VA home loans have been helping our veterans get homes since 1944 as part of the original GI Bill.
The VA home loans program allows veterans to purchase a home to be used as their primary residence.
The veteran has the ability to finance up to 100% of the appraised value as long as they have the income and credit to qualify.
There is no down payment required, however you may have to pay your own closing costs.
Government regulation limits the amount of closing costs a veteran can be charged.
No cash reserves are required to qualify for VA home loans.
Which means you don’t have to have a lender required amount of money, over and above the closing costs set aside in your bank account.
Seller contributions are allowed.
So when you make a offer on a house you should ask the seller to pay as much as your closing costs as possible.
That way you don’t have to pay so much out of pocket for your closing costs.
The borrower must be a veteran or active duty military to qualify for a VA home loan.
More about VA Home Loans
Cash out refinancing is allowed on VA loans up to 90% LTV.
A cash out refi means you can get cash back up to 90% of your loan to value (appraised value).
If you already own a house and have a existing VA home loan you may want to remortgage your home.
There are VA home loan products that you can use to remortgage.
Which could be used to change your term or adjust your payment.
You may want to shorten or lengthen the term of your current loan.
You may want to take advantage of the new lower rates and lower your interest rate.
Or you may have equity that you would like to access to pay off bills, remodel or make a large purchase.
There are many different reasons to remortgage with a new VA home loan.
Ask your remortgage lender which product is right for you.