VA Purchase

Wisconsin First Time Home Buyer.com- Home loan products have great interest rates with low or no down payment requirements.  In addition, nearly any veteran wanting to buy a home in Wisconsin is eligible.

Also, if you are new to the home buying process, this website is designed to help you understand the steps to home ownership and discover just how easy and stress free purchasing a home and securing a home loan can be.

Are you ready to get started now?  Just choose one of the options that works the best for your Schedule

Complete a Contact Us form and one of our George Waldkirch ( USMC 1987-1992) will contact you based on your schedule; or

Call one of our George direct at (414) 627 8286 7 days a week. You didn’t keep bankers hours in defending our great nation. Your loan officer should’nt keep banker hours either!!!!!!!

VA Loans for Wisconsin Veterans
When deciding who should handle your VA mortgage, you can take comfort in having a veteran who has been through the process and knows the needs of veterans to handle your transaction.  Enjoy your right of no down payment loans for qualified veterans and reservists, you earned it. The Department of Veterans Affairs insures these loans, so you’ll get more freedom to make decisions.
Wisconsin loans are guaranteed by The Department of Veterans Affairs, but are made by private lenders to eligible veterans for the purchase of a home. VA Loans are available from lenders who participate in the VA Home Loan program.  The Veterans Administration works off of a “guaranty”, meaning that they pay the lender 25% of the loan amount should the veteran default on their mortgage. This is the main reason the VA loan program still allows no money down.  A veteran may be exempt from the funding fee (view the current VA Funding Fee table) and VA Form 26-8937, Verification of VA Benefits must be completed by your lender if one of the following apply:

  • Veterans receiving VA compensation for service-connected disabilities.
  • Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay or active service pay.
  • Veterans who are rated by VA as eligible to receive compensation because of pre-discharge disability examination and rating.
  • Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).
  • If you think you are exempt or you are not sure, let us know and I can fax VA Form 26-8937 to the VA for confirmation. The turnaround time is usually 24-48 hours before I would know for sure.

Certificate of Eligibility:
If you have never requested or used your certificate, I can still go through the automated system to verify your eligibility. I may not be able to get it instantly, but with a little work from one of our mortgage professionals, I may have your Certificate of Eligibility in 2 or 3 days. Be sure to have the information necessary to fill out form 26-1880 and have your proof of service and I will handle the rest.  Wisconsin VA mortgage loans are capped at the conforming loan limit of $417,000 for a no money down 100% financing loan.
For loans over $417,000, please see our Jumbo VA Mortgage page

Wisconsin VA Loan Highlights:

  • Fixed or adjustable rate mortgages with up to 30 year financing
  • Loans on 1-4 unit primary residences
  • No minimum loan amounts
  • No prepayment penalties
  • Up to 100% financing available on purchases and some VA IRRRL (Federal only. State VA loans require 5% down) subject to entitlement
  • No monthly mortgage insurance premiums
  • Surviving spouse of deceased veteran may be eligible
  • Limited closing costs
  • Funding fees may apply. Please contact us for detail

Common Myths About VA Mortgage Loans
VA loans are a great way for qualifying individuals to purchase a home. The ability to finance 100% of the purchase price, along with great interest rates, makes this a terrific benefit for the people who served our country. However, there are some common myths about how the VA home mortgage works. Here are some of the prevalent myths and the facts to prove them wrong.

The VA Loan is Alive and Well: Ready to Help Veterans Purchase or Refinance
With so much news coverage being dedicated to the tougher restrictions placed on mortgage loans, it would seem like there is almost no way for a person to be able to afford a new home. However, the Veteran’s Administration (VA) mortgage is alive and well. Several benefits of this mortgage make it extremely attractive to qualifying veterans.

Understanding the VA Cash Out Refinance Loan
The Veterans Administration (VA) mortgage has been a wonderful financial tool for many homebuyers. Not only does the mortgage work for a purchase transaction but it also aids veterans who wish to get cash from a refinance transaction.

Change in Marital Status Could Affect VA Loan Refinance
The VA funding fee is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. I’d also like to add that a veteran can use their home loan benefit more than once but may be required to pay a higher funding fee for subsequent use. First and second time users who make a down payment of at least 5 percent or more will pay a reduced funding fee.

Spouse of Military Veterans Can Apply for a VA Mortgage Loan
The act of war can be so ugly. Lives are lost, families broken apart and countries are damaged. The United States government realized many years ago that no amount of money could make up for the loss of a loved one. But, extending benefits to the surviving spouses could help the spouse and potential family maintain a quality home. That is the nature of the Veterans Administration (VA) Surviving Spouse Benefit.

VA Loan Not Limited to Veterans of War
The VA mortgage has been one of the benefits offered to our men and women who willingly join the armed services of America. Most people think that the home loan program is only offered to people who are discharged from the military and served in time of war. However, that is not the case.

Types of VA Home Loans
When a veteran chooses to apply for a VA mortgage, they have a few options to pick from. The different types are:

VA Joint Loan Options
Many Overlays are nothing new to our industry, but they have gotten much more popular as lenders have become more conservative when they make lending decisions in today’s challenged real estate market. Lenders can make their own rules on basic interpretations of guidelines because it may have affected them negatively in the past or they are just uncomfortable with the risk level.

VA Funding Fee Explained
The VA funding fee is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. I’d also like to add that a veteran can use their home loan benefit more than once but may be required to pay a higher funding fee for subsequent use. First and second time users who make a down payment of at least 5 percent or more will pay a reduced funding fee.

Make Small Home Improvement with a VA Interest Rate Reduction Loan
The Veterans Administration (VA) has offered the Interest Rate Reduction Refinance option (IRRRL) for several years. The loan is touted as a way to streamline a refinance of an existing VA loan. The vast majority of the time homeowners choose this option to lock in a lower rate than their current loan. But there are often overlooked features of this loan that can help veterans make small improvements to their home.

Qualifying for a VA Loan Before or After Discharge?
The VA mortgage program boasts some of the lowest percentages of foreclosures compared to most other types of loans. One of the primary reasons for this success is the residual income test.  At the present time, only the VA loan has this particular guideline. Residual income refers to the amount of money a borrower will have once all their debt payments are made. This amount is designed to cover other expenses, such as auto fuel, groceries, heath care and other expenses of life. The idea is to ensure that the veteran has sufficient funds to take care of the necessities of life.

VA Loans: The Ins and Outs of How to Acquire One
The VA home loan program is offered to Veteran’s that want to purchase a home with little or no down payment. A VA purchase can be 100% of the purchase but does have a limit of $417,000 in Wisconsin. There is no mortgage insurance but there is a funding fee of 2.15% for the first time use.

Qualifying for a VA Loan Before or After Discharge?
There are some misconceptions about qualifying for the VA home loan among eligible veterans. Some of these misconceptions are simply rumors with no truth to them while others are basically misunderstood. Here is the truth about some of these myths.

VA Loans: Getting Qualified
Although the VA home loan is a great program for veterans looking to purchase a home, there are a few qualifications that need to be met in order to get their loan approved. Here is a brief outline of the basic requirements.

If you qualify, a VA Loan is your best option
It is human nature to want the best that life has to offer. Whether it is a nice car, nice clothes or a nice home, people want the best that they can afford. In the world of mortgages, a VA loan is one of the best loans currently available. Here are just a few reasons why this is a great loan for people who are eligible for VA financing.

Benefits of the VA Home Loan Program
The VA home loan program is a great benefit for people who have served in the military. This program has several key features that make them an almost perfect loan for veterans and even active military personnel.  Most home loans require that the borrower pays 3.5% or more of the purchase as a down payment, much like a down payment on a car. However, the VA loan does not require any down payment. The veteran can borrow up to 100% of the purchase price for a no money down loan.

The Best Loan for Veterans Looking to Buy a Home
The Veterans Administration (VA) offers the absolute best loans for purchasing a home. VA loans were established many years ago as a way to offer a benefit to those that have served time in the military defending the freedoms and life in the USA.  There are few basic requirements to qualify for the VA loan. People that served in either active military duty or the reserves may be eligible depending on their length of duty. Beyond that basic requirement, it is fairly easy for people to receive a VA loan.

VA Funding Fee Exemption Expanded in 2010
With the recent enactment of the Veterans’ Benefits Act of 2010 on October 13, 2010, the eligibility for the VA Funding Fee exemption has been expanded to include veterans who were previously receiving VA disability compensation for a service-connected disability, but because they have reenlisted or were recalled to active duty service, they are not receiving active duty pay in lieu of disability compensation.

How to Get a VA Home Loan – Part 5: Finding a Home
After you have been pre-approved  VA home loan and you have determined your price range you can begin looking for a home. Many people look to a real estate agent to help them locate a home. You need to find a person that you are comfortable with. Get recommendations from your mortgage lender, friends and relatives.

How to Get a VA Home Loan – Part 4: Choosing a Mortgage Loan Officer
So far in the series “How to Get a VA Home Loan” I have explained who is eligible for the loan, how to get a certificate of eligibility and the VA funding fee. Today’s article will offer suggestions on choosing a mortgage loan officer.
Veterans have numerous options for choosing a mortgage lender. These options fall into three categories.

How to Get a VA Home Loan – Part 3: The VA Funding Fee
In the first two portions of this series I discussed the people that are eligible for a VA loan as well as how to acquire the Certificate of Eligibility. Today’s article will describe the VA Funding Fee. A common misconception is that the VA offers home loans. This is not true. The Veteran’s Administration guarantees the loan for lenders. In the event that a VA home loan is not repaid and the home is foreclosed, the VA will pay 25% of the loan to the lender.

How to Get a VA Home Loan – Part 2: Getting your Certificate
Welcome to the second installment of our series on How to Get a VA Home Loan. Part 1 described the different groups of people that can apply for a VA home loan. Today I will discuss the VA Certificate of Eligibility.
In this modern day of countless choices and opportunities, the Veteran’s Administration (VA) offers eligible people many ways to get their Certificate of Eligibility.

How to Get a VA Home Loan – Part 1: Who is Eligible?
We are starting a 5 part series that will explain the basics of a VA home loan in Wisconsin.This first installment will explain who is eligible for a VA home mortgage loan.

VA Clarifies FHA Condo Approval Policy
The VA clarified last week that they will continue to accept FHA approved condos so long as the condo was approved FHA prior to December 7, 2009. In a VA circular dated November 30, 2009 (Circular 26-09-19) the VA announced that it would no longer accept FHA condo approvals for VA loans.

Benefits of a VA Mortgage Loan

Whether you are a first time user or you have had a VA loan in the past, you must have a Certificate of Eligibility. I can assist you in obtaining your Certificate. You will be under no obligations to actually get your VA loan through me, it will just help you determine VA mortgage loan.  I offer a full menu of VA loan products focused on meeting the home financing needs of active duty military and veterans across Wisconsin. Here are some other benefits of VA loans:
No prepayment penalties
Insured against default by the United States government
Lower closing costs
VA mortgages do not require the private mortgage insurance that is usually necessary for loans with little or no money down.

What You Should Know to Obtain a VA Loan: Step 5 of a 5 Step Series
Today I will review step 5 of our 5 step series about obtaining a VA loan. With so much information out there, I have never actually seen anything that explains the entire process of obtaining a VA loan in one place.
1. Service Eligibility
2. Obtaining your Certificate of Eligibility
3. Funding Fee
4. Choosing a Lender
5. Looking for a house

For more information;

FHA Loans

Conventional Loans

USDA Rural Development Loans

Mortgage Fees

Mortgage Checklist

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