What Are Va Loans?

Recently, VA loans have become a subject of interest to many

, yet many eligible people still are not familiar with them. These types of loans are available exclusively to veterans and active duty armed forces members who have served more than 90 days active duty during wartime, 181 days active duty during peacetime, or 6 years in the Reserves.

These loans offer people who otherwise may not be able to buy a home the opportunity to do so with favorable terms and low interest rates.

VA Loan Benefits

These loans have many benefits that make using them to purchase or refinance a home very beneficial. These loans require no down payment on home purchases, which can allow even those with no savings to purchase a home.

VA loans also do not require mortgage insurance - even with 100% financing. This can save prospective homebuyers hundreds of dollars each month.

VA Loan Interest Rates

These loans offer very favorable rates that are not credit score driven. Contrary to conventional loans, this type of financing offers the same rates to those with the lowest qualifying credit score as the people with the highest qualifying credit score. This provides our country's service men and women with the opportunity to take advantage of low rates, even with less than perfect credit.

VA Loans: Refinancing Options

One of the greatest advantages of obtaining a VA loan is that these loans give people the opportunity to take advantage of improved market conditions at any time.

The Interest Rate Reduction Refinancing Loan (IRRRL) is available to all homeowners who currently have a VA loan. These loans allow a homeowner to lower their monthly payment, reduce their interest rate, switch from an adjustable rate to a fixed rate, or change the term of their loan quickly and easily.

More Information

VA loans have helped many people purchase or refinance their home. They are secure, straight forward, easy to obtain, and inexpensive.

Only approved lenders can offer this type of financing. To learn more about this program and its benefits, contact a reputable home loan specialist who can provide you with information about the options available to you.

by: Anne Johnson

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