New Mexico VA Loans and Refis
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Current VA Loan Funding Limits
As of 2024, VA loans no longer have a loan limit for eligible veterans with full entitlement. However, for those with remaining entitlement, standard conforming loan limits apply. In most areas, this limit is $766,550, while higher-cost areas may have higher limits. Veterans can still secure a loan above these amounts with a jumbo VA loan, which may require a down payment.
To avoid unsolicited phone calls, texts and emails from national lenders and to protect your credit score, go to OptOutPrescreen.com before you apply. Choose the 5 Year Option to immediately block unsolicited and predatory lenders.
Understanding VA Loan Fees and Closing Costs
While VA loans offer incredible benefits, they do include some fees, such as the VA funding fee, which helps keep the program running. This one-time fee varies based on down payment and whether it’s a first-time or subsequent VA loan. As of Feb 19, 2025, subject to change, funding fees are:
First-time VA loan with no down payment:
2.15%
Subsequent VA loan with no down payment:
3.6%
VA loan with a 5-9.99% down payment:
1.65%
VA loan with a 10%+ down payment:
1.25%
Certain veterans, such as those with service-connected disabilities, may be exempt from the funding fee. Other closing costs include appraisal fees, lender fees, and title services, but VA loans limit lender fees to 1% of the loan amount, making them more affordable than many traditional loans. Contact us to get your specifics!
First Step: Protect Your Credit, Prevent Dozens of Unsolicited Calls and Emails
Before applying for a mortgage, homebuyers should opt out of prescreened credit and insurance offers to protect their credit score and personal information. When you apply for a mortgage, credit bureaus may sell your information to lenders, resulting in a flood of unsolicited loan offers. This not only clutters your inbox but can also lead to aggressive sales tactics and potential scams.
Opting out helps prevent unnecessary credit inquiries that might impact your score and reduces the risk of identity theft. The Federal Trade Commission (FTC) allows consumers to opt out for five years through OptOutPrescreen.com or by calling 1-888-5-OPT-OUT. (Use the FIVE YEAR option so it doesn’t take months to put in place!)
Taking this step before a mortgage application ensures a smoother process with fewer distractions, helping buyers stay focused on securing the best loan for their needs. It’s a simple but effective way to protect your financial health during this critical time.
VA Loan Benefits vs. Traditional Mortgages
Choosing a military home loan over a conventional mortgage comes with key advantages:
No Down Payment – Unlike traditional mortgages that often require 5-20% down, VA loans allow veterans to buy a home with zero down.
No PMI (Private Mortgage Insurance) – Conventional loans require PMI when putting down less than 20%, but VA loans do not, saving borrowers hundreds per month.
Competitive Interest Rates – VA loans typically offer lower rates compared to traditional loans, reducing overall borrowing costs.
Lenient Credit Requirements – While traditional lenders may require high credit scores, VA loans provide more flexibility for veterans with low credit scores or past financial difficulties.
Not every veteran has a perfect credit score, low debt, or a large down payment. That’s where VA Rob and Indigo Mortgage come in. With more than 20 years of experience assisting veterans in New Mexico, they specialize in:
Helping veterans with lower credit scores secure financing.
Guiding borrowers with higher debt-to-income ratios through loan approval.
Finding the best New Mexico VA loan options, even for those without a large savings.
Offering expert advice to make the loan process as easy and stress-free as possible.
Get Started on Your VA Loan Today
If you’re a veteran looking for an Albuquerque VA loan or a New Mexico VA loan, VA Rob and Indigo Mortgage are ready to help. Contact us today to explore your options and take advantage of your well-earned veterans loan benefits.
Call today and let VA Rob guide you to homeownership!