New Mexico VA Loans

At Acceptance Capital, we pride ourselves on finding the right loan option for the right borrower.  There many options out there and making sure that you have all the information needed to make the best decision is our number one priority.  

For current and former military members living in Santa Fe and throughout New Mexico, a VA loan is a great option.  This loan type is guaranteed by the US Department of Veteran Affairs and is designed to give American Veterans and access to long-term financing with low interest rates.  

The VA loan was originally established to provide qualified veterans with affordable home financing in locations where private financing was not available.  It also provides borrows access to financing with no down payment.

For those borrowers without private mortgage insurance, a VA loan requires 3.15% of the loan to be paid to the Department of Veteran Affairs.  This fee can also be financed.  

A VA loan gives borrowers the ability to qualify for larger loan amounts that a traditional private conforming loan.  A traditional conforming loan allows borrowers to insure a monthly payment up to 28% of their gross monthly income, where a VA loan will allow up to 41% of their gross monthly income.  

There are different loan limits for a no down payment VA loan depending on the county in which the borrower resides.  Throughout New Mexico, the loan limit for a no-down payment single family home is $417,000.

To apply for a VA loan, a potential borrower will need to complete a standard 1003 form which can be found by clicking HERE.  Information that a potential borrower will need are copies of W2 statements for the past two years, copies of your two previous pay stubs, documentation of all assets, and a DD 214 or Certificate of Guarantee.  

Those eligible for home financing through a VA loan include American veterans, active-duty personnel, reservists or National Guard members, and surviving spouses of military members.  

At Acceptance Capital we specialize in providing some of the most competitive rates for VA loans in Santa Fe and throughout New Mexico.  

Please contact us for a quick and easy quote and begin your journey towards home ownership!