Guide to the VA Home Loan
Benefits of a VA Loan for Buying Your Home
- Many service members and veterans do not have to make a down payment for a VA loan.
- It can be easier to qualify for a VA loan compared to a conventional loan even if your credit isn’t excellent or if you have some debt.
- You may qualify for a lower interest rate so you will pay less over time with a VA loan.
Refinancing with a VA Loan
If you are thinking about refinancing your home with a VA loan, you may be able to get a better interest rates compared to a home equity loan and a line of credit. By choosing a VA cash-out refinance, you can borrow up to 100 percent of your home’s value. And if you already have a VA loan, you should speak to an Intelliloan® Refinance Specialist today to find out if you qualify to refinancing up to 120% of the value of your home.
Types of VA Loans
- A VA loan lets you have low fixed interest rates on 15-, 20-, and 30-year mortgages.
- If you are looking for a more short-term option, you could still receive a low rate with a 5-year ARM.
- Intelliloan® also finances Jumbo VA loans of up to $1,500,000.
Why Choose Intelliloan® for Getting Your VA Loan?
- We are a VA-approved lender processing VA loans regularly.
- Our Home Loan Specialists work directly with the VA to expedite all of your paperwork, including the Certificate of Eligibility.
- You can complete your loan application online and still get that personal assistance with one of our VA loan specialists.
- Continue to receive all of the benefits from our dedicated customer service team long after you close your loan with us.
- You can make your monthly mortgage payments online after you close.
- You can pre-pay your mortgage with no penalties.
How does a VA Loan Work?
- Is this your first time looking into at a VA loan? Your military service or situation should satisfy all of the VA guidelines for eligibility, but we can help you to find out.
- Have you previously used VA loan benefits? You might be able to use them again. We can help you with that as well.
- You can apply your basic housing allowance to make your monthly mortgage payments.
- VA loans do not require PMI (private mortgage insurance). This means a further reduced to your monthly payment.
- VA funding fee (this replaces PMI) could be rolled into the amount of your loan.
- You will not need a large amount money at closing because the VA places limits on what a lender may charge for certain fees.
How to Qualify for a VA Loan?
If you are a veteran looking to buy or refinance a home, you should consider a VA loan. Veterans sometimes believe that the process is more complicated than it really is (it is worth investigating no matter what). Only a few key qualifications will apply.
You should either be a currently serving member of the US military or be a veteran with an honorable discharge.
You could be eligible if you served for:
- 181 days during peace time (active duty)
- 90 days during war time (active duty)
- Six years in the National Guard or Reserves
- Or, if you are a surviving spouse of a military service member who died in the line of duty
A service member who was discharged due to a service-related disability does not have to meet duty time limits, and their funding fee could also be waived.
How can I obtain my VA Certificate of Eligibility?
A COE (certificate of eligibility) is the official proof of your service and required qualification for a VA loan. You can get your COE from the VA by completing the VA Form 26-1880. This can also be done online.