“Your VA Home Loan Information”
“VA Home loans helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of the VA’s mission is to serve you, the VA provides a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.”
“VA Home Loansare provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.”
Your length of service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits.
Purchase Loans and Cash-Out Refinance: VA Home loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE).
Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL is a “VA to VA” loan, meaning it can only be done if you have an existing VA guaranteed loan on the property. The IRRRL is generally performed to lower the interest and reduce the monthly payment on the existing VA Home Loan.
– Five Pillars Realty Group