VA Loan Refinance

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 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.

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.

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 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.

Government Insured

Unlike Conventional Loans, a VA loan is backed by the federal government to whomever the lender may be. If the buyer fails to repay the loan, a portion of the loan will be insured.

$0 Down Financing

Unlike other types of loans, a VA loan has $0 down financing options or a no down payment option. The no down payment aspect of the VA loan is the main reason they are so popular.

Better Alternative

Conventional Loans are more difficult to qualify for.. You must qualify with good credit, have a steady income, and can afford a down payment. (some cases up to 20%)

No Credit Score Required

Conventional Loans usually require high credit scores and good credit history. The VA loan program is much more forgiving for low credit scores and bad credit history. Also, the Veterans Administration does not require a minimum credit score to qualify.

Easy Qualification

The Qualifications list is pretty small to be able to qualify. You must be a serviceman, you must have served in the military, or you must be an un-remarried/widowed spouse.

Flexible Options

The VA Loan Program has several options available for veterans which include a conventional loan to a VA loan, cash out loan, Energy Efficiency Loan and Interest Rate Reduction Refinance Loan.

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.

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