VA Loans

This is a benefit available exclusively to veterans and active duty military. VA loans are one of the most valuable benefits granted to the men and women who have served our country.

VA Loan Information

Guaranteed by the Department of Veterans Affairs, a VA home loan gives you the peace of mind and assurance of stability in this volatile market.
Because VA loans are guaranteed by the VA, lenders are able to offer favorable terms and interest rates to qualified applicants.

VA Home Loan Facts - Some people have not been given the option of a VA loan by lenders who may be unfamiliar with the product. VA loans have many advantages that other loan programs do not:

• VA Loan Fact: There is NO down payment required to purchase your new home.
• VA Loan Fact: You can cash out up to 100% of your home’s value.
• VA Loan Fact: There is NO mortgage insurance required.
• VA Loan Fact: It is easy to qualify for VA loans.

VA Home Loan Refinance

There are some situations where refinancing your home loan with a VA loan would be advantageous for you.

Refinance

Regardless of what type of mortgage you currently have, using a VA home loan to refinance can allow you to:

• Lower your interest rate.
• Consolidate high interest and/or revolving debts.
• Cash out your equity.
• Combine two mortgages or home equity loans into one.

Streamlined VA Loan Rate Reduction – A VA Interest Rate Reduction Refinance Loan (IRRRL) can be used if you already have a VA loan and wish to:

• Lower your interest rate
• Switch from an adjustable rate to a fixed rate
• Add or remove a borrower
• Change the term of your loan (e.g. from 30 years to 15 years)

VA Home Purchase Loan

A VA loan can be used to purchase a new home with no down payment. Not only is there no down payment but there is also no mortgage insurance requirement, which saves you money every month.
VA loans can be only be used to purchase a home that you or your spouse intend to occupy. VA loans can also be used to purchase a multi-unit property, as long as there are no more than four units and you or your spouse occupy one of the units.
VA loans are great for first time home buyers due to the easy credit guidelines and 100% financing that is available.

VA Loan Eligibility:

Veterans

To be eligible for a VA home loan you must have served at least:

• 90 days service during wartime (active duty)
• 181 days service during peacetime (active duty)
• 6 years service (Reserves or National Guard)

Discharge must be under conditions other than dishonorable.

Veterans Spouses

• Surviving spouses of veterans who died as a result of service who remain unmarried.
• Surviving spouses of those veterans who are either a Prisoner Of War or Missing In Action for over 90 days. This is a one time entitlement.

Disabled Veterans

• Any veteran who is discharged or released from service due to a service connected disability is exempt from service length requirements.