The VA has been helping our veterans get home loans since 1944 as part of the original GI Bill.
The VA loan program allows veterans to purchase a home to be used as their primary residence and finance up to 100% of the appraised value as long as they are income and credit qualified.
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 for VA loans, which means you don’t have to have a lender required amount of money, over and above the closing costs set aside.
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.
Borrower must be a veteran or active military to qualify for a VA loan.
Cash out refinancing is allowed on VA loans up to 90% LTV, which means you can get cash back up to 90% of your loan to value (appraised value).
If you already own a home and have a existing VA loan and you need to remortgage your home there are also VA loan products that you can use to remortgage.
Ask your remortgage lender which product is right for you.
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