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How To Buy A Home With A VA Loan

You May Be Very Surprised How Many Benefits You Can Achieve With A VA Loan

The process of buying a new home can be extremely rewarding.  However, there are things you need to know before you go through the entire loan process.

As a home buyer, finding and getting the right loan is the main objective.

We believe that a VA loan is one of the best options available.  Especially for first time home buyers that are eligible.

Buy A Home With No Money Down

A VA Loan is the perfect solution for first time home buyers and new families because as a borrower you can finance 100% of the homes appraised value and purchase the home with $0 down payment.  It is important to know that a VA Loan is one of the only loan programs that can offer you this kind of benefit.

This is Great News.  Now more than any other time banks are requiring huge down payments.  So many loan programs available today require 5-20% down payment. This puts the joy of home ownership out of reach for many prospective home buyers, but this doesn’t have to happen to you.

Qualify For A VA Loan Is Easier

Since the US Government backs up a VA Loan, the income and credit requirements are not as difficult and this makes your loan qualification process much easier. It is very true that getting loan approval for a conventional home loan right now can be extremely difficult especially for first time home buyers also for new families.

Learn How You Can Save $100’s Of Dollars Every Month With A VA Loan

Remember earlier we discussed that a VA Loan is backed by the government?  This huge benefit allows banks that offer VA Loans to not require PMI (private mortgage insurance) which is a large added monthly expense for many home owners.

One other major benefit is that an interest rate for a VA Loan is typically 0.5%-1% lower when compared to a conventional loan.  When you take these two advantages and add them together you will notice very big monthly savings when you compare a VA Loan vs. a Conventional Loan.

Below Is An Estimated Monthly Payment Savings Comparing A New VA Loan To A New Conventional Loan With PMI

Loan Amount 1.0% Rate Reduction PMI Savings Est. Monthly Savings
$100,000 $140 $63 $77
$150,000 $209 $94 $115
$250,000 $347 $156 $191
$300,000 $418 $188 $230
$350,000 $488 $220 $268
$400,000 $557 $251 $306

*These Are Estimates with the borrower putting $0 down payment and also a 1.0% interest rate reduction.

You can see above that the savings and advantages are real. With $0 down payment, a much lower monthly house payment and also easier qualification guidelines make a VA Loan the best option for first time home buyers and new families that qualify.

What is a VA Loan ?

The VA (Veterans Administration) offers many fantastic home loans options that are known as (home loan guaranty programs).  If you are one of the following then you are eligible for a VA Loan.

Are you eligible for a VA Loan?  The list below is a good starting point to make sure you have eligibility.

·         You are an active duty service member

·         Or if you are a Veteran

·         Last, if you are or have been in the National Guard and Reserve

This list is a starting point.   If you meet the following requirements then a good great place to make sure you are eligible is to go directly to The Department of Veterans Affairs official website at http://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp

Learn The Types of VA Loans That Are Available:

The following is a list of the types of VA Loans that you are eligible for if you meet the qualifications listed above…

1.       VA Purchase Loans

2.       VA Interest Rate Reduction Refinance Loans (Also known as “IRRRL”)

3.       VA Refinance Loans

4.       VA Cash Out Loans

5.       VA Adapted Housing Grants

6.       VA Native American Direct Loan Program (Also known as “NADL”)

Let’s dive in a little deeper and discuss each type of VA Loan program to get a better understanding of each.

1.       VA Purchase Loan- This mortgage loan helps you by being able to purchase a home with very competitive interest rates when comparing the rates to other lending options.  Plus, usually you can get this home loan with $0 money down. 

2.       VA Interest Rate Reduction Refinance Loans (IRRRL)- This VA mortgage is also commonly called a Streamline VA Refinance.  This type of mortgage loan allows you to refinance your current VA Loan to a lower interest rate VA Home Loan.  The unique aspect of this type of mortgage loan is that you have very reduced lending requirements during the refinance process making it much faster and easier to get your new lower rate VA Loan.

3.       VA Refinance Loans- If your current home loan is not a VA Loan then your option to refinance is with a standard VA Refinance Loan.  This type of home loan requires the normal approval process to get the home loan as you would go through with a normal VA Purchase Loan.   However it’s important to know that the VA Loan process is much easier when compared to the other type of loan options in the market place. 

4.       VA Cash Out Loans- Want some cash out to fix up the house or use however you want?  Then a VA Cash Our Loan could be perfect for you.  Most states allow you to use a VA Loan to take cash out.  This money can be used for anything you wish.  You simply close on your loan and get a check at closing from your loan proceeds. 

5.       VA Adapted Housing Grants- This home loan is set up to assist Veterans that the VA has issued (permanent and total service-connected disability).  If you are eligible you can purchase or build a home that has been adapted or you can modify a pre-existing home to accommodate you.

6.       VA Native American Direct Loan Program (NADL)- This type of home loan helps Native American Veterans who are eligible to obtain the financing for home improvements on homes that are on Federal trust land, purchase home loans, a new construction loan, or get a reduced mortgage interest rate with a V Loan.

As you can see from above the VA Loan is a great solution for your home loan needs if you are eligible.  If you know or think you may be eligible the quickest way to move forward is to let our lending partners assist you to help ensure your eligibility and to get you the Best VA Mortgage Rate.   Why not find out today?  Start your VA Loan search by filling out our short form to the top of the page or to the right.