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VA Home Loan Programs
VA Financing Options
The VA offers basically 2 types of mortgages with 2 variations that appeal to most home buyers. There is also a
special program offered to those that already home a VA Home Loan and wish to refinance.
VA Fixed-Rate Mortgages
Offers peace of mind by having the same monthly payments and interest rate for the entire life of the loan. The
longer the mortgage term the lower the monthly payment and shorter the mortgage term the quicker you will build
equity in your home. The mortgage terms available are as follows a 15 and 30year mortgage. The most a VA
Loan will lend is $417,000
VA Adjustable Rate Mortgages (ARMS)
Supply's a short term initial fixed-rate followed by periodic adjustments based on current market interest rates.
You will get the benefits of lower interest rates if rates continue to drop after your initial fixed rate term expires.
Your initial interest rate with an ARM is often lower then on a fixed rate mortgage. ARMS have initial fixed rates
for a period of 1, 3 or 5years and the rates usually adjust once per year after the initial fixed rate term expires.
VA Adjustable Rate VA Hybrid Loan
For the initial period of 3 or 5 years your loan is locked It and will adjust each year there after with a maximum
increase of 1% adjustment after the initial fixed interest rate period. The life time cap of the loan will be 5% higher
then the initial interest rate. The term of the loan is for 30 years for both options and some home buyers may like
this option because of the low introductory rate.
Growing Equity Mortgage And Graduated Payment Mortgage
These loans will begin with lower initial monthly payments and then will gradually increase. A Graduated Payment
Mortgage will begin to increase in the 5th year of the loan while the Graduated Equity Mortgage will have gradual
increased payments that will be directly applied towards the principal amount of the loan which will would payoff
the loan early
VA Streamlines The Refinance Process For Those Who Currently Hold A VA Loan
VA homeowners that wish to get rid of a current Variable Rate Mortgage or wish to get a lower fixed rate loan
which in turn will lower their monthly payment will benefit from this program.
The "VA Streamlined Refinance Program" can offer an Easy Approval Process
-No income or employment verification
-No Appraisal needed
-Credit score doesn't matter
-Can be late up to 2 mortgage payments
-Will receive a refund of any escrow balance held with their current lender
-Will be able to skip 1 months payment after refinance
The VA also offers programs for new home construction loans.
The VA offers basically 2 types of mortgages with 2 variations that appeal to most home buyers. There is also a
special program offered to those that already home a VA Home Loan and wish to refinance.
VA Fixed-Rate Mortgages
Offers peace of mind by having the same monthly payments and interest rate for the entire life of the loan. The
longer the mortgage term the lower the monthly payment and shorter the mortgage term the quicker you will build
equity in your home. The mortgage terms available are as follows a 15 and 30year mortgage. The most a VA
Loan will lend is $417,000
VA Adjustable Rate Mortgages (ARMS)
Supply's a short term initial fixed-rate followed by periodic adjustments based on current market interest rates.
You will get the benefits of lower interest rates if rates continue to drop after your initial fixed rate term expires.
Your initial interest rate with an ARM is often lower then on a fixed rate mortgage. ARMS have initial fixed rates
for a period of 1, 3 or 5years and the rates usually adjust once per year after the initial fixed rate term expires.
VA Adjustable Rate VA Hybrid Loan
For the initial period of 3 or 5 years your loan is locked It and will adjust each year there after with a maximum
increase of 1% adjustment after the initial fixed interest rate period. The life time cap of the loan will be 5% higher
then the initial interest rate. The term of the loan is for 30 years for both options and some home buyers may like
this option because of the low introductory rate.
Growing Equity Mortgage And Graduated Payment Mortgage
These loans will begin with lower initial monthly payments and then will gradually increase. A Graduated Payment
Mortgage will begin to increase in the 5th year of the loan while the Graduated Equity Mortgage will have gradual
increased payments that will be directly applied towards the principal amount of the loan which will would payoff
the loan early
VA Streamlines The Refinance Process For Those Who Currently Hold A VA Loan
VA homeowners that wish to get rid of a current Variable Rate Mortgage or wish to get a lower fixed rate loan
which in turn will lower their monthly payment will benefit from this program.
The "VA Streamlined Refinance Program" can offer an Easy Approval Process
-No income or employment verification
-No Appraisal needed
-Credit score doesn't matter
-Can be late up to 2 mortgage payments
-Will receive a refund of any escrow balance held with their current lender
-Will be able to skip 1 months payment after refinance
The VA also offers programs for new home construction loans.
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