VA Loan Refinance Benefits and Qualifications
A Veterans Affairs loan is a more suitable way for Combat Veterans or Widowed Spouses to receive financial assistance for obtaining, building, refinancing, or repairing/remodeling a home. VA Loans are the only mortgage product that requires no down payment, no private mortgage insurance, and is willing to work with nearly any credit. While interest rates are at an all time low. Many states offer loans with property tax reduction plans to certain Vets. You can also sell or refinance your home at any time with no penalties unlike conventional home loans. The seller is also allowed to pay all closing costs (up to 4% of loan)
Types of Loans
VA Energy Efficiency Mortgage (EEM) Loan
For eligible veterans, they can include energy-efficient home improvements directly into their VA loan. There are many loan types included in the Energy efficiency mortgage loan program. Under the VA program, veterans can add up to $6,000 in qualified improvements.
VA Cash Out Loan
For eligible veterans, the VA cash out loan allows them to take advantage of up to 100% of the equity in their home to use for home improvements, pay off debt, emergencies, or any other purpose.
VA Purchase Loan
For eligible veterans looking to purchase a new home, the VA purchase loan allows them to buy a new house while enjoying all the benefits that a VA loan provides to include no down payment and no mortgage insurance.
Conventional Loan to VA Loan
For eligible veterans, they can take their current conventional loan and switch it to a VA loan. This comes with added benefits of having a VA loan, which means no down payment, no mortgage insurance and no minimum FICO score requirements.
IRRRL: Interest Rate Reduction Refinance Loan
(A.K.A. Streamline loan) is a VA loan refinance guarantee that is already a pre existing with another bank, but this program offers a lower interest rate without needing an appraisal on the refinance.
VA Renovation Loan
For eligible veterans, this loan provides no money down financing that covers the current value of the property and the cost of remodeling and repairs as well. This program is intended for minor updates and work done on the home at a cost under $35,000, with no minimum renovation cost requirement.
VA Renovation Loan VA One-Time Close Loan
For eligible veterans, they can take advantage of the simplified loan program that allows them to finance the construction, lot purchase, and permanent mortgage, all with a single loan.
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.
$0 Down Financing
No Credit Score Required
VA Loans (Veterans Affairs Loans)
Through the VA Home Loan Program, veterans are given benefits that regular homeowners don’t have. Because of these benefits veterans are able to receive great rates, no out-of-pocket expenses at closing, with a trusted loan program guaranteed by the VA.
Why a VA Loan? It’s simple…
- 100% Financing With No Money Down at Closing
- Veteran Affairs Don’t Have Minimum Credit Score Requirement
- Veterans With Disability Can Waive the VA Funding Fee
- Interest Rate Reduction Refinance Loans (IRRRL) Does Not Require an Appraisal.
- Employment income verification is not needed on IRRRL unless payments are increasing over 20% of current payment.
- Energy Efficiency Loan – $6000 available to help your home become more energy efficient.