A VA home loan is a mortgage loan program that is established by the U.S. Department of Veterans Affairs (VA). Using VA loans, service members, veterans, and their surviving spouses are eligible to buy homes with low or no down payments, no private mortgage insurance having a competitive rate of interest. It is backed by the federal government but is issued through private lenders.
The Lowdown on VA Loans...
How do VA loans work?
VA loan provides up to 100% financing on your home value. Eligible home loan borrowers can purchase a home, renovate or repair, or refinance a mortgage. There are multiple types of VA mortgage loans.
- Home Purchase Loans: These VA loans do not require a down payment or private mortgage and help to purchase a home at competitive interest rates.
- Cash-Out Refinance Loans: It allows the mortgage holders to borrow against home equity for paying debt, or improving home. This refinancing helps to convert home equity into cash and grants a new mortgage for a big amount than the existing one.
- Interest rate reduction refinances loan: By refinancing an exciting VA loan, borrowers get a chance to obtain a lower interest rate. It helps in converting adjustable-rate mortgages to a fixed-rate mortgages.
- Native American direct loan: These programs help Native American Veterans to purchase, or renovation of homes at lower interest rates.
Why VA loans?
The main benefit of VA loans is that it has no down payment for a loan that amounts to up to $2,000,000. You can get 10-30 years limit fixed rate mortgage options. It requires a minimum credit score of around 500.
Applicants in need of a home loan with credit challenges like unpaid collection accounts, home loan foreclosure in applicant’s or its spouse credit history, old outstanding debts, can still apply for the loan by contacting the VA loans lenders in Texas and are not disqualified despite getting denied by central banks.
The VA Streamline (IRRRL) program makes qualifying for this refinancing option fast and simple!
The VA Streamline offers the following benefits:
- Lower interest rates
- No lender fees (third party fees may apply)
- No income qualification required
- No Appraisal or Termite Inspection required
- Quick and easy approval process, close in as little as 2 weeks!
- Knowledgeable, friendly, and accessible staff of lending professionals to assist you every step of the way
Today, mortgage rates are at historical lows. As a veteran or active-duty service member, there is no better time for you to refinance your current VA loan and start saving now! San Antonio Mortgage may save you thousands of dollars over the life of your loan.
The streamlined process eliminates most of the documentation and qualifications that are required on a full VA purchase or cash-out refinance. This allows you to save time and money.
How do I apply for VA loans?
If borrowers want to apply for VA loans, they will be required to submit the eligibility certification from VA to the lenders. To avail of the certification, you will need to provide service-related documents which are based on your current status whether you are on active duty or a veteran. VA loans are not easy to qualify for.
We are here to make it easier for you and guide you starting from a free VA Loan Qualifier, where you can check for your qualification. We will guide you and provide all the details for choosing the right loan programs.