Experience The Benefits Of Refinancing Your Home With A VA Loan
Refinancing with a VA Home Loan empowers qualified homeowners with an effective and easy way to potentially lower their home interest rates, decrease their monthly mortgage payment, and so much more. Additionally, military homeowners can get cash back through a VA refinance. The proceeds from this cash-out refinance can be used to accomplish a variety of financial goals, from paying off debt or making home improvements and much more.
Now is a great time for military homeowners to take advantage of the numerous benefits found in a VA refinance. Contact your First Veterans Mortgage Loan Officer to talk through your refinance game plan today!
VA Refinance Loans come in two main programs to help VA borrowers refinance to a lower rate — the VA Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), and the VA Cash-Out Refinance. Let’s into these two programs to learn more about what could be right for you!
While the VA loan is a federal program, the government generally does not directly make loans to Veterans. Alternatively, private lenders finance the loan while the Department of Veterans Affairs offers a guaranty.
A VA IRRRL is a mortgage refinance option for Veterans with an existing VA loan. Often called a “Streamline” refinance, the Interest Rate Reduction Refinance Loan (IRRRL) option is great for existing VA Loan holders who are looking to realize significant savings and take advantage of lower interest rates. The IRRRL allows homeowners to refinance an existing VA loan to a new VA loan with a lower interest rate or convert a VA loan from an adjustable to fixed-rate. It’s often called a VA streamline because it generally requires less paperwork and is faster than a typical refinance.
VA Cash-Out refinance loans gives qualified veterans the opportunity to refinance their current loan at a lower rate while also accessing cash from their home’s equity.
With a VA Cash-Out refinance, veterans have the opportunity to tap into their home equity, turning it into cash. VA Cash-Out Refinance Loans are not the same as home equity loans, which is a second loan that runs alongside your current loan. Instead of complimenting an existing loan, The VA Cash-Out refinance loan replaces your existing mortgage.
A VA loan is a mortgage option backed by the U.S. Department of Veterans Affairs. It is designed to help eligible veterans, active service members, and qualified surviving spouses purchase or refinance a home.
In most cases, VA loans don’t require a down payment. This is one of their major advantages over conventional loans.
A COE is proof that you meet the initial eligibility criteria for a VA loan based on your military service. Lenders require this certificate before approving a VA loan.
Yes, VA loans often have more lenient credit requirements than conventional loans. Be sure to contact your First Veterans Mortgage Loan Officer for more specific program guidelines for VA Loans.
The VA requires that homes purchased with a VA loan must meet their Minimum Property Requirements, ensuring they are structurally sound, safe, and sanitary for the buyer’s primary residence.
A VA loan is government-backed and offers benefits like no down payment, lower interest rates, and no PMI. Conventional loans do not have government backing and frequently come with more stringent eligibility criteria and requirements.
Absolutely! There are specific VA refinancing options available, like the VA Streamline Refinance (IRRRL) and the VA Cash-Out Refinance.
No, one of the significant benefits of VA loans is that they don’t require Private Mortgage Insurance (PMI).
Yes, you can reuse your VA loan benefits if you have paid off your previous VA loan OR if the previous home was sold and the VA loan was paid off.
The VA funding fee is a single payment designed to help offset the overall cost of the loan to taxpayers. The specific amount varies depending on factors such as the type of loan, the down payment made, and whether the borrower has previously utilized a VA loan.
Yes, members of the National Guard and Reserves can qualify for a VA loan, but eligibility criteria based on service duration and type may differ from active-duty personnel.
The VA loan, with its myriad benefits, represents a nation’s tribute to its protectors. Providing prospective homeowners with the opportunity to acquire a home without a down payment, benefit from reduced interest rates, and gain additional advantages for those with disabilities, the VA loan is a valuable tool that can turn the dream of homeownership into a reality for many who have served our country. If you’re considering this route, First Veterans Mortgage is ready to guide you through the process.
*All product information represented on this page is subject product guidelines and can change at anytime. It is for educational and informational purposes only and not a commitment to lend. Please contact your Nationwide Mortgage Bankers Loan Officer today get the latest product guidelines and guidance on what loan programs fit your unique financial picture and goals.
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