A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) that is available to most U.S. service members. VA loans offer a loan guaranty benefit to help eligible veteran borrowers refinance or buy a home. VA loans do not require any monthly mortgage insurance included in the loan amount, and a veteran borrower could purchase a home without putting any money down. Contact one of our licensed loan originators to apply!
The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers the veteran borrower’s interest rate by refinancing their existing VA home loan. With a lower interest rate, the monthly mortgage payment should decrease. No appraisal or credit underwriting is required with an IRRRL. Contact one of our licensed loan officers today to apply!
Although the VA loan program does not have a maximum loan amount, there are effective loan limits for high-cost counties throughout the United States. The limits are derived by considering the median home price for a county and the Freddie Mac conforming loan limit. Contact one of our licensed loan officers today to apply!
Yes, it is required. It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.
It depends on several factors including whether you are Active Duty, Retired, Guard or Reserve and whether this is a first-time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.
No, you can include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.
Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs.
A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don't have to provide bank statements, W2s, job verification or paychecks.