- VA Loan:
Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Here's how it works:
- 100% financing without monthly mortgage insurance.
- A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA (this fee may be financed and may also be waived if the veteran is clasified as 10% or more disabled by the VA) .
- When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
- VA Interest Rate Reduction Refinance Loan (IRRRL) or "VA Streamline" typically does not require an appraisal and or income is not a qualifying factor. Perfect option for under water homeowners.
- When refinancing a home, veterans may borrow up to 100% to pull cash out proceeds of reasonable value in order to refinance where state law allows if refinancing into a VA loan.
Apply for a VA Loan with a VA Qualified Lender.