VA Home Loans

Individuals who serve in the United States military and work to protect the country and its citizens sacrifice a great deal. They spend time away from their family, work around the clock (often in horrendous conditions), and risk their lives regularly.

To give back to these individuals, the US Department of Veteran Affairs has developed the VA home loans program, a program designed to make home ownership more affordable. This VA home loans guarantee program may be used to buy or build a home, repair an existing one, retain a home, or adapt it for personal occupancy. Private lenders provide these loans while the VA guarantees a percentage of the loan, allowing the borrower to obtain more favorable terms.

The Benefits Of VA Loans

Veterans, military members, and surviving spouses of veterans qualify for VA loans
Fast approval and minimal red tape
VA loans may be used for purchasing a home or refinancing an existing residence
There is no down payment required with a loan of this type
The interest rates are extremely competitive
No private mortgage insurance is required
The loan may be used for other purposes, such as paying off debt or funding education

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A variety of VA loan programs are offered, depending on the needs of the borrower. The purchase loan is the one most individuals are aware of, but the VA also offers an Interest Rate Reduction Refinance Loan, one that allows a borrower to obtain a lower rate of interest by refinancing their current VA loan. The Native American Direct Loan program is offered to Native Americans wishing to purchase, build or improve on a home that is on Federal Trust Land, and this program may also be used to reduce the borrower’s current interest rate. An adaptive Housing Grant is available to individuals who have a service-related disability, one that is permanent and total, so the individual can purchase or build a home that accounts for their disability or modify an existing residence for this purpose. Other resources are also offered through the program, including property tax reductions for some who have served.

Features Of A VA Home Loan

Like any other type of loan, there are requirements borrowers must meet to be approved for a reverse mortgage. The Hud.Gov website lists the following requirements:

Borrowers may choose from a 15, 20 or 30-year fixed rate loan or may opt for a 5-year adjustable rate mortgage loan
Jumbo loans are offered for those wishing to buy a more expensive residence, and borrowers may obtain up to $1,094,625 in the continental United States or $1,500,000 in Alaska and Hawaii.
Those looking to obtain cash from a refinance loan may obtain up to $235,000 cash-out
Individuals may refinance the value of their primary home
The refinance process has been streamlined, and borrowers find there are flexible documentation requirements and a reduced funding fee when they currently have a VA loan
Primary homes may be purchased with no down payment, and there is no private mortgage insurance required.
The United States Department of Veterans Affairs governs the VA home loans program

Eligibility

Many factors play a role in whether an individual is eligible for a VA Home loan. The service commitment or length of service is one, with the character of service and duty status being others. Purchase loan or cash-out refinance loans are available to those who plan to occupy the residence. A spouse or dependent of an active duty service member may also apply for this type of loan. Borrowers must have satisfactory credit, enough income to meet the monthly payments, and a valid Certificate of Eligibility, or COE.

Those wishing to obtain an Interest Rate Reduction Refinance Loan must have an existing VA guaranteed loan, while individuals applying for the Native American Direct Loan program need a COE. In addition, the tribal organization must participate in the loan program. Adaptive Housing Grants are available only to those who have a permanent and total disability, and the grant may come in the form of either a Specially Adapted Housing or Special Housing Adaptation grant. The Specially Adapted Housing grant is to build a home, remodel an existing home, or to pay down the unpaid principal mortgage balance of a home that has already been adapted without VA grant assistance. The Special Housing Adaptation grant is to adapt an existing home, one the veteran wishes to purchase, or one that has already been adapted in this manner.

How The Process Works

Borrowers who choose a fixed rate loan find they pay the same amount every month. The payment is based on the principal loan amount, the mortgage interest rate, and the amortized interest over the life of the loan, typically a period of 15, 20 or 30 years. The payment amount doesn’t change over the life of the loan
Those who choose an adjustable rate mortgage will pay a fixed amount for a period of five years. Once this time is up, the interest rate adjusts according to current market conditions. It may go up or down, depending on what the market is doing
The actual payment varies based on the borrower’s financial situation and the interest rate when the loan is obtained

Applying For A VA Home Loan

Individuals wishing to obtain a purchase loan or a cash-out refinance loan need to obtain a COE, and this may be done through the eBenefits portal, via mail, or through many lenders. Interest rate reduction loans require the presentation of the existing COE or e-mail confirmation may be obtained by the lender. Before applying for a Native American direct loan, individuals must ensure their tribal organization participates with the program. Once this has been done, a COE must be obtained, as described above. An adaptive housing grant requires that the borrower completes an online application via a VA Form 26-4555 or by downloading and completing this form.

Save money with the help of VA home loans. Service members deserve additional benefits, as they and their families sacrifice a great deal during their service. A home loan makes home ownership more affordable for every military member, veteran and surviving spouse of a member of the armed forces. Visit a lender today to learn more about this amazing program and how it may be of help. Mike and Brian at Fellowship Home Loans will work with you to help you determine which program ideal meets your needs.

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Nile & Stephanie
Our experience with FHL was exceptional, from our initial meeting to the actual closing. We were kept informed, given the right level of information and received...
Mark & Sharri D
Glad we can have a new mortgage with Biblical principles.Thanks for making this process very simple. :)
Camille M, Upper Marlboro, MD
I heard Fellowship Home on the radio and I wasn’t expecting they would be able to help me lower my rate because my current bank couldn’t do anything. I was shocked when they said they could do the loan AND pay off some of my credit cards as well. I was waiting for something to go wrong with the process because of my past experiences with mortgage companies but they did everything they said they would do. Simply amazing!
John C, (Jersey City, NJ)
I didn’t have great credit and had been getting the run around from banks when I had tried to lower the rate of my mortgage. I had heard Mike and Brian on the radio for years and God was telling me to try with them because they would be straight with me even if I didn’t qualify. Not only did I get a great rate, but I got 2 months off from paying my mortgage and $1,000 back at closing. I will never forget what they did for me.
Adelle W, (Trenton,NJ)
My sister had refinanced with Mike and Brian so I gave them a call when I was looking to purchase my first home. I was very unfamiliar with the process of course and very nervous of course. They held my hand and walked me through the process and I was a homeowner just a few weeks later. They truly helped me achieve the American dream of home ownership!

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VA Home Loans

The Benefits Of VA Loans

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Features Of A VA Home Loan

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