There are many different home loan options available in the marketplace today. Some of the best options available are the ones that are reserved for veterans and their families. Loans that are available through VA home loan programs have attractive financing rates and are increasingly making home ownership a reality for those who have served.
There are several types of home loans. A VA guaranteed home loan is one that is available from a private lender. Lenders such as regular mortgage companies, or savings and loan, even a bank can issues a VA Guaranteed Home Loan. This type of loan can provide for just over four hundred thousand of the total loan, perhaps as high as $417,000 dollars of the entire loan.
In the case of an existing loan that you wish to refinance, there are a couple of choices. You can use the VA guaranteed loan to refinance the loan you currently have, to help reduce the rate of interest that you will be paying, or you can use the VA Guaranteed Home loan to refinance and take out the equity that you currently have in the home. This is called Cash out. This choice is restricted to $144,000 dollars.
Veterans Home loans help with mortgage debt in various ways. The VA loan program provides you, as the veteran with a contract and legal document, and it provides the lender with the promise that if you fail to repay the loan for some reason that the loan will be repaid. The lender is afforded protection up to the amount of the loan by the Federal Government. As the loan recipient, you will likely experience a substantial savings in various fees, and in some cases you may be exempt from some types of fees.
A VA home loan can help Veterans specifically in:
To alter, repair, or improve your home.
To build a new home.
To buy a residential Condo or Home.
To purchase a Manufactured Home by itself or with a lot placement.
To update or improve a lot placement for a Manufactured home.
To weatherize or improve a solar home heat or cooling systems.
To provide for other types of weatherization improvements.
To buy a home at the same time that you make energy and efficiency type improvements.
To use a VA loan to refinance an existing loan or VA loan for interest rate reduction.
Veterans who are interested in participating should contact the Veterans Administration, or their local lender will often have information about how to contact and become involved in a VA Guaranteed Program Loan.