VA Home Loans
The U.S. Department of Veterans Affairs has created a number of special VA home loan programs available for eligible borrowers. Their mission is to provide servicemembers, veterans, and eligible surviving spouses with a home loan guaranty benefit and other housing programs. These are intended to help eligible borrowers “buy, build, repair, retain, or adapt a home.”
Most Common Types of VA Home Loans
Purchase Loan: These loans help you purchase a home at a competitive interest rate, typically without a down payment or having to pay private mortgage insurance (PMI).
Cash Out Refinance Loan: These types of VA home loans allow borrowers to take cash out of their home equity.
Interest Rate Reduction Refinance Loan (IRRRL): Also called a Streamline Refinance Loan, an IRRRL can help borrowers obtain a lower interest rate through refinancing an existing VA home loan.
Benefits of VA Home Loans
- No down payment (as long as sale price doesn’t exceed appraised value).
- No private mortgage insurance (PMI) premiums required.
- Limited charges for closing costs and closing costs can be paid by the seller.
- Debt-to-income ratio requirements are more lenient.
- You do not have to be a first-time home buyer.
- Loans are assumable, or the mortgage can be transferred to a future home buyer if that person is VA-eligible.
U.S. Department of Veterans Affairs
We’re proud to to help the men and women who have served our country obtain affordable housing. Get real-time VA mortgage rates today and learn more about qualifying for a VA home loan by giving us a call. We’ll help guide you through the entire VA home loan process.