NMLS 2466406

Call Today! (918) 495-3773


A Benefit Rich Program to Recognize Our Heroes

american flagA VA loan is insured by the U.S. Department of Veterans Affairs and issued by a VA approved lender like Scissortail Financial. This government guaranteed loan allows more flexible and lenient qualifying guidelines with unmatched benefits for our heroes; the veterans, active duty, and their surviving spouses. The VA loan asks for no down payment, requires no mortgage insurance, allows flexible guidelines for qualification among its many other advantages.

Not sure if you qualify? Want to compare a VA loan to other programs to be sure you are getting the perfect loan? Our loan advisors at Scissortail Financial Home Loans can go over the VA guidelines so you can rest easy knowing that the VA loan is a superior program established in recognition of you.

Qualifying for a VA loan

Veterans, actively serving military personnel, and surviving spouses of veterans qualify for a VA loan with suitable credit, adequate income, and a valid Certificate of Eligibility. The VA loan stands apart from other mortgage programs for its combination of low rates, aggressive underwriting, and secondary benefits.

Great for home buyers

Veterans purchasing their first homes can qualify for more home thanks to no requirement for mortgage insurance. The VA does not require a down payment which helps the veteran buy a home with less cash compared to many other loans.

One of a kind refinance

Borrow up to 90% of your home's value including the mortgage balance and get the money you need for your family and home. Not just 80% like other loans. Consolidate your credit card debt into one lower monthly payment or use your home’s equity to improve your home. Take advantage of today’s low rates before they go up further with a VA interest rate reduction refinance.  Reduce your term to pay your loan off quicker. The VA allows refinancing flexibility to help you achieve the financial security you seek without all the red tape. More options lead to peace of mind without all the restrictions of other loans.

Here's the veteran’s favorite benefits of a VA home loan.

No down payment when you purchase a home

Most mortgage programs require you to make at least a small down payment to buy a home. The VA home loan is an exception. Rather than paying 5, 10, 20 percent or more of the home's purchase price upfront with your personal cash, with a VA loan you can finance up to 100 percent of the purchase price.

No monthly mortgage insurance for VA loans

Typically, lenders require you to pay for mortgage insurance if you make a down payment that's less than 20 percent. This insurance, which is known as private mortgage insurance (PMI) for a conventional loan and a mortgage insurance premium (MIP) for an FHA loan, protects the lender if you default on your loan. VA loans require neither a down payment nor mortgage insurance. That makes this a VA-backed mortgage very affordable upfront and over time.

Streamlined Refinance

The VA offers a Streamlined Refinance to lower the interest rates of many veterans without having to re-qualify. The VA mortgage is an incredible program that honors our heroes. The amazing benefits to buyers or borrowers cannot be matched by any other loan program.

90% Cash Out Refinance

Other loan programs limit you when you want to refinance equity out of your home.  The VA cash out refinance will allow you to take out 90% of your home's equity to meet your personal needs, consolidate debt, complete home repairs and upgrades, pay off student loan debt, or save for retirement. Refinance using the VA’s lenient guidelines and avoid the monthly mortgage insurance requirements with a VA loan.

VA loans have a government guarantee

There's a reason why the VA loan comes with such favorable terms. The federal government guarantees that a portion of the loan will be repaid to the lender even if you're unable to make monthly payments for whatever reason. This guarantee encourages and enables lenders like Scissortail Financial to offer VA loans with exceptionally attractive terms to borrowers who want them.

Larger loan amounts

In the state of Oklahoma, the maximum VA loan amount for 100% financing is $766,550.  The VA will allow you to borrow more than $766,550 but will require you to begin contributing a small portion of your own personal funds when you exceed their maximum 100% financing loan limit. A VA loan specialist at Scissortail Financial can provide you with the specific down payment needed when you exceed a loan amount of $766,550.

No prepayment penalty

A VA loan won't restrict your right to sell your home if you decide you no longer want to own it. There’s no prepayment penalty no matter when you decide to sell your home, pay off your loan with a refinance, or completely pay off the existing loan balance with your personal funds.

Flexibility and options

A VA loan can have a fixed rate or an adjustable rate. It can be used to buy a house, condo, new-built home, manufactured home, duplex or other types of properties. Or, it can be used to refinance your existing mortgage, make repairs or improvements to your home, or make your home more energy efficient. The choices are yours. A VA loan specialist at Scissortail Financial can help you decide.

Easy to qualify for a VA home loan

Like all mortgage types, VA loans require specific documentation, acceptable credit history and sufficient income to make your monthly payments. But, as compared to other loan programs, VA loan guidelines tend to be more flexible. This is made possible because of the VA loan guaranty. The Department of Veterans Affairs genuinely wants to make it easier for you to buy a home or refinance.

VA loan closing costs are lower

The VA limits the closing costs lenders can charge to VA loan applicants. This is another way that a VA loan can be more affordable than other types of loans. Money saved can be used for furniture, moving costs, home improvements or anything else.

The VA offers funding fee flexibility

VA loans require a "funding fee", an upfront cost based on your loan amount, your type of eligible service, your down payment size plus other factors. Funding fees don't need to be paid as cash, though. The VA allows it to be financed with the loan, so you do not need to bring it to closing with your personal funds. And, not all VA borrowers will pay it. VA funding fees are normally waived for veterans who receive VA disability compensation and for unmarried surviving spouses of veterans who died in service or because of a service-connected disability.

VA loans are assumable

Most VA loans are "assumable," which means you can transfer your VA loan to a future home buyer if that person is also VA-eligible.  Assumable loans can be a huge benefit when you sell your home -- especially in a rising mortgage rate environment. If your home loan has today's low rate and market rates rise in the future, the assumption features of your VA become even more valuable.

Jumbo VA Home Loans.

Significantly reduced down payments when borrowing over $766,550.

In the state of Oklahoma, the current conventional loan limit is $766,550.  If you borrow at or below that limit you can be eligible for no down payment, 100% financing using your VA home loan benefit.  But VA loans can have a loan amount higher than $766,550. There is actually no true maximum loan limit for VA loans. Veterans can get VA mortgage loans upwards of $1 million or more.

For Oklahoma counties where the VA maximum 100% financing limit is $766,550:

Here is an example.  Let's say you were purchasing a home for $866,550.  You would get 100% financing for the first $766,550 then you would need to provide 25% of every dollar borrowed over $766,550.  In this case that would be a personal down payment of $25,000 of the $100,000 over the $766,550. Your base loan amount borrowed would be $841,550. This means you would be making about a 3% down payment in this scenario.  A down payment that small on Jumbo loan is unheard of!  But wait, my loan to value is over 80%.  Does that mean I have to pay mortgage insurance like I would on a conventional loan? No, you would not.  There is never monthly mortgage insurance on a VA loan. Now you can see the borrowing power of the VA Jumbo loan.

Additional Information pertaining to VA Jumbo Loans.

It’s important to know your VA loan benefits. The VA loan is worth a serious look when you are comparing other financing types for a home loan.  You can talk with a Scissortail Financial VA loan specialist about what might be possible at 918-495-3773.

Learn more about the process Questions You Should Ask

The experts at Scissortail Financial will arm you with helpful mortgage information plus other valuable resources to help make buying your home quick and easy! 

Step 1 is to make loan application.  To make it easy, Scissortail Financial does not charge loan application or credit report fees to get started.  Scissortail Financial is here to help you every step of the way. 

Call us today to take the first step.

You will be glad you did.

Always available to answer my questions.-
The team at Scissortail Financial was tremendous. They were able to answer every question and were exceedingly patient with us as we worked through the timing of our home purchase. Everything worked out exactly as planned and we had all the help we needed, and then some. I don't expect to buy again any time soon, but when I do, I'll go back to these guys with no hesitation.

Read More Customer Testimonials

We will always