Types of VA Loans


VA Purchase
A VA Purchase allows you to purchase a home using your VA benefit. The VA guarantees the loan up to 25%, which allows you to get highly competitive interest rates. Other loan types don’t get as competitive rates because the loan is not insured by such a reputable organization as the Veterans Affairs. We have a lot of valuable information that we want to share with you, like how you won’t need to be a first time home buyer to qualify, and that you can reuse your benefit multiple times. We can even let you know about assumability, which can add huge value to your home when it is sold.

VA 100% Rate and Term Refinance
The VA rate and term refinance is similar to the VA Streamline (IRRRL). There are a few more guidelines for what can be done with the money, but it allows you to borrow up to 100% of the value of your home! Doing a VA rate and term refinance means that you will probably get a new appraisal, have your assets and income re-evaluated, and try to adjust your interest rate and possibly the term of the loan. This is a great way to reduce payment amounts and make adjustments to who is on the title.

VA Cash-out Refinance 95%
The VA cash-out refinance is for Veterans who want to take cash out of their home equity to help pay for anything from home improvements to consumer debts. This particular VA cash-out refinance allows you to refinance your home for up to 95% of its value, and then any money you had built up from equity in the home is given to you. This is great for people who want to do a remodel or want to consolidate debt using a low interest rate. We have experts waiting to answer your questions and help you get things going with VA cash-out refinancing. To continue you can fill out the full application, contact us, or call; we’d be delighted to help!

VA Streamline (IRRRL)
The VA streamline refinance, also known as an interest rate reduction refinance loan (IRRRL), allows you to refinance your current loan for a better rate. The VA benefit allows you to refinance an existing VA mortgage or any other type of mortgage. These loans are highly competitive because the VA guarantees the loan up to 25%. That means that if for some reason you were to default on your mortgage, the lender can go to the VA for part of the balance of the loan. Obviously this makes lenders feel a lot safer about lending you money and so you get the advantage of lower interest rates. There is a lot of information about these loans and our VA loan specialists can help you understand exactly how to get the best rates.


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This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant¹s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Equal Housing Lender. Utah Mortgage Loan Corporation. Serving you in: Salt Lake City, Utah

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