The VA Loan Department guarantees active military and vets 100% home financing for purchase or refinance. VA home mortgage loans ensure competitive interest rates for home buying and extend VA streamline refinance to vets who already have a loan that is guaranteed by the Department of Veterans Affairs. 100% VA loans continue to offer the most attractive financing incentives in the mortgage industry.
VA home loans enable 1st time home-buying veterans to finance a new home with no money down and veterans who already have a VA mortgage have the opportunity to refinance for an improved interest rate that lower their monthly payment. In today’s marketplace, the VA mortgage is considered the most aggressive finance product because the purchase option requires no down-payment and the refinance option requires no equity.
Special VA Mortgage Loan Options with 100% Home Financing for Qualified Military Families and Veterans
With the VA streamline loans, buying or refinancing a home has never been easier for the retired and active military. With limited and no appraisal requirements, purchasing or refinancing your home can be quicker than you think. With VA home loan rates dropping to record lows, it would be hard to argue that it is not a good time to purchase a home with the Veteran’s finance program.
Attractive VA Mortgage Rates with No Down Payment!
- VA Home Loans for All Credit Types
- No Money Down VA Mortgage
VA homeowners may find financial security with cash out VA loans that allow refinancing of revolving debt and adjustable rate loans with a fixed home loan up to 90%. We are an approved VA mortgage lender who specializes in VA home mortgage loans to military homeowners. After serving your country, the least we can do is provide discount home financing guaranteed by the Veterans Affairs.
100% Refinance Loans, Fixed Rates Refinancing and Veteran Streamline
- No Appraisal with VA Streamline
- No Income Documentation
- Low Credit Scores Ok
- Learn More About Skipping a Payment
The Veterans loan is one of the last 100% mortgage in 2024, so if you have the military credentials you should discuss your financing goals with one of our VA loan consultants. Consider our fixed rate home mortgage loans and cash out VA refinancing loans options for consolidating debt and lowering monthly payments.
VA loan limits have increased with maximum loan ranging from $417,000 to $729,750 depending on the location of your property. You should compare VA mortgage loans if you currently have a loan with an interest rate above 4%.
- 100% VA Mortgage loans
- Veteran Home Refinancing
- Refinance for Fixed Rate
- Cash out with Home Equity Loans
- 30 Year Fixed VA Mortgage
- Limited Credit OK with VA Refinancing
- No Money Down Purchase Loans
- 15 Year Mortgage Term Options
VA home loans give veterans an edge for homeownership with 100% financing opportunities.
What are the VA Benefits for Home loans?
Veterans can finance a home with zero down and they have no mortgage insurance required. Vets are eligible for a no down-payment loan at a discounted interest rate.
What is the VA home mortgage loan limit?
Technically there is no maximum VA loan limits for home mortgages. Most VA mortgage lenders limit the maximum VA home loan amounts to the conforming limit set by Fannie Mae and Freddie Mac in that specific region. For example VA mortgages in Orange County, California can offer loan amounts up to $729,750 for rate and term refinancing, streamline or new home purchase loans. Cash out limits will range based on VA loan eligibility and property value. Discuss your eligibility for VA cash out refinancing with your loan officer to get specifics.
100% Mortgage Loans – VA Loan Advantages and Disadvantages
In this day and age of rising costs and low housing affordability, various financing options have arisen to assist military homebuyers get onto the property ladder. One of these is a 100% mortgage, which provides enough funds to the borrower to purchase a property outright.
For most veterans, the VA doesn’t actually provide mortgages per se. But rather, they guarantee loans made to veterans by private lenders. In other words, the VA pays a “guaranty” to protect the lender against loss in case the borrower defaults on the loan for any loan up to $417,000. The amount of guaranteed money in a Veteran loan (also called an “entitlement”) differs based on the amount that the loan is for.
Bad Credit VA Financing Available
According to the Revised VA Pamphlet 26-7, Chapter 4, Credit Underwriting, bad credit may not disqualify a veteran from getting a VA loan. There are ways you may qualify even with bad credit. Check with your lender for details.
- 100% Home Financing
- VA Loans for Purchase or Refinance
- No Appraisal Required
Advantages and Disadvantages of these Military VA Home Loans
In numerous instances, VA loans offer the advantage of requiring zero down payments, providing 100% home financing, and eliminating the need for mortgage insurance. The associated cost is a one-time funding fee, which is waived for disabled veterans and can be financed if applicable. The credit criteria for VA loans are less stringent compared to many other loans, and borrowers have the flexibility to negotiate interest rates with lenders. The VA imposes limits on allowable closing costs, and any overages are required to be covered by sellers at closing.
As per information from the VA home loan website (homeloans.va.gov), veterans’ home loans are assumable, offering advantages such as no need for an appraisal, low closing costs, no repair requirements, and streamlined overall processing. However, a downside is that the VA entitlement cannot be restored until the assumee fully pays off the existing loan, unless the assumee is a veteran meeting specific requirements, allowing for a potential substitution of entitlement.
VA home loans have eligibility criteria, primarily applicable to individuals who have served 90 days during wartime or 181 days during peacetime with an honorable discharge. National Guard or reserves members require 6 years of service for VA loan eligibility. Surviving spouses of veterans may also qualify, provided they are not remarried or their subsequent marriages have ended.
While VA Home Mortgages, like other government loans, may take longer to process than conventional loans, the process has become more streamlined in recent years. This article was written by Maria Ny.