VA Loans

VA Loans


VA Loans are available exclusively to those who have served our country and their spouses. The VA loan program was started by the Federal Servicemen's Readjustment Act in 1944 to help the serviceman coming back from serving in World War II to purchase affordable housing. Due to its competitive rates and no down payments, the VA loan is the optimal choice for many military families. VA loans are available for veterans and active duty service members who meet the basic service requirements. VA helps Service members, Veterans and eligible spouses become homeowners and refinance their current home to 100% of the appraised value to pay off additional debt or receive cash to meet their financial goals. As part of our mission to serve you, H.A.R.P. programs provide a home loan guarantee benefit and other housing-related programs to help you buy, build, repair, retain or adapt a home for your personal occupancy. These flexible government-backed loans come with significant benefits that open the door of homeownership to veterans who might otherwise struggle to obtain financing.

VA Loans

VA Loans are available exclusively to those who have served our country and their spouses. The VA loan program was started by the Federal Servicemen's Readjustment Act in 1944 to help the serviceman coming back from serving in World War II to purchase affordable housing. Due to its competitive rates and no down payments, the VA loan is the optimal choice for many military families. VA loans are available for veterans and active duty service members who meet the basic service requirements. VA helps Service members, Veterans and eligible spouses become homeowners and refinance their current home to 100% of the appraised value to pay off additional debt or receive cash to meet their financial goals. As part of our mission to serve you, H.A.R.P. programs provide a home loan guarantee benefit and other housing-related programs to help you buy, build, repair, retain or adapt a home for your personal occupancy. These flexible government-backed loans come with significant benefits that open the door of homeownership to veterans who might otherwise struggle to obtain financing.


Eligibility

Available for primary homes Eligible servicemen & spouses Purchase & Refinance loans VA IRRL Streamline with no appraisal needed


Flexible Benefits

No Mortgage Insurance
No costly Private Mortgage Insurance up to 100% of home's value

Less Stringent Qualifications-
Can be approved with less then perfect credit history
VA loans are government backed
Easier to qualify for a competitive rate

Up to 100% of appraised value
Pay off credit cards, Installment loans, 2nd mortgage, emergency expenses & Cash in hand

Home Improvements
Major Home repairs
Upgrade your home
Remodel your kitchen or bathrooms

VA IRRL Streamline for current VA mortgages
The VA Streamline Refinance or Interest Rate Reduction Loan (IRRL), is one of the best options for Homeowners who currently have a VA Loan and would like to refinance into a lower interest rate & monthly payment
No appraisal needed in most cases
Little or no Out-of-Pocket costs can be rolled into the balance of the loan
Borrower certify that he or she has previously occupied the property
Must be current on the mortgage payment & no more then one 30 day late in the past 12 months

And much more is available, Fill out our form "See if you Qualify" or contact our Toll-Free number


FAQs

Frequently Asked Questions



How did VA loans come about?
What is a VA Loan
Eligibility Requirements?
VA Loans can be used to:
Who is eligible for a VA loan?
VA Home Loan advantages?
Can I use my VA Benefits to Purchase a Home?
Buying a home process:
Can I use my VA Benefits to refinance my current home?
Can I pay off debt or take out cash with my VA Benefits?
Can a Spouse of a Veteran apply for a VA loan?
Why get a VA loan over other types of financing?

How did VA loans come about?
The original Servicemen's Readjustment Act passed by the United State Congress on June 22 1944 by President Roosevelt formerly known as the G.I. Bill of Rights. It was to help provide a range of benefits for returning World War II veterans. These benefits included low-cost mortgages, low-interest loans to start a business, cash payments for tuition and living expenses to attend a University, High School or a vocational education as well as one year of unemployment compensation. It was available to any veteran who had been on active duty for 120 days and not been dishonorably discharged.
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What is a VA Loan?
'A VA loan is a mortgage in the United States guaranteed by the US Department of Veteran Affairs. The VA loan was designed to offer long-term financing for eligible American veterans or their surviving spouses, provided they have not remarried. It allows up to 100% financing of the appraised value without any of the costly mortgage insurance premiums conventional loans have added into the base of the loan scenario. It is the best scenario for American veterans to not have to dip in their pockets for any closing costs which incur in all financing. VA loans are handled entirely by Banks and Lenders. VA does not issue new loans but it does issue the VA Benefits and guarantees a portion of the loan for the investor. The VA loan guarantee is the "Insurance" that is provided to the Bank or Lender. \
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Eligibility Requirements?
You must have sufficient income and a valid COE "Certificate of Eligibility" from your VA Benefits to be eligible for a VA-guaranteed home loan. The home must be your personal primary home. The eligibility requirements for your benefits can be accessed by your bank or lender through VA's official portal of Veterans Affairs and are available for Service members, Veterans, Spouses and other eligible beneficiaries.

VA Loans can be used to:
Buy a home, a condominium unit in a VA-approved project
Build a home
Purchase and improve a home simultaneously
Improve a home by installing energy-efficient improvements
Refinancing your existing home including paying off any debt and cash in hand
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Who is eligible for a VA loan?
You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries.

Status

Qualifying Wartime & peacetime Periods

Qualifying Active Duty

Minimum Active Duty Service

Veteran

WWII

9/16/1940 – 7/25/2947

90 total days

Veteran

Post-WWII

7/26/1947 – 6/26/2950

181 continuous days

Veteran

Korean War

6/27/1950 – 1/31/2955

90 total days

Veteran

Post-Korean

2/01/1955 – 8/04/2964

181 continuous days

Veteran

Vietnam War

8/05/1964 – 5/07/2975

90 total days

Veteran

Post-Vietnam

5/08/1975 – 9/07/2980

181 continuous days

Veteran

24-month rule

9/08/1980 – 8/01/2990

*24 continuous months Or

*181 days that you were called

To active duty

Veteran Gulf War

8/02/1990 – To present

*90 days of Active Service



National Guard & Reserve members
*6 years of service in the selected reserve or National Guard
*Were discharged honorably, OR
*Were placed on the retired list, OR
*Were transferred to the Standby reserves or an element of the Ready Reserve other that the Selected Reserve after characterized as honorable, OR
*Continue to serve in the Selected reserve
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VA Home Loan advantages?
The guarantee VA Benefits provide you with more favorable terms including:
No down payment required in a Purchase or Refinance as long as your loan does not exceed the appraised value
No PMI "Private Mortgage Insurance" premiums are required
No pre-payment penalties for early payoffs
Closing costs are limited by VA rules
Closing costs are allowed to be added as Sellers Concessions in a Purchase Contract
VA Loans can exceed county limits to as high as $2,594,000 with qualified Banks or Lenders
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Can I use my VA Benefits to Purchase a Home?
VA loans allow an Eligible and Qualified borrower the opportunity to purchase a home with no down payment. Additional benefits includes: Reduced credit qualifications, Lower interest rates & monthly payments, Sellers Concessions to include closing costs into the Purchase Contract and other benefits you qualify for.
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Buying a home process:
We will help you find a lending institution that participates in the VA program to issue you a Pre-Approval Letter
Get your Certificate of Eligibility for through VA Official Portal of Veterans Affairs
Help you find a local preferred realtor if you do not have one
Sign a Purchase Agreement for your Dream Home
Apply for a VA Loan with a Lending Institution
Collect your documents, process it through underwriting
Have closing to finalize your purchase of your Dream Home
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Can I use my VA Benefits to refinance my current home?
VA IRRL Streamline "Interest Rate Reduction Loan" is available to reduce your interest rate & monthly payment and in most cases no appraisal is needed if you currently in a VA loan. If you are not currently in a VA loan, a VA home loan can still help you lower your interest rate and monthly payment substantially. H.A.R.P Programs will help you qualify for the best financing available through our preferred Investors and Lenders.
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Can I pay off debt or take out cash with my VA Benefits?
Not only can you refinance your home but also pay off additional credit cards, installment loans, 2nd mortgages, remodel or rehab your home and take any additional cash you choose to.
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Can a Spouse of a Veteran apply for a VA loan?
A spouse of a veteran can also apply for a VA loan under one of these conditions.
VA Benefits can be transferred from a deceased veteran to the surviving spouse based on:
Un-remarried spouse of a veteran who had died while in military service or from a service related disability
Surviving spouses of disabled veterans whose death may not have been from his disability
Spouse of a service member missing in action or a prisoner of war
Surviving Spouse of a deceased veteran who re-marries after the age of 57
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Why get a VA loan over other types of financing?
A VA home loan can have many benefits including; less stringent qualifications, lower interest rate and monthly payments, no costly mortgage insurance premiums, pay off addition debt, remodel or rehab your property, as high as 100% of your appraised value, low credit scores and take additional cash in hand for anything you choose to. VA Loans are assumable if you choose to sell your home to help you qualify more buyers to purchase your home for the highest selling price.

How do I start the process for my VA Benefits?
All you have to do is fill out a few basic questions and HARP Programs will put you in touch with our preferred lenders. After you have submitted these basic answers, our preferred lenders will contact you within 24 hours and they will be able to answer any questions you may have. They will also make sure that you qualify for these programs. You can see what you qualify for by filling out our easy to use form "See if You Qualify" or by calling our Toll-Free number today.
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