For the lucky active military members and veterans that are eligible, VA Loans are best loans available today period. If you have VA eligibility and you are looking to buy or refinance your home, it is really worth getting pre-approved to get a VA loan today.
Here are some of the many highlights of the VA Loan:
- No down payment – 100% financing. There is no other mainstream loan that offers 100% other than VA homeloans today.
- No monthly mortgage insurance. Every other loan today with less than 20% down requires monthly mortgage insurance which creates a higher monthly payment.
- No reserve requirement. Many other types of loans require the borrower to have a certain amount of cash in reserves after closing, VA does not.
- 30 year VA interest rates are still in their lowest ranges in 50 years
- VA loans are not credit score driven. If you think you have bad credit, you may still be able to qualify for a VA loan.
- VA loan requirements are flexible. VA has more flexibility with income ratios and credit than all other loans today.
- VA loans are fully assumable. If you take advantage of today’s low interest rates and get a VA loan today. Down the road when interest rates may be higher and you want to sell, you will have an extremely attractive option to buyers able to assume your loan 30 year fixed loan.
- VA loans offer cash-out refinances to high loan-to-values
- VA loans offer interest rate reduction streamline refinances with easy qualification
- VA loans available to reservists as well
So that is a review of just some of the highlights of the VA loan. VA loans are truly an amazing benefit to those that have served in the U.S. military.
Warm Regards,
Rob Chomentowski
Sr. Loan Officer (and VA Loan specialist)
858-922-7899
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