What is a VA loan?
A VA loan, also know as a Veteran Affairs loan, is a mortgage loan created specifically for eligible active military, retired veterans, service members, their families and surviving spouses. A VA home loan offers considerable benefits and is guaranteed by the Department of Veterans Affairs (VA), making it a very beneficial program for those who qualify.
Benefits of the VA home loan program
- Low and No down-payment requirements
- Borrower up to 100% of the home’s value
- No private mortgage insurance (PMI) requirement
- Jumbo VA loans available
- Lower interest rates than traditional mortgages
- No Pre-Payment Penalty
Available VA Loan Options
- Purchase Loans – Buy a home with little to no out of pocket expenses. VA loans allow for 100% financing and seller-paid closing costs up to a certain percentage of the loan amount
- Refinance – Lower your rate, change your loan term, or choose a cash-out refinance. If you are moving from one VA loan into another, you may also qualify for an Interest Rate Reduction Refinancing Loan
- Construction Loans – VA new construction loan program allow for costs of the lot and construction of your home to be included in the financing, whether you’re purchasing or refinancing your home
- Renovation Loans – VA renovation loan program allow the remodeling or repair costs on a property in need of repairs or renovations to be included in the financing, whether you’re purchasing or refinancing your home
Available VA Loan Programs
VA Fully Amortizing and Jumbo Fixed: The VA Fully Amortizing & Jumbo Fixed Loan is the standard VA program used to financing the purchase of a home or to refinance of a primary residence. It can help the nation’s men and women in uniform, qualifying veterans, and their surviving spouses achieve the American Dream by offering affordable home financing with zero down payment required.
VA Interest Rate Refinance Reduction (IRRRL): The VA Interest Rate Reduction Refinance Loan (IRRRL), pronounced “Earl”, also referred to as a Streamline Refinance of a VA-to-VA loan. The VA IRRRL is a streamlined process that allows you to eliminate a lot of red tape when refinancing your existing VA mortgage. At Premier Lending Group, Inc., we make the process easier for you and deliver a smoother, faster path to closing than your typical loan process since an appraisal may not be required, there is no need to verify your income, and there is no minimum amount of equity required. Energy-efficient improvements can also be included.
VA One-Time Close New Construction: The VA One-Time Close Construction Loan allows for the purchase or refinance of the lot, the construction, and permanent mortgage for a new home, all with a single loan. It eliminates the redundancy of a second closing so borrowers don’t have to worry about requalifying or incurring additional costs.
VA Renovation: The VA Renovation Loan provides up to 100% financing for the purchase or refinance of a home, plus renovation costs, all in one loan.
How do I qualify for a VA Loan?
Qualification requirements may vary, but will be based on several factors including:
- A Valid Certificate of Eligibility – This means you must be an eligible service member or Veteran and have met the minimum active-duty service requirements for your service type. Some surviving spouses may qualify as well.
- Credit history and score
- The amount of income you earn
- The amount of your other debts
- How much equity you will have in the property
- Home must be used as your primary residence
Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.
**Premier Lending Group, Inc. is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.