VA Home Loan for VeteransBy admin | July 12, 2017 | Our Services
Homewood Mortgage LLC provide VA Home Loan for Veterans in Houston TX. The VA Home Mortgage is one of the only home loans available today with no down payment. Contact our VA Home Loan mortgage officer and get facilitated with the best. There are some disadvantages too, however, and we’ll guide you through all the questions you’ll want to ask before applying for a VA mortgage. If you’ve already done your assignment and know that a VA home loan is right for you, get VA mortgage quotes from Homewood Mortgage LLC.
What is a VA Loan?
The VA Loan became known in 1944 through the original Servicemen’s Modification Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation’s economy.
With more than 25 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantages. Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980, or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.
Best overall mortgage lenders for VA loans
Eligible veterans, Reservists, and Active Duty personnel and their eligible spouses with suitable credit, sufficient income and a valid Certificate of Eligibility (COE) can take advantage of 100% financing options with a VA Mortgage, guaranteed by the Department of Veterans Affairs. The property must be occupied by the veteran as their primary residence.
- Finance options up to 100%1
- Fixed rate (payments stay the same through term)
- Max loan amounts determined by property location
- No Private Mortgage Insurance (PMI) or Upfront Mortgage Insurance Premium (UMIP) required
- Seller contributions up to 4% are allowed
- Refinance options available
- 2017 Loan Limits (Effective Jan. 1, 2017): VA’s 2017 Loan Limits are the same as the Federal Housing Finance Agency’s limits.
Visit Homewood Mortgage LLC for clear, step-by-step information on the home-buying process.
VA Streamline Refinances
The VA streamline refinance program is also known as the VA IRRRL, which stands for Interest Rate Reduction Refinancing Loan. It’s exclusively for those with VA home loans.
If you currently have a VA loan, consider a VA IRRRL. It’s an easy way to refinance your VA loan to the lowest fixed rate available and lower your monthly payments with minimal out-of-pocket costs.
- Available for existing VA mortgages only
- No appraisal required
- No VA-required inspections
- Fixed-rate terms
Note: Homes currently listed for sale aren’t eligible for refinancing.