VA Loan Information

In these troubled times you need to be able to trust a lender that can help you with your VA loan needs. We have some of the most reasonably priced VA loans in the country. We do this by keeping our overhead low and processing all of our loans here and not shipping them out like a mortgage brokerage company. This is the benefit of getting a loan through a bank. Call or email us today for a free quote on what your rate would be shuold you refinance today.

There are 3 diferent types of VA loans available today. You can either purchase a home with $0 down payment and no Private Mortgage Insurance, pull cash out on the home up to 100% of the home's value or do just a streamlined rate reduction loan. These loans were all created to help those who served our country be able to finance the home at the best terms available. In these times of decreasing property values and tighter guidelines for getting home mortgages a veteran has an excellent tool at their disposal. The veteran can increase their cash flow by lowering their interest rate and lowering their monthly payment with no appraisal or income documentation. One of these programs the VA created is an Interest Rate Reduction Loan program called an IRRRL. This is an excellent loan option for veterans to lower their interest rate with very little or no out-of-pocket costs. These types of loans can be easily done with no hassle and are an excellent way to put cash back in your pocket.

When doing an IRRRL, or VA streamline refinance, it enables you to be able to refinance your loan to a lower market rate with little to no expense out of pocket. This is available to veterans who took out a VA loan when they initially purchased the home or currently have VA loan now as a result of a refinance that was done at a later date. There are 2 types of NO COST streamline loans that are possible when doing an IRRRL. You can either roll the costs of the loan in with the principal balance or take a higher interest rate and have the lender pay the costs on your behalf. Basically we will have to determine which makes more mathematical sense based on how long you plan on keeping the loan and when will the fees have paid for themselves.

Another great option for vets is the 100% cash out loan. Again you can increase your cash flow by lowering your monthly payment and also by paying off your revolving debts. This can be done without having PMI, or Private Mortgage Insurance, added onto the monthly payment like you would with a conventional loan. You can also use this loan to payoff your 80/20 loan you may have taken out when you purchased the home or combine 2 mortgages that were taken out at separate time.

One last great option is getting a VA loan when your purchase a new home. You can get into the home with $0 down and no PMI! The VA will allow the seller to pay up to 6% of the closing costs. The VA loan also has a very wide credit score allowance so you don't have to have perfect credit!



Advantages of an IRRRL streamline VA refinance

You will not have to have an appraisal
You will not have to supply any income or asset documentaion
You can have all of your expenses rolled into the new loan without having to bring any cash to the closing table

Typical Conditions of an IRRRL streamline VA refinance

You must be current on your existing VA home loan
You can't receive any cash back at the closing table

Additional Benefits of an IRRRL streamline VA refinance

You can possibly skip 2 monthly mortgage payments
You will receive your current escrow balance back from your old lender
You also can now finance any energy efficient improvements

Additional Loan Products

We also can help you with all your other home loan needs! We have many available mortgage products. Ask about our 100% VA cash out loan or 100% VA purchase loan with no PMI!