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VA Loans

What are VA Loans?

U.S. Military veterans and service members have found it difficult to establish the credit score needed to qualify for a conventional home loan.  In order to make homeownership more attainable for American Veterans, the Department of Veterans Affairs established the VA Home Loan, which guaranteed a portion of the loan and enabled lenders to provide more favorable loan terms. This guarantee allows lenders like Borrow Smart to offer home loans to our Veterans that may not be able to qualify for a conventional loan.  The VA Home Loan program has assisted more than 20 million Veterans & Service Members buy a home since WWII. 

VA Purchase Loan

Whether you are on active duty or retired from the military and in the market for a new home, you should call Borrow Smart to learn how you could save money with a VA Loan.  Key Benefits of a VA Purchase Loan:

  • No down payment unlike conventional or FHA loans. (As long as the sales price does not exceed the appraised home value).
  • No PMI or upfront Mortgage Insurance Premium will allow you to keep your monthly payments low.
  • VA Loans typically have lower interest rates.
  • VA funding fee may be financed into the loan.

*As long as the sales price does not exceed the appraised home value.

VA Streamline (IRRRL) Refinance (Interest Rate Reduction Refinance Loan)

If you are already a homeowner, then consider refinancing into a VA IRRRL (Interest Rate Reduction Refinance Loan) also called the Streamline Refinance Loan. The VA IRRRL allows you to lower your interest rate by refinancing your existing VA home loan.  By completing this process you will not only decrease your interest rate you will reduce your monthly mortgage payment. You can also modify your existing VA Loan by refinancing an adjustable rate mortgage (ARM) into a fixed rate mortgage.  Key benefits of a VA Streamline Refinance Loan:

  • Lower interest rates compared to conventional loans.
  • Designed to be easy to apply and quickly close.
  • Flexible loan terms—there’s no need to extend your current payment schedule.
  • Minimal paperwork and income documentation required.
  • Closing costs can be rolled into the cost of the loan—no out of pocket expenses.

VA Cash-Out Refinance

The VA’s Cash-Out Refinance Loan is for homeowners who want to take cash out of their home equity to take care of concerns like paying off debt, funding school or making home improvements. As home values continue to rise across the country and interest rates remain relatively low, now may be a great time to consider a VA Cash-Out refinance.  Key benefits of a VA Cash-Out Refinance: 

VA Home Loan Eligibility 

You may be eligible for a VA Loan if you are currently active or former service members with the following terms of service today:

  • 181 days of service during peacetime (active duty)
  • 90 days of service during wartime (active duty)
  • Six years of service in the Reserves or National Guard
  • Some surviving spouses (spouse passed away due to service-related complications)

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