VA Mortgages

June 27, 2017 5604

VA Mortgages

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VA loans are a very popular option for eligible borrowers because they offer some of the most competitive terms for both purchase and refinance loans.

VA Shapshot

Guaranteed by the U.S. Department of Veteran Affairs, VA loans are meant to help active duty military, veterans and their surviving spouses qualify for home ownership. They often offer lower interest rates and better terms than conventional mortgages. VA loans are available for both purchases and refinances.

VA Eligibility

To qualify for a VA loan, one of the following is typically required:

90 consecutive days of service during wartime
181 of active service during peacetime
6 or more years of service in the National Guard or Reserves
Being the un-remarried, surviving spouse of a service member who died in the line of duty, or as a result of a service-related disability

VA Benefits

Since they are insured by the government, VA loans provide access to special benefits:

Zero Down Option: VA loans can be used to purchase a home with $0 down—making it easy to transition from renter to home owner.
Lower Interest Rates: Rates are typically below those offered on conventional loans.
No Monthly Mortgage Insurance Premiums: Unlike most other low down payment loan options, VA loans do not require Monthly Mortgage Insurance.
Finance the VA Funding Fee: The initial VA funding fee can be rolled into your loan amount to limit the cash you need to close.
Reduced Credit Requirements: Less than perfect credit necessary to qualify for competitive rates.
100% Cash Out Refinance Option: Pull more cash out to make improvements or pay off other high-interest rate date.

VA Loan Options

Below are of the different categories of VA loans and their specific benefits.

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Refinance

Eligible borrowers can access VA Interest Rate Reduction Refinance Loans (IRRRL), aka the VA Streamline Loans, and the VA Cash Out Refinance Loans.

For borrowers already in a VA Loan, the VA Streamline Refinance offers:

Simple loan process
Fast underwriting (there’s no need to submit bank statements, W2s, or paychecks)
Almost immediate access to a lower monthly mortgage payment

For an eligible VA borrower who may happen to be in a conventional loan or FHA loan, a VA Cash-Out Refinance may be a more attractive option—allowing the borrower to pull cash out of his or her home while maintaining a low rate.

Purchase

VA loans with a Fixed Rate can be ideal for borrowers that expect to stay in the same home for the long term
An Adjustable Rate Mortgage can be ideal for military borrowers who may be expecting to relocate or move up within a certain time frame

VA Terminology

Certificate of Eligibility (COE)

A Certificate of Eligibility (COE) is used to verify the duration and character of your service and to confirm that you qualify for VA housing benefits. Our loan advisors can help you obtain your COE. You can also contact the Veterans Administration directly to obtain your certificate. The COE

Basic Allowance for Housing (BAH)

The Basic Allowance for Housing (BAH) is a military entitlement given to active duty personnel for family housing. The amount of the BAH is determined by geographic duty location, pay grade, and dependency status. The BAH can be used toward mortgage payments, allowing you to build equity in your home, even if you don’t have a down payment to get started.

VA Mortgages

HOME / LOAN PRODUCTS / VA MORTGAGES

VA loans are a very popular option for eligible borrowers because they offer some of the most competitive terms for both purchase and refinance loans.

VA Shapshot

VA Eligibility

To qualify for a VA loan, one of the following is typically required:

90 consecutive days of service during wartime
181 of active service during peacetime
6 or more years of service in the National Guard or Reserves
Being the un-remarried, surviving spouse of a service member who died in the line of duty, or as a result of a service-related disability

VA Benefits

Since they are insured by the government, VA loans provide access to special benefits:

Zero Down Option: VA loans can be used to purchase a home with $0 down—making it easy to transition from renter to home owner.
Lower Interest Rates: Rates are typically below those offered on conventional loans.
No Monthly Mortgage Insurance Premiums: Unlike most other low down payment loan options, VA loans do not require Monthly Mortgage Insurance.
Finance the VA Funding Fee: The initial VA funding fee can be rolled into your loan amount to limit the cash you need to close.
Reduced Credit Requirements: Less than perfect credit necessary to qualify for competitive rates.
100% Cash Out Refinance Option: Pull more cash out to make improvements or pay off other high-interest rate date.

VA Loan Options

Below are of the different categories of VA loans and their specific benefits.

Refinance

Eligible borrowers can access VA Interest Rate Reduction Refinance Loans (IRRRL), aka the VA Streamline Loans, and the VA Cash Out Refinance Loans.

For borrowers already in a VA Loan, the VA Streamline Refinance offers:

Simple loan process
Fast underwriting (there’s no need to submit bank statements, W2s, or paychecks)
Almost immediate access to a lower monthly mortgage payment

Purchase

VA loans with a Fixed Rate can be ideal for borrowers that expect to stay in the same home for the long term
An Adjustable Rate Mortgage can be ideal for military borrowers who may be expecting to relocate or move up within a certain time frame

VA Terminology

Certificate of Eligibility (COE)

Basic Allowance for Housing (BAH)

Learn More About This Product

First Nameyour full name

Last Nameyour full name

Cityyour full name

ZIPyour full name

Phoneyour full name

Emaila valid email