All you Need to Know about VA Home Loan
VA loan lenders give home loads to current and veteran military members. They don’t even require a down payment or mortgage insurance. VA home loan providers vary in their products and service offerings. It’s essential that you find VA loans for a home that works best for you.
VA Loan vs Traditional Mortgages
The federal government created a VA home loan program to make getting home loans easier for those who have served the country. This benefit program is one of the best options on the market. Qualified veterans can get VA loans for homes without a down payment, no mortgage insurance, flexible credit guidelines, and low loan rates.
You can even use the VA loans calculator to see if you’re getting a great option for yourself or not.
Types of VA Loans
There are 3 types of VA loans available; VA loan lenders may not always offer all 3 options.
VA Purchase Loan
Veterans and service members can use the VA loan to buy new and existing homes without any down payments. VA purchase loans allow veterans to buy single-family homes, condos, manufactured homes, multi-unit properties, and new constructions homes
The VA Interest Rate Reduction Refinance Loan (IRRRL) is another great VA home loan program. This is the most popular program among veterans looking to choose a loan for their home.
These are also known as VA streamlines, and that’s because they’re simple, low-cost refinance loans that don’t require credit underwriting, income verification, or appraisal.
VA Cash-Out Refinance
VA Cash-Out Refinance is the last type of VA home loan option. It allows qualified homeowners to refinance their mortgages and take out cash from home equity. Those who are qualified veterans can refinance up to 90% of their home’s value.
Final Take – Is the VA Loan a Good Option?
VA Loans are one of the most powerful loan types available on the market today, and they come with a long list of huge benefits! As it’s becoming incredibly tough to get a home loan in the wake of the recession, VA loans help veterans get qualified for a home loan.