VA GOVERNMENT HOME LOANS FOR PURCHASING

WITH AS LITTLE AS 0% DOWN

 

VA FIXED

How do VA home loans work?

A VA home loan is a mortgage loan that’s issued by private lenders and partially back by the federal government. It helps U.S. veterans, active duty service members, and select widowed military spouses to buy a home.

VA home loans have been around since 1944, but they’ve become increasingly popular in recent years and now account for about 8%* of home purchases. This type of loan is often a good option because requirements are less restrictive to qualify for and require little to no down payment. 

VA home loans can be a great way into homeownership. They differ in some key ways from traditional home loans, so contact us to find out if a VA home loan is the best way for you to buy that dream home. 

Key Features and Benefits of VA Home Loans:

• Little or no-down-payment

• Minimum credit of 620 is required for fixed-rate financing.

• Borrowers with credit scores from 580 to 619 are subject to stricter guidelines.**

• Adjustable-rate mortgages (ARMs) require a minimum 620 credit score.

• High-balance loans are allowed. If you're buying a home in a high-cost area, you may qualify for up to $2.5 million in loan funds.

• A variety of property types are allowed, including single-family residences, 2-4-unit properties, VA-approved condominiums, manufactured homes and properties in Planned Unit Developments (PUDs).

• Loans are for primary residences only and can’t be used for investment properties. ​

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LoanGIANT is proud to support veteran and military home buyers, you can find out more about our initiatives by visiting LoanGIANT Military Lending.

* Source: U.S. Census Bureau and U.S. Department of Housing and Urban Development, New Residential Construction,   https://www.census.gov/construction/nrs/pdf/quarterly_sales.pdf
**Borrowers with credit scores from 580 to 619 may only qualify for purchase transactions of one-unit single-family residences. Gift funds and down payment assistance is not allowed. Other restrictions may apply. 

 

VA Streamline Refinance

A VA Streamline Refinance, or IRRRL, provides you with a faster way to lower or lock in your interest rate with limited costs.

 

The fast and easy way to refinance your VA mortgage:

A VA IRRRL is a streamlined process that allows you to eliminate a lot of red tape when refinancing your existing VA mortgage. As a current LoanGIANT customer with VA loan, we make the process easier for you and deliver a smoother, faster path to closing than your typical loan process.*

IRRRL stands for Interest Rate Reduction Refinance Loan (pronounced “Earl”) and it’s an easy way to replace your current VA loan with one that has a lower interest rate. You can also use it to shorten your VA mortgage term or to switch from an ARM to a fixed-rate loan. And while most funding fees typically range from 2.14% to 3.3%, an IRRRL comes with a lower VA funding fee of just 0.5%.

 

Key Features and Benefits of VA Streamline Refinance:

• An easy way to lower your monthly payments if the interest rate has decreased since you got your original VA loan. 

• You can also use an IRRRL to change an adjustable-rate mortgage (ARM) to a fixed-rate loan, shorten your loan’s term or pay for energy-efficient home improvements. 

• No appraisal is required.

• No need to verify your income. 

• Your VA entitlement is re-used, so your amount is not affected. 

• The VA funding fee is lower than on original VA loans. 

• Less expensive overall and often has no out-of-pocket costs. 

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LoanGIANT is proud to support veteran and military home buyers, you can find out more about our initiatives by visiting LoanGIANT Military Lending.

*VA Streamline Refinance Eligibility and Property Requirements: Be current on your mortgage with no more than one 30-day late payment within the past year. Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment unless you refinance an ARM to a fixed-rate mortgage. You must not receive any cashback from the VA Streamline Refinance. You must have previously used your VA Loan eligibility on the property you intend to refinance and certify that you previously occupied the property. You may see this referred to as a VA to VA refinance.

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VA Refinance Loan Options:

VA IRRRL (Interest Rate Reduction Refinance Loan)

Do you want to reduce your monthly mortgage payment or make your payment more stable? A VA IRRRL may be the right choice for you! VA IRRRL is available for those with an existing VA-backed home loan.

 

Advantages of a VA IRRRL:

• Lower interest rate for a lower monthly mortgage payment

• Move from a loan with an adjustable or variable interest rate to one that’s fixed for a constant payment

• Option to roll closing costs into the total loan for little or no out-of-pocket expenses

• No appraisal, few documents needed, and flexible eligibility requirements

Note: You must prove that you currently live in or used to live in the home covered by the loan.

 

VA 100% Cash-Out Refinance:

Are you ready to remodel? Pay off debt? Lower your interest rate? You may be able to with a VA 100% cash-out refinance!

Advantages of a VA 100% Cash-Out Refinance:

• 100% cash-out refinance (including funding fee)

• 640 minimum credit score

• 45% max debt-to-income ratio

• 30-year term

• $1,000,000 max loan amount