A Tulsa Veterans Affairs Loan

The difference between a conventional Tulsa mortgage and a Tulsa VA loan is that the Tulsa VA loan is safeguarded by the Department of Veterans Affairs. This means that lenders such as banks and mortgage companies make the loans, not the Department of Veterans Affairs.

Although its name seems to imply, "for veterans only," the Tulsa VA loan is not only available to retired Veterans, but also to those currently serving in any branch of the United States Armed Forces. Its uses are for the refinancing or purchasing of a primary residence. Cash out refinance loans can be up to 100 percent of the home's value and this value must be deemed reasonable by VA.

VA does not have a maximum dollar amount limitation, but there are boundaries set that depend on the state and county one lives in and they can change yearly. Limits for a Tulsa mortgage are currently $417,000.

One of the most desirable elements of a Tulsa VA loan is that it requires no down payment. Plus, lenders are more willing to offer favorable loan terms and lower interest rates, because a VA Tulsa mortgage is insured.

Also, there is no mortgage insurance premium required for a Tulsa mortgage obtained through VA, because borrowers pay a small funding fee between 1.25% and 3.3% of the home loan amount. This is what guarantees the loan. For disabled Veterans, this fee may be waived. Otherwise, the fee may be included in the loan amount or paid in cash.

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