February 2016

VA Loan Benefits. You’ve served us now it’s our turn to serve you.

VA Loan Benefits. You’ve served us now it’s our turn to serve you.

So why are VA loans on our top 3 list?  Well, VA Home Loans are guaranteed by the U.S. Department of Veterans Affairs (VA) for eligible American Veterans or their surviving spouses.

VA Home Loan programs are designed to help Veterans with:

  1.     Home financing when private funding is not available.
  2.     Purchasing properties with Zero down payment.
  3.     Refinancing up to 100% of the loan value.
  4.     Qualifying for amazingly low interest rates.
  5.     No Private Mortgage insurance.
  6.     Lower Credit and Income qualification ratios.

Here are the different VA Loan types:

VA Home Purchases
A great option for veterans who are looking to purchase a home as their primary residence.   Plus you don’t have to be a 1st Time Homebuyer to receive the following benefits:

  • No down payment required – as long as the sales price doesn’t exceed the appraised value
  • No private mortgage insurance premium requirement
  • The Seller may pay closing costs

VA Cash-Out Refinance Loans
Can be used to refinance a non-VA Loan into a VA Loan.  Also, VA will guaranty loans up to 100% of your home value.  Homeowners can take cash out of their home equity to:

  • Pay off debt
  • Lower interest rates
  • Reduce monthly payments
  • Make home improvements & more

Minimum requirements are:

  • A 580 and above FICO Credit Score
  • Certificate of Eligibility (COE) from Veterans Affairs
  • Income and Service Requirements

Who qualifies for a VA Loan?
Veterans and active duty service members, including those in the Reserve and National Guard.

For further details on required documents for eligibility, visit the Veteran Affairs Home Loan Eligibility page.

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