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IRRRL Facts for Veterans

White suburban home.

IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a "Streamline" or a "VA to VA." Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase. No appraisal or credit underwriting package is required by VA. You should be aware, however... more

Get the FAQs on VA Home Loans

house for sale sign

Why get a VA loan over other types? Simply put, a VA Home loan allows qualified buyers the opportunity to purchase a home with no down payment. Also, there are no monthly mortgage insurance premiums to pay, limitations on buyer's closing costs, and an appraisal that informs the buyer of the property value. For most loans on new houses, construction is inspected at appropriate stages and a one year warranty is required from the builder. VA al... more

Deciding on a Good VA Lender

Shaking hands over a deal

VA home loans have some rather enviable features that other loan programs are jealous of. First, there is no down payment required for a VA loan. Certain conventional and FHA mortgages have low down payment options but they also have a monthly mortgage insurance premium in addition to the mortgage payment, making the home less affordable. There are reduced closing costs associated with a VA home loan, at least in terms of the closing costs vet... more

Money Saving Tips for VA Home Loans

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The VA home loan is most famous for requiring no down payment from those who qualify for the program. Conventional loans underwritten to Fannie Mae or Freddie Mac guidelines require the loan amount to be at least 80 percent of the sales price of the home to avoid private mortgage insurance and higher interest rates. That means a $300,000 home loan using a conventional loan will ask for a 20 percent down payment of $60,000. Yet even though the... more

Six Rock-Solid Benefits of VA Loans

Six Benefits of VA Loans. stick figure carrying a house

When it comes to finding a home for you and your family, getting the best possible mortgage sets you up for success. For those who are eligible, a VA (Veteran’s Administration) mortgage loan offers a number of enticing benefits that may make sense for your home purchase. Here are some of the biggest advantages of VA loans: 1. No money down required. Coming up with a large down payment is a huge barrier for many homebuyers. For a $200,000 home... more

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