VA Home Loan

We will take you through the VA Home Loan process of both the purchase
and the refinance and teach you what the guidelines are.

By DAVE HOLLAND

The Complete Guide to Veterans 

A Comprehensive Guide to Understanding the VA Home Loan Benefit.

Here is your Complete VA Home Loan guide that will take you through the VA home loan benefit and how it can help you with home ownership. You will learn what a VA home loan is as well as how to find out if you are eligible for the benefit. You will also learn how the VA home loan can help you as a first-time home buyer, how much down payment you need, and how you can qualify. We will take you through the process of both the purchase and the refinance and teach you what the guidelines are. Soon, you will understand the power of this benefit and how it can help you achieve wealth.

What is a VA Home Loan?

The VA Home Loan is a government-sponsored home loan program. It is available to United States Veterans that have served on active duty. If you have a Service-Connected Disability, you are eligible for a home loan. The VA home loan program provides cash-out refinance mortgages with low rates, no down payment, no private mortgage insurance, no higher fees than standard mortgages, and no closing costs.

The Difference

The VA home loan is different from other conventional loan programs because it does not require you to pay private mortgage insurance. Also, you can finance up to 100% of the purchase price with a lower interest rate than the other loans that are available.  The payments for the loan are not taxable. The payments are recorded directly on your loan and are not subject to withholding and excise taxes.

“The VA home loan is different from other conventional loan programs because it does not require you to pay private mortgage insurance.”

What are the Benefits of a VA Home Loan?

There are 4 types of veterans benefits: Veterans Administration Loan: Qualifies veterans for a VA home loan. Veterans Administration Equity Loan: Includes no-down-payment and can be combined with the VA home loan. Veterans Administration Loan Purchase: This Will allow you to refinance into a VA home loan at a lower interest rate than the market rate. Veterans Administration Equity Loan Purchase: Can be combined with a VA home loan or be used by first-time home buyers. Veterans Administration Conversion Loan: This Will allow you to buy or sell your home in less than 60 days. These 4 types of loans can help you not only purchase a home but also refinance. The VA home loan is one of the fastest-growing loan programs today. 

Understanding

A homeowner who has been killed in action or missing in action is also eligible for the benefit, but not the veterans who have disabilities. These veterans have a less clear path to homeownership through the VA Home Loan Program. There are many veteran benefits out there, but there are only a few that can be taken advantage of by a first-time homebuyer.  In the past, the VA home loan was slow and difficult to close.  Times have changed dramatically and the VA home loan is now fast closing with less strict guidelines than the other loans available.  You can literally close a VA home transaction in 12 days!

“The VA home loan is one of the fastest-growing loan programs today.”

What is the VA Loan Funding Fee?

How to Pay Off Your Mortgage Early This guide will show you how to pay off your mortgage early and all of the advantages of doing so. You will also learn why mortgage payments are so difficult to pay off early and how long it really takes to pay off a mortgage. In the end, you will know why it’s so important to get out from under your mortgage early and take advantage of this very valuable service. Why You Should Get a VA Loan You will learn what the VA loan benefit is and how it can help you through homeownership. You will also learn about how to qualify and how to get it. In the end, you will have a better understanding of the home loan benefit and how it can help you achieve your homeownership goals.

When Do I Have to Pay the VA Loan Funding Fee?

The VA Home Loan Funding Fee is often referred to as the “hard money” fee and it is an additional charge that you pay when you get a loan from the VA. There are 3 different fees that the VA may charge you for the loan. One is the fee that is paid upfront to the VA and it is called the “Loan Funding Fee.” The other two fees that you can be charged are a refinance fee and a purchase fee.

The Lender Fee

The Lender Fee is typically calculated after the loan process has been completed and the VA has provided the funds. The Lender Fee can be paid through a lump sum or through monthly payments. The Refinance Fee The Refinance Fee is paid each time that you refinance your loan. A refinance fee usually is calculated by the VA at closing.  Depending on if it is your first time using the benefit or the second time using the benefit, the fee is between 2.15-3.6%.

” In the end, you will know why it’s so important to get out from under your mortgage early and take advantage of this very valuable service.”

What is the VA Streamline Refinance?

The VA streamline refinance is a product that is similar to the VA purchase loan. However, it is a refinance product. A VA purchase loan is a loan that is used to purchase the house.  With the VA streamline refinance, which is also called the VA IRRRL (Interest rate reduction loan) you can refinance your VA home loan at a lower rate with less documentation than you would normally need on another loan. If you already have, you can refinance it at a lower rate using the VA streamline refinance. If you have a VA purchase loan, you can refinance it at a lower rate using the VA streamline refinance. It is a refinance product which is similar to the VA purchase loan but is used only to lower interest rate.  You cannot get cashback with the IRRRL refinance.

What is the VA Cash-Out Refinance?

The VA Cash-Out Refinance is one of the most flexible home loan programs available to you. As a veteran who is active duty or veteran of the reserve, you can also get the VA Cash-Out VA Loan. The VA Cash-Out Refinance is the newest program under the veteran’s home loan program and it allows you to borrow as much as $350,000 or $1,000,000 depending on the loan program that you choose.

Possibilities

You can withdraw the loan funds to pay down credit card debt, consolidate and consolidate a lot of loans, and many other options that allow you to use your VA home loan to pay off other debts. There is a max Loan-to-Value for the VA Cash-Out refinance that amounts to 90%.  Even at 90%, this is by far the best deal for a Cash-Out Refinance out there as the rates are extremely low. The VA Cash-Out Refinance will allow you to maximize your home purchase. This loan gives you the option of buying a more expensive home that is also in a nice location.

What are the VA Loan Guidelines?

The VA Loan Guidelines can help you decide if you qualify for the benefit. The home loan benefit has three different loan payment options that are designed to assist veterans. The programs are 10 to 30, 30 to 35, and 35 to 45 years. The VA has taken away the maximum down payment for each County.  This means that if a lender will lend to you, the loan amount can be $1.5 Million or more! Are you eligible?  If you meet the qualifications, the home loan benefit will pay for the down payment and closing costs. All you have to pay is the first month’s mortgage. After that, your monthly mortgage payment is your responsibility. In addition, VA will pay for a one-year lender’s grace period. The VA lender’s grace period is a year after you close on your home.

“The VA Loan Guidelines can help you decide if you qualify for the benefit. The home loan benefit has three different loan payment options that are designed to assist veterans.”

Conclusion

As an upcoming veteran or home seeker, you will gain knowledge from this guide and be able to manage your finances much more effectively. You will also become more knowledgeable on the home buying process and you will learn the right way to approach it. Moreover, this guide is free of charge and will take you only a few minutes of your time to read it. We hope that you will benefit from this valuable guide and you will definitely come back to this page if you have any questions.  The VA loan is the most powerful wealth-building tool available to Veterans and used correctly can benefit you and your family for years to come.  You can use the benefit multiple times and can even have two VA loans open at once in some cases.  You have earned this benefit now let it work for you.

Do you need help?

For FREE Consultation, we are Available 24/7 to Better Serve Your Mortgage Needs, so call us NOW at (888) 922-2022. or go directly to our website at veteransnationalmortgage.com/apply-online

Our team is excited to help you with your DREAM HOME !

You may also be interested in knowing about How Much Home Can I Afford >> HERE <<
or 
A Comprehensive Guide to Understanding the VA Home Loan Benefit >> HERE <<

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