VA Loan Rates and Benefits for Service Members

VA Loan Rates and Benefits for Service Members

VA Loan Highlights – 

Available for eligible army professionals and veterans

  • Home loans with zero downpayment
  • Affordable interest rates
  • No Private Monthly Insurance (PMI) required

VA Home Loan – Helping Service Members Purchase A Home

Most U.S. service members and veterans fail to maintain a strong credit history required for a conventional home loan.

As an initiative to help them fulfill their dreams of owning a home, the Department of Veterans Affairs came up with VA Home Loans, which backs a portion of the loan, enabling lenders to offer the loan at favorable rates.

VA loans offer a huge relief to service members and veterans who can’t qualify for a conventional loan.

Since World War II, the VA Home Loan initiative has helped nearly more than 20 million service members and veterans to buy a home.

VA Home Loan Highlights

  • Zero down payment, unlike FHA or conventional loans.
  • No PMI is required, which means lower monthly payments.
  • Affordable VA loan rates.
  • The loan may cover the VA funding fee.

VA Streamline (IRRRL) Refinance

Do you already own a home? If yes, we recommend refinancing it into a VA IRRRL (Interest Rate Reduction Refinance Loan) or Streamline Refinance Loan.

By refinancing your current VA home loan using VA IRRRL, you can reduce your interest rate. A reduced interest rate means lower monthly mortgage payments. Using VA IRRRL, service members can also convert an adjustable-rate mortgage (ARM) into a fixed-rate mortgage.

Highlights – 

  • Lower interest rates than conventional loans
  • Easy to apply, qualify, and close
  • Flexible loan terms
  • Minimum documentation
  • The loan may also cover the closing cost

VA Cash-Out Refinance

The VA Cash-Out Refinance Loan lets homeowners withdraw cash from their home equity to cover little expenses like a small debt, funding school, or renovating the home.

Opting for a VA Cash-Out Refinance Loan can be a wise decision as it will reduce your monthly payments.

  • Use the Cash-Out Refinance Loan to pay off higher interest rate debts, like credit cards.
  • Refinance a Non-VA loan into a VA loan.

VA Loan Eligibility – 

Active or former service members having any of the following acknowledgments can qualify for a VA loan:

  • Active duty of 181 days during peacetime
  • Active duty of90 days during wartime
  • Service in the Reserves or National Guard for six years
  • Surviving veteran’s spouses

VA loans are flexible and help service members get a home for lower monthly payments. 

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