If you want to receive maximum financial benefits in any long-term purchases, it would be wise to make use of opportunities offered by applicable authorities related to your purchase; the VA loan is one such opportunity.
Statistics reveal that there are over 21 million veterans and service members currently residing in the US. And yet, only 6% of them have invested into a residential property using the VA loan over the past five years. Additionally, a lower percentage of veterans have opted for refinancing options during these years.
Instead of the VA Loan, a majority of the veterans go for programs that are much more expensive, and come with fewer benefits. Most of them bypass this loan options by an oversight.
VA Loan For Home Purchases
There are a number of opportunities which a VA loan provides to veterans and their family members:
- 100% financing for purchasing or refinancing a home
- No Private Mortgage Insurance (PMI)
- Low closing costs
Buying a home with the VA loan is probably one of the least costly ways you can opt for. If you meet the eligibility requirements, you can apply for the VA loan and acquire a sufficient amount even with low credit scores.
Additionally, there is no down payment required in this loan. This saves you from spending years putting together the finances to make a down payment. Just go on ahead and shop for your ideal home!
Refinancing With The VA Loan
Streamline refinancing is the usual form of “extending” the amount in most loans. Within the VA loan, the refinancing option is commonly known as the Interest Rate Reduction Refinancing Loan (IRRRL). It was introduced with the aim of efficiently reducing the VA loan rate for an applicable individual.
Unlike the main loan requirements, refinancing the loan does not need any W2 statements, pay stubs, or the order for an appraisal.
The bottom line is that the VA loan serves to reduce the time, costs and other hassles of obataining approval for a loan.Bear in mind that the IRRRL is only for veterans with an existing VA loan.
Veterans looking to refinance another type of loan can opt for the VA cash-out refinance loan. Choosing a non-VA loan options can be quite costly.
If you have been looking to gain from your service status in aiding home purchase, now is your chance. VA loan rates are low, and the chances of approval are quite high.
If you meet the basic VA loan requirements, get in touch with us. e-Finance Mortgage LLC provides flexible terms for VA loans throughout California, as well as Colorado, Illinois, Iowa, Michigan and Washington.
Call us today at (844) 433-4626to get the loan process started.