VA loans cheat sheet: What to know
Buying a house is exciting, but it can also be a complex and stressful process. You will likely need a loan, but how do you know which is right for you? How do you go about getting a loan? If you’re a current or former military service member, you may qualify for a VA loan. Here’s your handy VA loan cheat sheet to help you find out if it’s the right option for you.
What is a VA loan?
A VA loan is a type of loan offered through the Veterans Administration for eligible military service members. The loan can help you buy, build, or improve a home.
Who qualifies for a VA loan?
Eligible service members, including veterans, reservists, and active duty personnel, plus eligible family members, may qualify for a VA loan.
Benefits of getting a VA loan
VA loans offer a variety of benefits.
- There’s no down payment required
- Your down payment and closing costs may come from a gift or grant
- Available options allow flexibility in income, debt and credit requirements
- There’s no requirement for mortgage insurance
- Loans are available in fixed-rate and adjustable-rate options
Types of VA loans
When it comes to VA loans, there are a number of different loan types available.
Purchase loan: A purchase loan can help you get better lending terms when seeking a loan to buy a house.
Native American Direct Loan (NADL): The NADL program helps Native American veterans as well as veterans married to a Native American receive a loan to purchase, build, or improve a home on federal trust land.
Interest Rate Reduction Refinance Loan (IRRRL): If you already have a VA-backed home loan, you may be able to qualify for a VA-backed IRRRL to help reduce or stabilize your monthly payments.
Cash-out refinance loan: A VA-backed cash-out refinance loan allows you to take cash out of your home equity in order to pay for other needs, such as school costs, paying off debt, and more.
How to get a VA loan
Interested in getting a VA loan? There are a few steps you’ll need to take in order to do so. First, you’ll need to apply for a Certificate of Eligibility (COE). You can apply for one on the VA’s website, through the VA’s Web LGY system, or by mail.
Next, depending on which type of loan you’re seeking, you’ll need to work with a private mortgage company, such as Mortgages by Jill. I’ll help you through the loan process.
Before a loan can be given, I’ll request a VA appraisal of the house, which will give me more information about its market value, and I’ll look at your income information and credit score. If you qualify for the loan and your application is accepted, we’ll discuss the next steps for getting you into your new home.
About Jill Burgess of Mortgages by Jill
In my 30 years of experience, I’ve helped a number of people become homebuyers by personally funding more than $2 billion dollars in mortgage loans. In addition to VA loans, my company offers a variety of other loan types and programs, including programs for first time homebuyers, medical professionals, community personnel, and more. I know how big of an impact having your own home can make, and I’m passionate about making that a reality for residents in North Carolina and beyond.
There’s a lot to consider when applying for a loan. Mortgages by Jill is here to make the process feel less overwhelming. Click here to learn more or apply for a loan today.
