US Government Home Loans
offers two types of loans to those who qualify.
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VA
Cashout |
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VA Streamline |
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Refinancing with a
VA loan will allow you to take cash out up to 90% of the value
of the home. This money can be used towards debt consolidation,
home improvement, or whatever else you choose.
Other advantages
of this program are:
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Pay Off High Interest Rate Credit
Cards
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Extra Cash for Home Improvements
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Switch From an Adjustable to a
Fixed Rate
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Skip 2 Mortgage Payments
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Borrow up to 90% of the value of
your home
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Consolidate first and second
mortgages into a single loan
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Bill consolidation programs
available
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With this loan,
you are eligible for an interest rate reduction at no or minimal
cost to you.
Make sure you have
the lowest fixed rate available.
Other advantages
of this program are:
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No Appraisal
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No Credit
Check or Income Verification
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Skip Two
Mortgage Payments
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Have Your
Escrows Refunded
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In Home
Settlements (10 days)
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Everyone qualifies
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Simple to shorten or lengthen the
term of your existing loan
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Easily switch amortization for
adjustable to fixed or vice versa
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BENEFITS OF VETERAN
HOME LOANS
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No down payment
required when purchasing a home.
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A VA mortgage loan is
guaranteed with no money down for any loan up to $417,000.
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If you have bad
credit, you would likely get a much lower rate with a VA loan than a
conventional loan, and if you have improved your credit history
within the past year, you may qualify for the same low interest
rates available to people with good credit.
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Even with a
loan-to-value ratio of 100%, no monthly mortgage insurance is
required for a VA home loan.
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Often, VA mortgage
loans are often assumable.
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The VA has released a
hybrid ARM product. Veterans now have a choice of either a fixed
rate or an adjustable rate VA mortgage.
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Individuals with poor
credit history are more likely to qualify for a loan under the VA.
loan program than other programs. Often, lower rates on loans will
result in significant savings for the borrower. Also, the VA offers
extra benefits to disabled veterans. Find out how much you can save
with a VA Loan for active duty and veterans of the military.
ARE THERE ANY FEES FOR
A VA MORTGAGE LOAN?
The Department of Veterans
Affairs requires a funding fee, which varies from zero to 3.3% of the
loan amount, depending on your current veteran status. The funding fee
is added into the total loan amount, so the borrower is not required to
pay out of pocket.
Veterans who qualify as
10% disabled or greater as a result of active military service are not
required to pay a funding fee. Those who are not exempt from a funding
fee may lower their fee by putting money down on their VA home purchase.
WHAT WILL I NEED TO GET
A VA LOAN?
A
Certificate of Eligibility is needed to qualify. Whether you are a
first-time user or you have been eligible in the past, you must have a
Certificate of Eligibility. Complete this
short form to request your certificate.
If you have a
Certificate of Eligibility, you can pre-qualify for a VA home
purchase now.
