VA LOANS

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.

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

benefits.va.gov

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