A VA loan is a mortgage issued by private lenders and backed by the U.S. Department of Veterans Affairs. Learn more about VA loans and how they work.
A VA loan is a great option for military families who want to buy a home, and you don't need a down payment. Learn how a VA loan works and whether you're eligible.
You need a VA Certificate of Eligibility, which proves you can use your VA loan benefits, to get a VA mortgage. Learn what a VA COE is and how to get one.
There are several VA loan options available: ; VA purchase loans. These are ordinary VA loans that help you purchase a primary residence at competitive interest rates, often with no down payment. ; VA Interest Rate Reduction Refinance Loans (IRRRL). Also known as Streamline Refinance Loans, these help you refinance your existing VA loan to lower your interest rate or monthly payment. ; VA cash-out refinance loans. These allow you to tap into your home equity by refinancing into a larger loan amount and taking the difference in cash. ; Native American Direct Loans (NADL). These loans aim to help Native American veterans purchase, build or repair a home on federal trust land.
What is a VA streamline refinance mortgage? ; Who’s eligible for a VA streamline refinance? ; Are there closing costs with a VA streamline refinance? ; Is a VA IRRRL worth it?
For VA loan borrowers, the VA streamline refinance — officially, a interest rate reduction refinance loan (IRRRL) — can save time and money.
Down payment, First use, After first use ; Less than 5%, 2.15%, 3.3% ; 5%-9.99%, 1.5%, 1.5% ; 10% or more, 1.25%, 1.25%
The VA loan program allows eligible veterans, active-duty service members, reservists, National Guard personnel and qualifying surviving spouses access to mortgage options without a down payment or private mortgage insurance. Millions of military veterans and active personnel have taken advantage of this unique housing benefit from the Department of Veterans Affairs (VA). But what happens if you have a VA loan and you’re having trouble making your monthly payments? A VA Interest Rate Reduction Refinance Loan (IRRRL, pronounced “earl”) may ...
Lenders may also charge additional fees, including any of the following: Interest rates on VA loans can be fixed or adjustable. There are a number of steps to applying for a VA loan, including … ; Here are some questions to ask yourself before applying.
When you're considering buying a home and using your VA home loan benefit, one of the first questions you want answered is "How much can I qualify for?" VA loans are guaranteed, meaning any loan that the VA lender approves, has a government-backed guarantee of 25% of the loan amount. As long as the lender followed established VA lending guidelines, the guarantee is in place. The VA doesn't approve the loan but establishes specific rules that lenders must follow in order to receive the VA guarantee. One of those rules limits how much you can bor ...