Was this information helpful? Different Types of VA Loans VA Purchase Loans VA Refinance Loans Fixed Rate VA Loan: The interest rate is fixed for the life of the loan (whether interest rates go up or down). Payments generally stay the same each month. No money down unless the purchase price is greater than the assessed value of the home. No private mortgage insurance required. Closing costs are limited.
VA guaranty means competitive interest rates. Adjustable Rate VA Loan: The interest rate is adjusted periodically by adding a margin to an index specified by the mortgage (a 1-year ARM adjusts annually). Payments generally fluctuate along with the interest adjustment. ARM’s have limits on the amount of interest adjustment that can be made in given periods and across the life of the loan. No money down unless the purchase price is greater than the assessed value of the home.
No private mortgage insurance required. Closing costs are limited. VA guaranty means competitive interest rates. VA Jumbo Loan May be needed if over the standard $417,000 loan limit. Depends on the limit for the county – contact us for more info. Requires a small down payment. VA Refinance Loan Used to get equity out of your home for home improvements or other cash needs. VA Streamline Refinance Loan Lower the interest rate on your loan without incurring any out-of-pocket fees.
You can use your original document of eligibility Available only for existing VA Loans. [embedded content] More on VA Loans VA Loans are only guaranteed by the U.S. Department of Veteran Affairs; lenders make the loans to eligible veterans for the purchase, construction, or energy-saving improvement (approved by the lender and VA) of a home. VA loans also have easier eligibility requirements than conventional loans, often lower closing costs, and more liberal terms (usually no down payment is required) up to $417,000 however in some cases you may be able to go higher if you live in a high cost county.
The VA Loan allows a Veteran to not only purchase a home but refinance as well. Typically a Veteran will opt to refinance their VA Loan for one of two reasons. — First to lower their interest rate on a current VA Loan (VA Streamline Refi). — Second, to lower their interest rate from a different loan type to a new VA Loan (we call this a rate in term refi). Lastly, to pull cash out of their existing home for whatever purpose they would like (VA cash out refinance).
If you are eligible, the VA will issue a certificate of eligibility that you take to the lender when making application for your loan. For more questions and answers about how VA Loans work contact Jimmy at Jimmy@VALoansForVets.com.See Also: Types Of Land Survey
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About Home Loans VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
Benefits Purchase Loans help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. Learn More Interest Rate Reduction Refinance Loan (IRRRL): also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan.
Learn More Native American Direct Loan (NADL) Program: helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan. Learn More Adapted Housing Grants: help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability.
Learn More Other Resources: many states offer resources to Veterans, including property tax reductions to certain Veterans. Learn More Eligibility Requirements Your length of service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits. Purchase Loans and Cash-Out Refinance: VA-guaranteed loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members).
To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE). Learn More Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL is a "VA to VA" loan, meaning it can only be done if you have an existing VA guaranteed loan on the property. The IRRRL is generally performed to lower the interest and reduce the monthly payment on the existing VA guaranteed loan.
Learn More Native American Direct Loan (NADL) Program: The NADL program helps Native American Veterans purchase, construct, improve, or re-finance a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program. You must have a valid Certificate of Eligibility (COE). Learn More Adapted Housing Grants: VA helps Veterans with certain total and permanent disabilities related to your military service obtain suitable housing with either a Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grant.
Learn More How to Apply Purchase Loan & Cash-Out Refinance: VA loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits, by mail, and often through you lender. Learn More Interest Rate Reduction Refinance Loan: A new Certificate of Eligibility (COE) is not required. You may take your Certificate of Eligibility to show the prior use of your entitlement or your lender may use our e-mail confirmation procedure in lieu of a certificate of eligibility.
Learn More Native American Direct Loan (NADL) Program: First, confirm that your tribal organization participates in the VA direct loan program. NADL loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits, by mail, and often through you lender. Learn More Adapted Housing Grants: You can apply for an SAH or SHA grant by either downloading and completing VA Form 26-4555 (PDF) and submitting it to your nearest Regional Loan Center, or completing the online application.