A VA refinance can prove a handy way to help you lower your interest rate and save money on your monthly mortgage payments. If you’re looking to refinance your VA loan, there are some important VA refinance guidelines and eligibility requirements that you should be aware of, however. Let’s take a closer look at how a VA loan refinance can put more money back in your pocket − and what you need to know about VA refinance guidelines and requirements before applying to receive one. A Departmen...
Have you considered FHA Streamline or VA Interest Rate Reduction Refinancing Loan (VA IRRRL) refinancing? These options will potentially reduce your monthly…
Learn about your VA refinancing options, including the popular VA Streamline, Interest Rate Reduction Refinance (IRRRL) and Cash-Out refinancing.
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The United States Department of Veterans Affairs (VA) offers home loan programs to make homeownership more attainable for military service members, veterans, and surviving spouses. VA loans offer favorable terms, including competitive interest rates, no private mortgage insurance requirement (however there is a funding fee), and a 0% down payment option for qualified Veterans with full entitlement. VA loans require a Certificate of Eligibility from the VA.
Low or no home equity · A VA mortgage loan requires little or no home equity (or down payment) at closing. ; No mortgage insurance · Even with no equity, VA refinance loans do not require mortgage insurance. The VA guarantees a portion of your loan, thereby saving you this monthly expense. ; Simplified approval process · VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.
Veterans and active-duty military personnel may be able to save money or tap into their home's equity with VA loan refinancing.
VA loans have remained popular over the past several years. In 2022, Veteran Affairs backed a total of 746,091 loans. During the second quarter of 2023, the VA backed 87,931 loans. VA loans are a great option for eligible veterans, active duty service members and their spouses. Along with offering a zero-dollar down payment option, VA loans are known for having lower rates than traditional mortgages. The VA doesn’t serve as an actual lender. Instead, private VA loan lenders originate the mortg...
Ability to Lower Your Rate ; Simple and Fast Application Process ; No Appraisal or Income Documents Required
Do you want to refinance your current VA home loan? Consider an Interest Rate Reduction Refinancing Loan or VA Streamline loan from Armed Forces Bank.