VA Home Loans - Buy a Home
There are many good reasons to buy a home with a VA loan:
- No down payment required in most cases.
- Up to 100 percent financing
- Flexibility of negotiating interest rates with the lender.
- No monthly mortgage insurance premium to pay.
- Limitation on buyer's closing costs.
- Traditional fixed payments
- Mortgage is assumable
- No pre-payment penalty.
What can a VA loan be used for?
- To buy a home or condominium
- To simultaneously purchase and improve a home.
- To refinance an existing home loan
VA loans have helped millions for Americans secure their dream of homeownership. VA loans offer many benefits and protections you will not find with other loan products. Lower Cost: VA rates are always competitive.
Easier Qualification: VA loans have terms that make it easier to qualify.
Credit Problems: You don't have to have perfect credit, even if you have had a bankruptcy, it's easier to qualify for a VA loan than a conventional loan.
Types of VA Loans
Fixed Rate - A fixed rate mortgage keeps your interest rate the same during the loan period, usually 30 years. This keeps your monthly payment the same for the life of the loan.
Available programs include 15, 20, 25, and 30 year fixed rate fully amortized loans with no prepayment penalties.
Adjustable Rate - If you are a little stretched financially, you may want to consider an adjustable rate loan. The lowest possible monthly payment.
Available ARM programs include our 3/1 and 5/1 Hybrid loans that feature 30 year amortization with either a 3 or 5 year initial fixed rate. Compare the Hybrid Arm to a 30 year fixed rate. The Hybrid Arm may be an excellent choice for those who intend to own a home for a short period of time.
VA Refinance Programs
Option 1
VA Streamline Refinance (for current VA borrowers)
VA streamline refinance is considered streamline because it reduces the interest rate on your current VA home loan quickly and often without an appraisal. This loan product also cuts down on the amount of paperwork that must be completed saving you valuable time and money.
NO - Appraisal
NO - Credit Check
NO - Credit Underwriting
NO - Qualifying Debt Ratios
NO - Income Verification
NO - Face to Face Application
To qualify for a Streamline Refinance you must currently have an VA loan in good standing.
When you refinance to a VA insured mortgage, you can expect a lower monthly mortgage payment.
Option 2
VA Refinance (cash-out)
VA "cash-out" refinance allows you to take cash-out up to 90% of the value of your home. Enjoy the flexibility and benefit of VA cash-out refinance even if you don't currently have a VA loan. Lower your rate, and take cash-out with no monthly mortgage insurance.
Option 3
VA Refinance (interest rate reduction)
When you lower your interest rate, you lower your monthly payment! Enjoy the flexibility and benefit of VA loan products even if you don't currently have a VA loan. Lower your rate, lower your monthly payment.
