Paid costs on purchase
Program Highlights:
- Lower interest rates
- Minimum 640 FICO credit score
- Relaxed income standard
- Up to 100% Financing with No Down payment required
Supreme Lending and VA Home Loans from the Educator Mortgage Program
Supreme Lending has a variety of Educator Mortgage Program loan officers who specialize in VA Home Loans. They provide a unique perspective, having served in the Armed Forces themselves.
Supreme Lending understands the requirements and different needs of each VA borrower and is committed to providing top-notch service. An Educator Mortgage Program Loan Officer will look at the borrower’s credit score, debt-to-income ratio (DTI), and ability to repay the loan to evaluate qualifications for the loan, as well as other requirements needed to qualify for the loan.
Educator Mortgage passes the “Give Back” test.
And we’re just getting started.
Estimated
So many programs today are underfunded,
and so many educators today need a break –
we are here to help!
Our Educator Mortgage Process
Everyone employed within the education industry is eligible for the Educator Mortgage Program. The Educator Mortgage Program offers reduced closing costs, reduced real estate agent fees, priority loan processing, and donation to the school program of your choice.
Step 1: Apply Online or Call us!
Simply apply for a home purchase or home refinance loan to find out your options. Speak to a loan officer today. Apply online or call now!
Step 2: Processing & Underwriting
The process of getting a home loan can often be a confusing and stressful time. With the Educator Mortgage Program, we strive to take the guess work and stress away. Our dedicated staff works diligently to make the process as fast and easy as possible. Educators take priority in our world.
Step 3: Closing & Donation
After completing the loan process, we will take care of any last minute details and schedule your closing. You let us know what school department you want us to donate to! Does the math department need new calculators? Or does the gym need some new equipment? You tell us where to allocate those funds. You shape our children, our communities, our future. Let us serve you, your family, your future. Call us today.