VA loans are guaranteed by the Department of Veterans Affairs. VA Loans are great for eligible veterans. In most cases, you can buy a home with nothing down and zero PMI. This loan also comes with great rates. The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment.
Eligible buyers are not required in most cases to have a down payment. Conventional loans generally require 3% or more as a down payment, FHA requires 3.5% or more. Another benefit to VA home loans is VA loans average to have lower interest rates then other types of loans. VA loans do not have prepayment penalties.
The Interest Rate Reduction Refinance Loan (IRRL) offers existing VA loans the opportunity to get a lower interest rate. This option requires borrowers to refinance their current VA loan into another VA loan. The advantage of the IRRL is that credit and appraisals are typically not required. Additionally, you won’t have to pay cash out of pocket for an IRRL.
VA loans are guaranteed by the Department of Veterans Affairs. VA Loans are great for eligible veterans. In most cases, you can buy a home with nothing down and zero PMI. This loan also comes with great rates. The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment.
Eligible buyers are not required in most cases to have a down payment. Conventional loans generally require 3% or more as a down payment, FHA requires 3.5% or more. Another benefit to VA home loans is VA loans average to have lower interest rates then other types of loans. VA loans do not have prepayment penalties.
The Interest Rate Reduction Refinance Loan (IRRL) offers existing VA loans the opportunity to get a lower interest rate. This option requires borrowers to refinance their current VA loan into another VA loan. The advantage of the IRRL is that credit and appraisals are typically not required. Additionally, you won’t have to pay cash out of pocket for an IRRL.
