Fixed or Adjustable Rate USDA Conventional FHA VA Jumbo First Time Homebuyer Mortgage Insurance Advantage Lending

VA

VA home loans are available to help Servicemembers, Veterans, and eligible surviving spouses become homeowners.

The VA programs provide 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 Mortgages are unique compared to other home loans. Unlike other mortgage programs, they have no requirements for PMI or monthly mortgage insurance payments. Instead of PMI, VA Loans are financed in part through a small guaranty fee that is part of the closing. Furthermore, VA Loans are often less expensive on a monthly basis because you are not paying extra for monthly mortgage insurance.

VA Loans

  • Often offer low-cost, streamlined refinance options and additional protections if you have trouble paying your mortgage later on
  • Do not require monthly mortgage insurance premiums, but usually require an upfront fee at closing

VA Purchase Loan

The VA backs loans by guaranteeing a portion of it. The VA loan guaranty is a type of insurance that allows the us to provide more favorable terms.

  • No down payment as long as the sales price doesn't exceed the appraised value
  • No private mortgage insurance premium requirement
  • VA rules limit the amount you can be charged for closing costs
  • Closing costs may be paid by the seller
  • No penalty fee if you pay the loan off early
  • You don't have to be a first-time homebuyer
  • You can reuse the benefit
  • VA-backed loans are assumable, as long as the person assuming the loan qualifies

Interest Rate Reduction Refinance Loan

An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance, and it will reuse the entitlement you originally used.

  • No appraisal or credit underwriting package is required when applying for an IRRRL
  • An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs
  • When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase
  • No lender is required to give you an IRRRL, however, any VA lender of your choosing may process your application for an IRRRL
  • Veterans are strongly urged to contact several lenders because terms may vary
  • You may NOT receive any cash from the loan proceeds
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