VA LOAN

A VA mortgage is a specialized home loan product, but the process for buying a home with one is similar to any other mortgage type. You'll work with a qualified lender to get preapproved, shop for a home, make an offer, go through the underwriting and appraisal process and finally, loan closing.

Beyond the benefits like $0 down payment and no mortgage insurance, the largest difference with VA loans is that the lender will need to verify your eligibility for a VA loan - an item typically done by the lender in-house. Get a detailed look at the VA loan process here.

If you're ready to start your VA loan, check your eligibility or have specific questions on the VA loan, talk with a Veterans United Home Loans specialist today.

The federal government created the VA home loan program to make homebuying easier for those who serve our country. This benefit program offers arguably the most powerful loan option on the market. Qualified Veterans can purchase with no down payment, no mortgage insurance, flexible credit guidelines and the industry's lowest average fixed rates.

The VA loan benefit offers qualified Veterans multiple powerful home financing options.

Veterans and service members can use the VA loan to purchase new or existing homes with $0 down payment. VA purchase loans also allow Veterans to buy single-family homes, condominiums, manufactured homes, multiunit properties (like a duplex) and even new construction.

Policies and guidelines can vary by lender. Some lenders may not make all of these types of VA purchase loans.

The VA Interest Rate Reduction Refinance Loan (IRRRL) is one of the VA loan program's two refinance options and the one most Veteran homeowners choose.

These are also known as VA Streamlines, and that's because they're simple, low-cost refinance loans that in some cases might not require credit underwriting, income verification or an appraisal.

The VA IRRRL is only for Veterans who currently have a VA loan, require your new rate is smaller than your old rate and have a limit on the time it takes to recoup the costs and fees. All of which help ensure Veterans realize the full financial benefit.

The VA Cash-Out refinance allows qualified homeowners to refinance their mortgage and take out cash from their home's equity. These loans are open to Veterans with and without current VA loans. Qualified homeowners can typically refinance up to 90 percent of their home's value.

Lending guidelines and loan-to-value requirements can vary by lender. Homeowners are not required to take out cash with these loans, which means Veterans with non-VA mortgages can use this option as a basic rate-and-term refinance.

The VA allows Veterans to borrow additional money to pay for energy efficiency improvements to a home, as part of either a home purchase or a refinance.

Veterans can finance up to an extra $6,000 to cover the cost of qualified improvements, like storm or thermal windows, heat pumps and solar heating and cooling systems. Homeowners can't use this option to purchase appliances, window air conditioning units and other non-permanent additions.