04 Jan 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.
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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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