VA LOANS serve you best, if you are an Active-Duty Service Member, a Veteran, a Reservist or a Surviving Spouse of a Service Member. VA loans are created in order to help Servicemembers, Veterans, and eligible surviving spouses to finance their homes.
Veterans Administration provides a home loan guaranty benefit for a portion of the loan, enabling the lender to provide VA Borrowers with more favorable terms
Loan guaranty benefit for a portion of the loan, enables the lender to provide VA Borrowers with more favorable terms.
VA Home Loans are provided by private lenders, such as Credit Unions, banks and mortgage companies and are created to greatly benefit the eligible Service Members, Veterans and their families.
- No downpayment required in most instances
- Interest rates usually lower than on any other type of loans
- Relatively low closing costs
- No Private Mortgage Insurance (PMI) required
- The VA home loan is a lifetime benefit that a VA eligible Borrower can use multiple times
If you do not need or want to cash out your equity built, and are presented with an opportunity to reduce your existing loan’s rate – you can take advantage of the so-called Interest Rate Reduction Refinance Loan (IRRRL): Also called the Streamline Refinance Loan. This type of transaction is very easy to approve and hardly requires income or asset documents.
In addition to financing purchase transactions, VA loans can be used for a Cash Out Refinance transactions. This type of loan transactions allow you to take cash out of your home equity and pay off debt, make home improvements, or fund your childrens’ education.
For your eligibility and other details on the VA loans, please access the VA Buyer’s Guide included here: https://benefits.va.gov/HOMELOANS/documents/docs/VA_Buyers_Guide.pdf
