In today’s tough economy, the decision to become a homeowner is one of the biggest financial and personal decisions you can make. It is a decision that requires carefully weighing your options and picking one that is right for you. Buying a new house can be daunting and begs the question where exactly do I start?
For former & active military servicemen & women, that should be looking at Military VA Home Loans. VA Home loans are specifically designed for both active servicemen & and women as well as veterans by being guaranteed by the Federal Government and issued by specially approved lenders. When looking at the different loan options available, VA Loan Candidates benefit from special advantages not available to the general public. A common myth about real estate is that renting is always cheaper than buying a home, but this is not always the case with VA home loans due to the following key benefits:
- 0% Down Payments – Generally no money is required at closing
- Low Qualification Standards – Expanded credit criteria allow for easier loan approvals
- Competitively Priced Interest Rates – Guaranteed loans lead to lower monthly costs
- Jumbo Loans – Can exceed the $417,000 normal loan limit
If you have already gone through the home buying process and have an existing VA Home Loan then you may be eligible to save even more through VA Streamline Refinance. This loan is also referred to as a VA Interest Rate Reduction Refinance Loan (IRRRL) and is the most common refinance VA loan type available. The IRRRL works by refinancing your loan and lowering your current interest rate. This directly correlates to paying less money on your monthly mortgage payment. It is important to note that not everyone will qualify for this loan, and to do so you must meet the following requirements:
- Current on your mortgage with no more than one 30-day later payment in past year
- Monthly IRRL Payment must be lower than your previous loan’s monthly payment
- Cannot receive any cash from the IRRRL
- You must have previously used your VA loan eligibility on the property being refinanced
Integrity Financial Services is a VA Approved lender and can assist you whether you are a first time homeowner or looking to refinance. Take advantage of your military status and Contact Us or Give us a Call today at 1-877-760-9854 to find out more information.