Your Guide to VA Loans
1. ZERO DOWN OPTION*
Typically, other mortgage programs require a minimum down payment. With VA Loans, there is no down payment required so you can buy now, without having to spend years saving up for a down payment.
*Unless the purchase price is more than the reasonable value of property or to meet the 25% VA guarantee.
2. NO EXPIRATION DATE
As long as eligibility can be established, VA Loan Benefits never expire. You can wait 20 years to use it for the first time, or you can use it immediately, and again when you move to your next home.
3. NO MORTGAGE INSURANCE
Most loan programs require mortgage insurance if you have less than a 20% down payment. VA Loans do not require a down payment OR mortgage insurance. This results in more savings and more buying power for you!
4. VA REFINANCE OPTIONS
VA Loans offer refinancing options. The Interest Rate Reduction Refinance Loan is available if you already have a VA loan and you’re looking to lower your rate or term. You can also tap into your equity for renovation or debt consolidation using the VA Cash-Out Refinance option.
MORE VA LOAN FACTS
Multiple Types of Properties Available:
Single-family homes are most common, but you can utilize the VA Loan for condos, manufactured homes, and multi-unit properties (up to 4 units) as long as you occupy one of the units as your primary residence.
Funding Fee Waivers
To utilize the VA Loan, there is a funding fee ranging from 0.5% to 3.6% of the loan amount, depending on the type of loan and amount of down payment. However, for Veterans with at least 10% Service-Connected disability and unmarried surviving spouses, this fee is waived.
Repeat Use of VA Loan Benefit
Your VA Loan can be used over and over again. It is even possible to be eligible for two VA Home Loans at a time depending on your remaining entitlements. Even if you foreclose on a VA Loan in the past, you may still be eligible to use the benefit again.