VA Loan

The Best Choice For Military And Veterans

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A VA loan is perhaps the most powerful and flexible lending option on the market today. Rather than issue loans, the VA instead pledges to repay about a quarter of every loan it guarantees in the unlikely event the borrower defaults. That guarantee gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified veterans.

Far and away, the most significant benefit of a VA loan is the borrower's ability to purchase with no money down. Apart from the government's UDSA's Rural Development home loan and Fannie Mae's Home Path, it's all but impossible to find a lending option today that provides borrowers with 100 percent financing.

VA loans also come with less stringent underwriting standards and requirements than conventional loans. In fact, about 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the loan amount.

Benefits of VA Loan

  • Down payment as low as 0%.

  • Higher allowable debt-to-income ratios than many other loans.

  • No mortgage insurance required

  • No prepayment penalties

Who Qualifies

  • Active duty service members and veterans.

  • Those who served 90 consecutive days of active service during wartime.

  • Those who served 181 days of active service during peacetime.

  • Those with more than 6 years of service in the National Guard or Reserves.

Streamline Refinancing (IRRL)

  • Closing costs and fees can be rolled into the new loan (out-of-pocket expenses).

  • The IRRRL allows you to refinance into a fixed rate or adjustable rate loan.

  • You must be current on your mortgage with no more than one 30-day late payment within the past year.

  • Your monthly payment for the IRRRL must be lower than the previous loan's monthly payment.

Cash-Out Refinancing

Changing the terms of your VA loan can benefit you and maximize your home's eequity. Refinancing can allow you to free-up money for home improvements, emergencies, pay off debt, or any other purpose. Let us help you decide whether or not you should refinance your current mortgage at a lower interest rate.

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Our Happy Clients

It's a great time to purchase or refinance your new home. Get the process started by applying with The Newfinity Group today!