VA Loan

Veteran Affair Loans

U.S. Department of Veteran Affairs (VA) Loans are made by approved lenders and guaranteed by the VA to eligible veterans for the purchase or refinance of a home.

Being guaranteed means the lender is protected against loss if you should fail to repay the loan. Often times this allows the lender to provide more favorable terms for the loan.

In most cases, no down payment is required and 100% financing can be obtained without the need of PMI. Other beneifts of using your VA benefits:

Closing costs comparable and sometimes lower than other financing options.
Right to prepay loan without penalties.
Mortgage can be taken over (assumed) by the buyer when a home is sold.
Counseling and assistance available to Veteran borrowers having financial difficulty or facing default on their loan.
Closing cost may be paid by the seller.
You can reuse the benefit.

Do you qualify for a VA loan?

Many people do not realize they may be eligible for a VA loan.

In order to qualify, the Veteran must have served for 181 days during peacetime, 90 days during wartime, or 6 years in the Reserves or National Guard. A surviving spouse of a service member killed while in the line of duty may also qualify for the VA home loan benefit.

Your Morgan Financial team can help determine if you are indeed qualified to use the VA home loan benefits.

VA Refinance Loan

VA Streamline Refinance loan, also known as Interest Rate Reduction Loan (IRRRL) allows you to refinance your current higher mortgage interest rate to a lower rate with no cash back. Streamline loans are often relatively easy, as they do not require much documentation to complete.

While the streamline refinance does not allow cash back, the VA will allow the closing costs to be rolled into the cost of the loan with no out of pocket expenses.

To be qualified for a VA streamline you must meet the following guidelines:

Be current on your mortgage with no more than one 30-day late payment within the last year.
The new monthly payment for your VA loan must be lower than the previous monthly payment, with an exception for refinancing an ARM (adjustable rate mortgage) into a fixed rate mortgage.
You must certify you previously occupied the property.
You must have previously used your VA eligibility on the same property you want to refinance.
No cash can be received from the streamline loan.

Contact your Morgan Financial Professional today to review your options for a VA streamlined refinance.