May 28, 2017

Loan Programs For Veterans

Refinance

New! Interest Rate Reduction Loan Program

The VA is now offering VA adjustable rate mortgages to help you reduce your interest rate and reduce your monthly payment. If you are on active duty and might be reassigned within the next three to five years. This could be the loan for you. If you plan on staying in your home for several years and want to lower your monthly payment, you can take advantage of this new loan program.

Energy Efficient Home Improvements Refinance

Get up to $6,000 cash out of your home for Energy Efficient Improvements to your home. Add insulation, install new windows, upgrade to a new furnance. Combine it with a lower interest ARM and you will save money every month and increase the value of your home.

Purchase

VA loans

These loans are designed to help veterans who served our country in purchasing a home. With a VA loan you can purchase a home with no down payment and it is generally easier to qualify for a VA loan. Below are a few different loan programs.

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VA Loan Programs

30-year fixed

This is the most common loan. The interest rate remains fixed, and the payments remain the same for the life of the loan. As the name suggests, the loan is structured to be repaid at the end of 30 years. This loan is an excellent choice if you plan to stay in your home for many years.

15 year fixed

This program is similar to the 30-year fixed, except it is structured around a 15-year time period. The monthly payment is higher, but there is substantial savings in interest because the loan is paid off in 15 years.

Adjustable Rate Mortgage (ARM)

An ARM usually has an initial lower interest rate than a fixed rate loan and therefore a lower payment. The interest will adjust, either up or down, depending on market conditions. This is an excellent program to help you qualify for a larger loan amount. Also if are considering moving within 7 to 9 years, you may want to consider an ARM.

VA Jumbo Loans

These are loans over $240,000. Veterans who live in high cost areas or who wish to purchase or refinance a home loan with a price in excess of $240,000 can now use their VA status to do so. Learn More.