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VA Mortgage Loans: Mortgage GUARANTY
For Veterans
& Active Servicemen
What Should YOU
Expect Here?
SUMMARY
Of This PAGE
VA Mortgage Loans: mortgage guaranty for Veterans & active servicemen.
Zero down payment and no MI: No Mortgage Insurance required.
Available to all branches of the military.
Buy a house, a condo or a module home to suit your life style.
Available nationwide in ALL 50 States and territories.
Most banks, credit unions & private mortgage lenders are eager lend to you.
Lower credit scores possible.
Zero down payment and no MI: No mortgage insurance required.
Available to all branches of the military.
Buy a house, a condo or a module home to suit your life style.
Available nationwide in ALL 50 States and territories.
Most banks, credit unions & private mortgage lenders are eager lend to you.
Lower credit scores possible.
VA Mortgage Loans:
ZERO Down Mortgage Loans GUARANTY
For Those Who So Honorably SERVED!
A Thank You For Your Service!
VA mortgage loans guaranty is a government-backed program for the veterans and active duty personally in all branches of the US armed forces, National Guard reserves and unmarried spouses of the deceased veterans as well as POWs and MIAs.
Let me emphasize that VA Mortgage Loan Program is a US government guaranty dedicated to those women and men who served honorably in any branch of the US armed forces.
Here's How VA Mortgage Loans Works:
I. Understanding Mortgage: When you finance a house, the name of the loan is called a mortgage AND you will ‘pledge’ the property [which can be a house, a condo or even the whole apartment/office complex – in the case of investors] to the lender as a ‘guarantee’ of whatever dollar amount lender are giving for you to buy the property
II. In ALL of the real estate world – be it residential OR commercial – the lenders ‘gold standard’ is that everybody feels confident when the ‘down payment is at least at the mark of 20% of the property purchase price.
TIP: Nothing preclude that the down payment to be a higher amount. However, in residential loans 20% it is normally the percentage lenders aim for
III. VA Mortgage Loans Guarantee: One of the benefits that the US Government offers - through the Department of Veterans Affairs - to ALL men and women who served honorably AND to the unmarried widowed spouses of the deceased veterans as well as POWs and MIAs as well as those still in the active duty who meet certain condition, is that the VA will guarantee 20% (minimum) of the purchase of the purchase veteran’s primary residence!!!
TIP: PRO HOME BUZZ WORTH KNOWING: I once was able to secure a VA mortgage loan to a vet who had a ‘less than honorably discharge!’
I hope it is still available!
It is not an insurance and, therefore, it should carry NO mortgage insurance premium (MIP) whatsoever to be paid by the veteran/ service personal even if they opt for a ZERO down payment mortgage loan.
VA mortgage loans GUARANTY are a small token of gratitude of the nation to those men and women who have served this country honorably. As well as to countless still serving in the active duty.
VA ZERO DOWN MORTGAGES:
It is also important to emphasize that VA mortgages allow the veterans AND active duty of all branches of the armed forces to buy a home with VA Zero % down payment and all the while maintaining the status that there is no requirement for Mortgage Insurance (MI).
And the veteran or the active servicemen/women which allows these fine men and women to buy a home with ZERO down payment AND no Mortgage Insurance (MI) - they should not pay any MI, ever!
Military personnel homebuyers often have difficulty qualifying for traditional loans – especially those just returning home after deployment – for veterans, as well as those still in active duty, using a VA mortgage loan to buy a house it can be a great alternative and sometimes the difference of having a place to call home or not to have one.
I would highly recommend that you check the status of your ‘Certificate Of Eligibility’ (COE) …AND get looking for YOUR new house right away!
With a VA Mortgage Loan, financing is not an issue: Mortgage Lenders everywhere love making VA loans.
In the unlikely event that you cannot find a VA mortgage lender near you, contact me that I will find one for you right away!
Ditto if you do not have a real estate broker helping you already! I will be honored to be the one to serve YOU – this time around! – click here
VA Mortgage Loan Guaranty
VA Mortgage Loan Guaranty
VA does things differently from other government institutions: VA will guarantee a portion of the loan.
It is NOT a loan insurance program like FHA is.
VA mortgage loans will guaranty lenders in the market place a certain amount that will make lenders comfortable to compete for home loans for veterans.
The guarantee is usually about 20 to 25% (or more) of the property value.
It is a huge guarantee! In real estate lending that is gravy.
Banks, mortgage companies or credit unions are NOT in the business to own real estate if they have to ‘foreclose’ in a home, they will sell it as quick as they can
Lenders will have that VA guaranty in the event the veteran comes to default on their mortgage.
The other 75/80% value will allow the lender to sell the property rather quickly… AND naturally, with the VA GUARANTY of 20 to 25% of the home value, banks/lenders will come even!
VA Entitlement
VA Entitlement
Entitlement is the dollar amount VA will guarantee to every eligible veteran to buy or build a home.
Your basic entitlement is $36,000... but it will vary from time to time and from place to place.
Most likely the lenders will multiply that amount by four – 4 X 36,000 = $144,000
However, that is not set in stone because VA maximum loan amount varies from county to county.
Please see Maximum Loan Amount below.
VA Full Entitlement
VA Full Entitlement
It always good to know where you are with the ‘usage’ of your Entitlement.
Here’s how you know that you if you have full VA ENTLITMENT:
I. You never before used your home loan benefit – then, no question about it, you have full VA Entitlement!
You are ‘home buying’ ready!!!
II. If in fact you did use your home loan benefit at some point BUT you sold it and VA did NOT have to use any part the guaranty to make up any ‘deficit’ to your final balance on the loan.
In other words: VA did NOT lose any money while guaranteeing your previous loan
III. Last but NOT the least, you had a ‘deficit’ that VA had to pay, but subsequently, you have paid that ‘deficit’ to the VA – in full!
Actually, I would like to make still more clearly: VA cannot lose money in your ‘loan guaranty!’
Hope it never happens to you, my friend! In the event that they do – your entitlement will only be restored upon you paying VA back whatever amounts they lost!
VA Maximum Loan Amount
VA Maximum Loan Amount:
VA does not exactly have a set maximum loan amount, what they will do is set a limit the “amount of protection” it will give the lender.
As far as VA loans go it is a “standard procedure” that banks will lend up to 4 times of that veteran’s “loan guarantee.”
However, there are several areas of the country that amount can go even much higher:
It will depend of the housing prices of the area you want to buy the home.
2025 VA Home Loan Limits
2025 VA home loan limits
VA home loan limits are the same as the limits of Federal Housing Finance Agency (FHA) the Federal government housing financing authority.
These are called conforming loan limits because they stay within the guide amount established on the following amounts for each of the pertaining geographical areas.
Which in in most cases follow the economic characteristics of those areas.
Each city is different - The limit for 2025 - In Atlanta, Georgia, my home town, it will be $688,850 while it will be $1,814,625 in Hawaii!
I would like to emphasize that these figures are for a ‘single Family Home.’ There are options of properties with two, three and four units. Those are very rare - but they are available, please be aware of it, should that fit your needs to help a family member OR even rent one of those units …as long as you live in one them, you should be compliant with the VA.
Talk with your agent and/or your loan officer and they will know what is possible in your neck of the woods.
Countless banks, mortgage companies and credit unions – they all love generating VA Loans to help our veterans! We all appreciate you – our veterans!
Last but not the least – please feel free to send me a message telling me where you are. I will be honored to help!
VA Mortgage Loans Are Still Subjected To The Rules Of The Market
VA mortgage loans are still subjected to the rules of the market
VA-backed mortgage loans are “the most-sure thing” for a veteran to get approved to finance a home.
However, they are still subject to the “rules” of the market and lenders will check:
· Certificate of Reasonable Value (CRV) – this is the VA’s jargon for home appraisal. Actually, I think that CRV is a more accurate expression of the property evaluation, once that appraisal is not a scientifically exact process. One appraiser may differ from the other pros.
· Your proof of income
· As well as debt-to-income ratio (DTI)
· Source of income to demonstrate ability to pay for the monthly mortgage payments,
· Reasonable credit history and credit score goes: Most lender require Mid Credit Score of 620… However, I have seen countless lenders who will grant you a VA Mortgage loan with the vet having a score as low as 500…
· SHOP AROUND! If that is your case!
· Your credit scores still need to comply with the current requirements
· Although lenders will be very lenient on major credit issues like allowing veterans to attain mortgage loans:
- 2 years after Chapter 7 bankruptcy [civilians have to wait up to 7 years]
- 1 year Chapter 13
- 2 year following foreclosure
- VA intent is to get the vets back on their feet as soon as possible
- That VA- guaranty gives lender more incentive and more confidence in making a mortgage loan to veterans all over the USA
- Although the most lenders will require a minimum FICO credit score of 620, you can find plenty of lenders that will do VA-backed mortgage loan for a vet with 500 score
620 – The Dreaded 620 Mid-score MAY Be Overcome
(Hooray!!!)
620 – the dreaded 620 mid-score MAY be overcome
(Hooray!!!)
The Department of Veterans Affairs (VA) doesn't set a minimum credit score for VA loans.
Instead, lenders can set their own requirements.
The U.S. Department of Veterans Affairs doesn't set a specific VA loan credit score requirement.
Lenders are free to set their own minimum credit score, for a VA loan.
Most lenders require a score of at least 620 for the ‘general population,’ however, many lenders will go as low as 500 for veterans.
With a note that NOT all lenders will accept mid-score below 620.
Shop around!
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Can I Use A VA Mortgage Loan With Bad Credit?
Can I use a VA Mortgage Loan with bad credit?
First let’s take a look what ‘bad credit’ is!
Credit is measured by a proprietary algorithm patented by Fair & Isaac Company – or FICO®. It goes from 300 to 850.
Companies that extend credit to you – banks, credit cards, a car you may have financed, phone companies, utility companies …they all report to the credit bureaus.
There are three main credit bureaus: Experian, Transunion and Equifax. Mortgage Lenders use all three of these credit bureaus.
TIP: PRO HOME BUZZ WORTH KNOWING
FYI – Mortgage Lender will make their decision on the score which is in the middle of the three.
It has been more than 10 years that mortgage lenders started requiring at 620 in order to accept to finance a house.
In some circumstances, some lenders may require 640.
So, in this metric, below 620 FICO score is ‘bad credit!’
VERY IMPORTANT VA LOAN TIP: PRO HOME BUZZ WORTH KNOWING
I have already written here on this page AND elsewhere on this blog/website that there are - plentiful - of lender who will make a mortgage loan for vets who happen to have mid score as low as 500!
IT DOES PAYS TO SHOPE AROUND!
How Does One Come To Get A ‘Bad Credit?’
How Does One Come To Get A ‘Bad Credit?’
Over use of the line of credit
Consistently paying late
Bankruptcy
Foreclosure
Consistent bad checks
Not necessarily, so, but a divorce where the household income is split, may cause financial hardship to either or both parties
Loss of a job and cannot keep up with payments
Self-employed who has not been able to produce in your line of work
If having a low credit score is a concern, a VA mortgage home loan could make home ownership still possible.
As pointed out above, VA themselves do not have a minimum credit score set; if one is imposed, it is up to the each private lender and you can always shop for a different lender.
…in case you hit a financial rough spot – (and it can happen to any of us), the VA guaranty is as good as gold!
It can go up to 25% of the amount of the loan so lenders feel that they can recover their money so – many of them – are willing to lower the credit score to an unprecedented 500 points!
TIPS: PRO HOME BUZZ WORTH KNOWING
VA provides assistance to help Veterans retain their homes during periods of temporary financial difficulty.
There are help available – do NOT be shy to raise your hand! Call and/or email the resources listed on this blog post!
And it almost goes without – feel free to reach out to me if you feel that I can help further! Contact link here
The VA home loan benefit can be used multiple times throughout the Veteran’s life time - provided that any previous mortgage loan has been paid in full thus the VA guaranty is restored in full!
AND, don’t forget – it is a VA requirement, veteran or serviceman/servicewoman will live in the house, townhome or condo as his or her primary residence.
VA Mortgage Loan Is A GUARANTY, Not Mortgage Insurance
VA Mortgage Loan is a GUARANTY, Not Mortgage Insurance
VA does NOT call for, nor will it allow Mortgage Insurance Premium (MIP) which is a great savings …even if you purchase the home with zero % down payment.
This feature alone is a great finance advantage to the veteran.
Any other program like conventional loans will require a percentage in down payment and, depending on the amount of the down payment you also will be required to use mortgage insurance premium until you pay a good bit of your mortgage loan.
However, VA Mortgage loans carry a GUARANTY!
And VA Mortgage loans are NOT allowed to have any form of MIP – mortgage insurance premium! None whatsoever.
VA Funding Fee
VA Funding Fee
VA does not require MIP (Mortgage Premium Insurance).
However, it will have a funding fee, which is paid at closing to the Department of Veterans Affairs in order for them to guarantee the loan to the applicant veteran.
The fee will vary according to the amount of the loan and how many times the veteran has used his/her entitlement.
But in general, the funding fee will be 2% of the loan amount if the veteran is using the entitlement for the first time
The funding fee will then go up to 3% in each of the subsequent times used.
VA does require that any previous property to be all completely disposed of – which is to say sold – before the veteran can receive his/her entitlement restored.
There are some instances that the VA may allow the Vet to buy more than one house if the houses price purchases WARRANTY sum stay within the Vet’s total entitlement!
Do consult someone who is familiar with this kind of situation… which, I must say, is NOT all that common.
Another great feature of VA mortgage loans program is that they will allow the funding fee to be included in the loan amount.
It does end up costing a bit more interest in the life of the loan but if money is tight in the beginning, this feature may allow you to move forth with the purchase of your home without that initial expense getting in the way… and the home purchase will still be zero down!
Will You Have To Pay The VA Funding Fee?
Will You have to pay the VA funding fee?
If you’re using a VA home loan to buy, build, improve, or repair a home or to refinance a mortgage, you’ll need to pay the VA funding fee unless you meet certain requirements.
You won’t have to pay a VA funding fee if any of these descriptions are true for you:
You’re receiving VA compensation for a service-connected disability, or
You’re eligible to receive VA compensation for a service-connected disability, but you’re receiving retirement or active-duty pay instead, or
You’re receiving Dependency and Indemnity Compensation (DIC) as the surviving spouse of a Veteran, or
You’re a service member who has received a proposed or memorandum rating before the loan closing date that says you’re eligible to get compensation because of a pre-discharge claim, or
You’re a service member on active duty who, before or on the loan closing date, provides evidence of having received the Purple Heart!
VA Funding Fee Refunds
VA Funding Fee Refunds
You may be eligible for a refund of the VA funding fee if you’re later awarded VA compensation for a service-connected disability. The effective date of your VA compensation must be retroactive to before the date of your loan closing.
If you get a proposed or memorandum rating after your loan closing date, you’ll still need to pay the funding fee. You won’t be eligible for a refund based on this rating.
My humble recommendation is for you to sit tight and wait for these conditions to play up, then schedule the closing!
If you think you’re eligible for a refund, please call your VA regional loan center at 877-827-3702 (TTY: 711).
Monday through Friday, 8:00 a.m. to 6:00 p.m. ET.
VA Zero % Down Payment Advantage
VA Zero % Down Payment Advantage
The VA mortgage loans guaranty allow veterans as well as active duty personal to buy a home with zero % down payment
Zero down payment is another feature that is helpful, specially, if you are tight for your down payment.
However, I like to caution the veterans that I work with that just because you “could,” it is not necessarily that you “should.”
If you buy with no money down, you will pay more in interest during the life of the loan AND your monthly payments will be higher.
Therefore, if you can come up with some upfront money for the down payment, you will actually save money in the long run.
Actually if you can put down 5% or more of the purchase price, VA funding fee will be lowered as well. Because the down payment from you pocket represents less risk.
Regardless of your decision and/or your finances capability – It there should have NO mortgage insurance premium (MIP)! ZIP! Nada! None ever!
No Prepayment Penalty On VA Guaranteed Mortgage Loans
There Is No Prepayment Penalty On VA Guaranteed Mortgage Loans
VA prohibits prepayment penalties on loans under their guaranty.
Most mortgage loans do NOT have prepayment penalties, any how.
However, VA expressly forbids any prepayment penalties whatsoever!
By all means be watchful on this topic – please do not be taken advantage of on this… I still follow President Reagan’s philosophy – “Trust but verify!”
Who Is eligible For a VA Mortgage Loan Guaranty?
Who Is eligible For a VA Mortgage Loan Guaranty?
Eligibility requirements for VA home loan programs
Learn about VA home loan eligibility requirements for a VA direct or VA-guaranteed loan.
Find out how to request a Certificate of Eligibility (COE) to show your lender that you qualify based on your service history and duty status.
Please keep in mind that in order to receive your VA-guaranteed home loan, you’ll also need to meet your lender’s credit and income loan requirements to receive financing.
Can I Get A Certificate Of Eligibility (COE) For A VA Direct Or VA-Guaranteed Home Loan?
Can I get a Certificate of Eligibility for a VA direct or VA-guaranteed home loan?
As a rule of thumb, You may be able to get a COE if you didn’t receive a dishonorable discharge and you meet the minimum active-duty service requirement based on when you served.
I once served as the broker for a vet who had a ‘less than honorable discharge’ and, through the knowledge and dedication of the loan officer I worked with – with were able to secure a loan guarantee to that vet!
I am proud and glad to say that the vet still lives in that home more than 10 years since!
So, it is easy to think that the pros who are working with you – do mater!
Click here to request your Certificate Of Eligibility
Contact me – I will be honored to help!
VA Mortgage: Minimum Active-Duty Service Requirements
VA Mortgage: Minimum active-duty service requirements
VA establishes a ‘minimum active-duty service requirements’ to extend benefits to a veteran – that is also the case to receive a VA mortgage loan benefit, which is the subject of this blog post.
Whenever I start working with a vet, the first thing I ask is if he/she has his/her DD214 handy.
Because I have found different answers for different circumstances.
However here are a few things to keep in mind:
a) Are you an active services member?
b) Or are you already a veteran?
c) The minimum active-duty service requirements may depend on
d) When did you serve?
e) Was it during war OR peace time?
f) Were you disable while on duty?
So, I will not rule you in nor I will rule you out: I would like to ‘defer’ to the VA directly:
Please click to check your VA Mortgage Loan eligibility - directly from the VA housing assistance
FYI: In Georgia, my home State, we have an excellent program for our Vets - consistently close to 2% below the market rate! With a $500.00 (Five Hundred Dollars!!!) down …still - ‘oh! so’ close to ZERO DOWN, right?
Contact me and I will be honored to help you!
Whenever In Doubt Request YOUR VA Home Loan Certificate of Eligibility (COE)
Whenever in doubt Request YOUR VA home loan Certificate of Eligibility (COE)
Click here to Request for a Certificate of Eligibility (VA Form 26-1880) direct from the VA
All Types of Veterans May Be Eligible For A VA Home Mortgage Loan Guaranty
All Types of Veterans May Be Eligible For A VA Home Mortgage Loan Guaranty
Active duty personnel of all branches of the Armed Forces
Unmarried widow/ers of deceased vets, POW and MIAs
National Guard personnel
Veterans of all military branches.
Combat or war veterans.
Disabled veterans. Please Note: If you were disable while on duty, many – if not all - restrictions will be waived for you
Veterans of services other than the armed forces.
Again, changes are you may eligible – as long as you were NOT ‘dishonorable discharged.’
The Different Levels Of Discharge From The Military Service
Levels Of Discharge From The Military Service
Your Mortgage Loan Officer (MLO) – who, despite the name, is a ‘civilian’ – LOL – will ask for a copy of your COE right of the bat!
It is not widely known that there are at least six ‘levels of discharge’ from the military:
Honorable
Under Honorable Conditions (General)
Under Other than Honorable Conditions
Bad Conduct
Dishonorable
Uncharacterized
And what is in your COE will guide the loan mortgage officer during the process.
However, I have previously solved some issues -outside the realm of what the COE said.
Once I worked with a veteran who could not show enough income to buy the house
He had become disable while in service. And, because of that, VA will grant some well-deserved exemptions …so we were able to secure that Vet the loan for the house he intended to buy
Yet on another occasion, I worked with a vet who a ‘less than honorable discharge.’
Honorable discharge is the highest and the most heralded.
However, below it, there’s the ‘Under Honorable Conditions (General) and I believe the ‘Under Other Than Honorable Conditions’ Discharges still will allow for some benefits!
…and able to secure a VA-backed mortgage to that veteran!
Allelujia!
So, the big take away from this section is: Talk with with your REALTOR® and your Mortgage Loan Officer! And give them any and all details that might not be in the COE!
An experienced REALTOR® and MLO team can make your day!
The Importance Of Your VA DD214
The Importance Of Your VA DD214
Does having a VA DD214 make you a veteran?
All veterans receive this Certificate of Release or Discharge from Active Duty once they are out of the military.
In a nutshell, the VA DD214 is proof of your military service. All branches use this same form.
There may be no more important document, as it serves as the key to unlocking benefits of all kinds… Including being eligible to receive VA Mortgage Loan Guaranty!
The VA DD214 – by the DD stands for Defense Department -- provides veterans with an accurate and complete summary of their active military service.
It usually lists dates of service, any commendations or medals received, the reason for separation and the type of discharge.
Treat your VA DD214 like gold, that piece of paper is vital to many aspects of your life in the civilian world.
It is worth keeping it in a safe deposit in a bank – if you have one.
But I would NOT recommend to file/register it at the court house – your VA DD214 has lots of details of your life that should be treated privately so to avoid ‘identity theft.’ I happen to think that it would be an ‘over kill!’
Short of that, I definitely recommend that a copy of your COE in a safe place AND make sure your spouse or significant other and/or parents and/or brothers and sisters aware where this precious document is located and at least one or two of them can have access to it in an emergency!
…Again, in this blog, I write about housing and mortgage loans!However, your VA DD214 entitles you to many other benefits! Having it handy when you need it, is key!
Okay, that all said, your VA DD214 will be the ‘strongest evidence’ of what your Certificate Of Eligibility – COE – will get to you… Specially what this blog is concerned – Home Mortgage Loan Guaranty!
In any and all cases – my humble recommendation is to have your COE on hand! If you don’t, please request a copy here:
Please click here for VA – COE request - and get your Certificate Of Eligibility directly form the VA.
As I stated elsewhere in this comprehensive VA-guaranty mortgage loan blog post, mostly VA does NOT make the loan directly(*).
Rather ‘civilian’ lenders – banks, mortgage loan companies and credit unions – will!
(*) There’s an exception
(*) There Is A Lone Exception Is The VA Native American Direct Loan (NADL) Program
(*) The Is a lone exception is the VA Native American Direct Loan (NADL) program: It is administrated by the Veterans Administration themselves! (Surprise, surprise!)
Please click here if you or your spouse come from the Native American background. You will then connect to the Native American Direct Loan (NADL)
Decide What Is Your Home Lifestyle
Decide What Is Your Home Lifestyle
You will be pleased to know that VA Mortgage Loan guaranty will apply to almost any home life style that suits your personality:
SFR – single family residence a/k/a detached home
Town homes
Condos (some restrictions apply. Normally, VA Mortgage Loans follow the rules of that of FHA So the condominium must be FHA approved)
Manufactured Homes – a/k/a mobile homes (some restrictions apply AND not all lender will finance a mobile home)
As I have pointed out elsewhere in this blog post, not all lenders will do everything or lenders may change their lending practices from time-to-time… Just look for a lender that will do the type of home mortgage loan you are interested in… at the moment when you are looking for it!
Besides for the ‘mobile home’ which a bit more difficult to find a lender - all other home types have plenty of lenders that want to serve your VA Mortgage Loan.
VA Mortgage Loan Has Four
Distinct Programs
LET’S TAKE A LOOK
I) VA Home Purchase Mortgage
VA Home Purchase Mortgage Loan
Purposes of Home Mortgage Loans: This the most widely known and used VA Mortgage Loan Program.
a) It was created to provide veterans, active members of the Armed Forces, National Guard, unmarried widow/ers of deceased veterans or active members of Armed Forces, POWs and MIAs.
b) Banks, Credit Unions and Mortgage Lenders all across the Nation are eager to generate loan mortgages to our veterans.
c) Most lenders require a mid FICO score of 620. However, there are countless lenders that are willing to work with vets who have scores as low as 500. Shop around.
Lenders all across the USA offer competitive interest rates on home purchase loans with a VA-guaranty. This can help you buy, build, or improve a home.
Any of these with Zero% down payment.
II) VA Native American Direct Loan (NADL) Program
VA Native American Direct Loan (NADL) program
Purpose Of NADL: This VA Mortgage Program was created to serve a population of Native American Veteran OR US Veterans married to an American Native spouse.
Two Distinctions Of NADL:
1) It is a program created to benefit exclusively veterans who are Native Americans by blood OR by marriage.
It does cover all of those benefits in other program put forth to the veterans of the general population
2) It is serviced Direct (AND exclusively) by the Veteran Administration themselves.
You call them directly (as the program name says)
If you’re a VA Native American Veteran, And/Or your spouse is Native American, the VA Native American Direct Loan (NADL) program may help you get a loan to buy, build, or improve a home on federal trust land.
This is a very particular VA program – AND it only applies to those veterans who are themselves Native Americans OR spouse of a Native American person.
To get the ball rolling with your Native American Direct Loan NADL - please click here
Disclosure: Kindly be aware that you will be contacting a VA representative directly – NOT me nor my site
III) VA Mortgage Loans - Interest Rate Reduction Refinance Loan (IRRRL)
VA Mortgage Loans - Interest Rate Reduction Refinance Loan (IRRRL)
Purposes Of IRRRL: It is a straight forward program and it accomplishes a very important ‘mission:’ To replace an existing VA loan by another VA Loan BUT with a lower percentage rate!
The existence of this program allows the vets to refinance (refi) their existing loan BUT still stay within the VA Mortgage loans which are ALWAYS more favorable to vets!
AND with a lower rate – it is bound to save you tens of thousands of dough $$,$$$$ in the years to come!
Please notice that Mortgage Loan Interest Rates change every week - the trick is to get your loan when the rates are below of what you now have.
If you have an existing VA-guaranteed home loan and you want (or need) to reduce your monthly mortgage payments—or make your payments more stable—an Interest Rate Reduction Refinance Loan (IRRRL) may be right for you.
Refinancing your existing loan allows you to replace your existing home loan with a new one under different terms.
TIPS - PRO HOME BUZZ WORTH KNOWING:
Refinancing your existing loan allows you to replace your existing home loan with a new one under different terms.
Naturally, what you seek is to lower you interest rate
As a ‘rule of thumb’ it only makes sense to refi if the Interest Rate of the new loan will be at least 1% less than the current loan
Notice: In this you do not take cash-out - which happens to be a different and separate program as well
IV) VA Cash-Out Refinance Loan
VA Cash-out refinance loan
Purpose: This program was established for veterans who already own a home so they can assess the equity of that house and take cash out.
The reason you might want to do it will NOT be questioned as long as you can prove you can qualify for the new loan terms, you will be able to get some cash of your house.
The VA-guaranteed cash-out refinance loan allows a Vet to replace an existing loan with a new one under different terms.
If you want to take cash out of your home equity or refinance a non-VA loan into a VA-backed loan, then a VA-backed cash-out refinance loan may be right for you.
The VA-guaranteed cash-out refinance loan allows a Vet to replace an existing loan with a new one under different terms.
A VA-guaranteed cash-out refinance loan may help you to:
1)Take cash out of your home equity to
1.a) pay off debt,
1.b) pay for school,
1.c) make home improvements,
1.d) pay off medical bills
1.e) or take care of other needs, like help a family member in distress!
These are only some ideas; the VA does not ask you for a reason whatsoever!
2) Or you can refinance a non-VA loan into a VA-backed loan
VA Mortgage Loan limits go in tandem with the same guide-line by FHA [Federal Housing Authority] - another government entity dedicate to insure loans to the civilian population - which every year sets the mortgage loan limit they will insure for every county and city across the USA.
TIP: PRO HOME BUZZ WORTH KNOWING
If take cash out it almost certain that ‘the new loan terms’ will change: (a) the amount of Principal will go up (b) Interest rates will also change: It can go down BUT it also can go up (c) rates change every week (d) talk with your mortgage loan officer to make sure your new mortgage payments will be within budget for you
Click here to find out if you’re eligible— and apply for your Certificate of Eligibility (COE).
Is there anything you still need
to know about in your housing journey?
My dog, Yolo, hard at work
Please click on the photo and let me know
Because my dog, YOLO,
would love to fetch it for you!
Looking for a new home?
Maybe I cannot find YOU
The ‘house of the future’
(As Yet)
But I certainly can find
YOUR FUTURE HOUSE!!!
Click on the photo to
contact me
