What Is a VA Loan and how does it work?
A VA loan is a loan that is guaranteed by the VA on behalf of a qualified Veteran or their surviving spouses that allows them to purchase or refinance a home with little or no down payment. It can also be used to refinance an existing VA or conventional or even an FHA loan in order to reduce the rate and term or draw cash out. It requires no mortgage insurance, regardless of the down payment, and offers very competitive rates.
Some common misconceptions are that VA loans take longer to close than traditional loans and are more complicated. The truth of the matter is in today’s world of modern technology, VA loans typically close in the same time frame that conventional and FHA loans take to close.
Who qualifies and how do I start the process?
You may qualify if:
You served 90 consecutive days of active service during wartime
You served 181 days of active service during peacetime
You have more than 6 years of service in the National Guard or Reserves
You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability
There may be additional circumstances under which you may qualify. Contact us directly to learn more.
While we are happy to request the Certificate of Eligibility (COE) for you, it’s a good idea to obtain it directly by clicking the button below.
We are here to walk you through the process as needed.
VA LOAN SPECIFICS
A little known feature of the VA loan is that they don’t have an inherent maximum loan limit. That being said, the Veteran may be required to pay a certain percentage of down payment if the loan exceeds the established county loan limit. We can work with you to determine the numbers and down payment needed for you.
Click here to learn more regarding loan limits for your area:
After Action Review with Johnny Rojas & Lake Payne
"The veterans of our military services have put their lives on the line to protect the freedoms that we enjoy. They have dedicated their lives to their country and deserve to be recognized for their commitment."
– Judd Gregg
RLG Mortgage honors our US Veterans and we are committed to assisting you toward your goals of home ownership.
A few remaining key points to be aware of for VA loans
They are meant for primary residences only. There are certain limited situations in which you can rent out the home and we are happy to discuss those on a case by case basis with you.
Lastly, you don't have to be a first-time home buyer to use the VA loan for a home purchase. You are able to reuse the VA loan time and time again as long as you pay off the original loan either thru selling the property or refinancing the VA loan off the property.
Frankly, the VA loan is one of our favorite loan programs as we support our Veterans and believe your service and sacrifice has earned you the benefits of home ownership. Thank you for your service and we look forward to speaking with you!