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:
- Home financing when private funding is not available.
- Purchasing properties with Zero down payment.
- Refinancing up to 100% of the loan value.
- Qualifying for amazingly low interest rates.
- No Private Mortgage insurance.
- 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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