VA loans

Since Veteran’s Day is next week, I thought it was a good time to remind people about VA mortgages. VA mortgages can be used to buy or refinance a home. A VA mortgage is one of two ways to buy a home with zero down!

What are the benefits of a VA Mortgage?

• Up to 100% financing is available without monthly mortgage insurance
• VA rules can limit your closing costs
• Closing costs can be paid by the seller
• There isn’t an appraisal required on a VA streamline refinance
• Surviving spouses of deceased veterans by be eligible
• There is no penalty for paying off a VA loan early

How do you qualify for a VA loan? Make sure you meet the home loan requirements on your application, get a valid Certificate of Eligibility (COE). Once you have been approved by your lender, start shopping for a home!

Do you have a VA loan and want to refinance it? There are a couple of options. One is a VA Interest Rate Reduction Refinance (IRRRL). These are great if you just want to lower your interest rate. The VA just cares that your interest rate and payment are dropping, you do not need an appraisal or income verification. If you want to get cash out using the equity in your home, a VA cash out refinance can be a great way to do it. With a VA cash out refinance, you can borrow up to 100% of the value of your home. You will have a VA funding fee unless you have a VA related disability.

VA loans can be assumable when you sell your home. The buyer needs to qualify for the loan and it will affect your eligibility if you want to buy again using a VA loan.

VA loans can be a great way to buy a home. It’s one of the benefits you get for serving in the military. And with Veteran’s Day next week I want to say thank you to all that have served and are currently serving in the military. As a former Army officer’s wife, I know it can be a stressful life and I appreciate the sacrifices you make! Thank you!!

Leslie Vanderwerf,  NMLS ID#335509, CrossCountry Mortgage LLC, An Equal Housing Lender, NMLS#3029 – Email – Website