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Can the VA Loan help me lower my monthly bills?


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Can the VA Loan help me lower my monthly bills?

The VA has two major refinance programs. One, the Interest Rate Reduction Refinance Loan, better known as a VA streamline, helps homeowners get into a lower rate mortgage to reduce their monthly payment. VA streamlines come with minimal hassle and paperwork. The VA does not require appraisals or credit checks on streamlines, but some lenders have recently made them mandatory. We are still able to process some streamlines without an appraisal, which is a tremendous benefit given the decline in home values across the country.

Homeowners have to pay closing costs on a VA streamline, but these can be rolled into the overall loan amount, along with up $6,000 in energy efficiency improvements.

For more information on this, please call Veterans United Home Loans and speak with a VA Loan Specialist.

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Veterans United Home Loans is not affiliated with any government agencies, including the VA.

Eligible Military Service Members and Veterans:
In general, eligiblity includes 181 days of peacetime service, 90 days war time service or 6 years in the reserve or National Guard. Some surviving spouses of veterans who died while in service or from a service-connected disability may also be eligible.
 
Learn More Get complete eligibility details »

Private Mortgage Insurance (PMI):
On most mortgages, borrowers who can't put down 20 percent of the loan amount are required to pay private mortgage insurance. It protects lenders against borrowers who default and also helps borrowers who can't muster a large down payment. There is no PMI on a VA loan.
 
Learn More How VA Loans are different »

Department of Veterans Affairs:
A branch of the federal government that administers a variety of services for veterans, including the VA Loan benefit.

Guaranty:
With VA Loans, the federal government backs each mortgage with a promise to repay the loan amount should a borrower fail to pay.

VA Jumbo Loan:
A loan that's larger than the limit allowed in a specific region. Jumbo loans are rather complicated; contact us to learn more.
 
Start Now Learn more about jumbo loans »

Certain Situations:
VA Loans can't be used to purchase second or vacation home or rental properties.

Interest Rate:
The amount a lender charges a borrower to borrow money.
 
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Funding Fee:
A mandatory fee paid to the VA assigned to all VA Loans. The funding fee amount can be financed, meaning the cost won't come out of your pocket at closing. Borrowers with a service-connected disability are exempt from paying the fee.
 
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Closing Costs:
Closing costs are the charges and fees associated with processing and finalizing a loan. With the VA Loan, there are predefined closing cost limits: a 1 percent lender origination fee, reasonable discount points and other reasonable and standard fees and charges.
 
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Zero Money Down:
When no down payment is required. The VA Loan is one of the only remaining loans that doesn't require any money up front for a down payment.
 
Start Now Get started on your VA Loan »

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