What is a VA Loan?
The U.S. Department of Veteran Affairs helps Veteran, service members and eligible surviving spouses to become homeowners.
What are the benefits of a VA Loan?
No PMI (Private Mortgage Insurance)
BAH (Basic Allowance for Housing) *Active Military
Am I Eligible?
To be eligible, you must have satisfactory credit, sufficient income to meet the expected obligations, and a valid Certificate of Eligibility.
- Is the property going to be owner occupied?
- Do you have proof of service?
- Did you service on active duty in the Army, Navy, Air Force, Marine Corp or Coast Guard after September 15, 1940 and was discharged under conditions other than dishonorable?
- You have served 90 days or more during wartime or 181 continuous days or more (peacetime).
- Did you enlist after September 7, 1980 or entered service as an officer after October 16, 1981?
- You have served 24 months of active duty or Full period for which called to order to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime).
- Are you an active-duty service personal or serve in the National Guard or Reserves?
- Are you a spouse of a Veteran who died while in service or from service-connected disability?
Did you say No to any of these questions? You may still be eligible for a VA loan.
Refinancing a VA Loan
What is an IRRRL?
IRRRL stands for Interest Rate Reduction Refinancing Loan. A IRRRL is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan. The IRRRL is generally performed to lower the interest rate and reduce the monthly payment on the existing VA guaranteed loan.
What are the benefits of an IRRRL?
- No appraisal or credit underwriting package
- No cash to close – Lenders can include all closing costs into the new loan
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