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VA Loan Programs

You may be aware of the popular ZERO DOWN OPTION of the VA loan program. Did you know there are even more benefits to each VA mortgage closed?

CONSTRUCTION LOANS: Military borrowers may obtain VA loans to finance the purchase and construction of a home.

ENERGY EFFICIENT MORTGAGES (EEM): Military borrowers, who are buying a home or existing homeowners, may obtain a VA loan to special VA mortgage programs.

The Department of Veterans Affairs makes available a number of “special” loan programs for all VA-eligible borrowers.

VA STREAMLINE: Among the most popular VA loan program is the Interest Rate Reduction Refinance Loan (IRRRL). Often known as the VA Streamline Refinance, the IRRRL is a VA-Loan-to-VA-Loan refinance. There are nearly no verifications required for a VA Streamline Refinance. You cannot receive cash at closing for the VA Streamline Refinance.

VA Home Loan Benefits

  • The Department of Veterans Affairs does not have monthly mortgage insurance on any VA home loan.
  • VA loans only require an upfront funding fee. For certain veterans, the fee is waived in full. Talk to your mortgage banker about this.
  • All VA loans are assumable. When a loan is “assumable”, it means that your VA mortgage can be transferred to a future homebuyer, if that person is also VA-eligible. Assumable loans can be a giant selling point in a rising mortgage rate environment. Today’s VA mortgage rates are a low competitive rate. When you sell your home, the buyer of your home can buy your home and your mortgage, at that low competitive rate. When mortgage rates return to their historical norms, near eight percent, it can be a tremendous benefit to the new homebuyer to be able to assume your loan. Buying a home with a below-market mortgage rate can make your home extra affordable.
  • VA mortgage guidelines provide debt-to-income requirements which are often more lenient than comparable FHA and conventional loans.

Get real-time VA mortgage rates today. Contact one of our mortgage bankers, who can help you through the entire process.