VA government-backed home refinance loans

 

What You Need To Know About VA Refinancing And VA Home Loans

Attn: Special Rates Available Until For Residents Of Virginia & Neighboring States!
 

Government loans are guaranteed by two agencies:   the Federal Housing Administration (FHA) loans or the Veterans Administration (VA) loans.  They can also be used to re-finance, as in VA refinancing.  Please note that Peak Home Loans are experts at getting our clients the hassle-free, low cost, easy approval on the VA refinance loan they desire.  Another thing to remember, most people have better credit than they think, usually Fair Credit or better, keep this in mind while filling out our online form.   When contacted by us, kindly ask our loan professional any question you may have.  They will be more than happy to assist you in finding the best loan, either a conventional or a VA refinance, for your particular circumstance.   Remember, all loans don't fit all people;   if you need a mortgage loan, we'll find the right one for you.

Qualifying for a VA loan can be a great asset for a homeowner or prospective homeowner.  If you have served in the military, you can qualify for a Veteran's Administration loan for a home purchase or a mortgage refinance.   The best news is that you don't need "good" credit to qualify, and you will only need to put as little as nothing down.  Please read below to see if you qualify.  And if you do, thank you for serving.

VA loans, according to VA.gov, are designed to help military veterans with home purchases and home refinancing.  There are advantages to pursuing a VA loan, if you qualify.

  • Easy to qualify for if you have veteran status, lower FICO accepted.
  • No down payment required.  Vet's can borrow more of the total property value, up to 100%, as opposed to up to only 80% through a conforming loan.
  • No Private Mortgage Insurance (PMI).  Other loan types of loans, FHA for instance, require PMI and determine the value of the mortgage insurance necessary based on the amount of equity the home owner has in the home.
  • Higher debt-to-income ratio's allowed, up to 41% or more versus 36% for conventional loans.
  • No pre-payment penalties.  Pay off your home as soon as you like without penalty. 

VA loans are great, and recommended for, those individuals who are buying a home for the first time, may not have a lot of money to put down a house, and are running into problems obtaining other loan types.  Peak Home Loans can help find the right loan for you.  There are many people out there who may qualify for a VA loan but not realize it.  Peak Home Loans can assist you in obtaining a Veterans Administration home mortgage or a Veterans Administration refinance, if you have poor, fair, good or excellent credit.

VA refinancing

Many Americans Qualify For A VA Loan

Qualifications For A VA Loan

If you are a veteran, during the times in the following tables, you may qualify:

Wartime
Service from: World War II September 16, 1940 to July 25, 1947
  Korean War June 27, 1950 to January 31, 1955
  Vietnam War August 5, 1964 to May 7, 1975
  Persian Gulf War August 2, 1990 to date

During wartime, you must have at least ninety days of active duty.  Additionally, you may not have a dishonorable discharge on your record.  A discharge due to disability, with less than the 90-day requirement, may also qualify you for a VA loan.

Peacetime
Service from: March 26, 1947 to May 26, 1950
  February 1, 1955 to August 4, 1964
  May 8, 1975 to August 1, 1990

During peacetime, you must have at least one hundred eighty one consecutive days of active duty.  Notice, the length of service is twice that for peacetime duty than wartime.  Additionally, you may not have a dishonorable discharge on your record.  A discharge due to disability, with less than the 181-day requirement, may also qualify you for a VA loan.

Additional Questions Regarding VA Loans:

 1) Are children and spouses eligible for VA loans?
If a serviceman/woman died or was disabled while serving in the military, the spouse qualifies for a VA loan.  Children are not eligible to receive VA loans.
 2) Who provides VA loans?
Regular banks make a VA loan.  But, the federal government guarantees these loans in case of foreclosure.  This government guaranty allows banks to make VA loans with a small or no down payment.
 3) Are VA loans available for those previously foreclosed on?
Yes, VA loans are available with a prior foreclosure.  One of our mortgage specialists would be more qualified to further discuss this question.   They would be able to guide you through the entire loan process from beginning to end, plus other flexibilities.

Please note that there are many mortgage options other than a VA loan.   One of our mortgage professionals can assist you with finding the perfect loan for you.  For example, a fifteen-year or thirty-year mortgage would be appropriate if you think you are going to stay in your house for awhile.  If you think you are going to move, or are going to refinance in the near future, an adjustable-rate-mortgage would be more appropriate.  The bottom line is Peak Home Loans is here to help.