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VA Loans

VA Loans

More about the VA Renovation Loan Program

The VA Renovation Loan Program is a government-backed initiative designed to help active duty military personnel, reservists, veterans, and surviving spouses. Purchase and refinance options are available — with either option providing funds for minor alterations, repairs, and improvements as part of the same mortgage. It’s perfect for those looking to do repairs such as
repainting, fixture swaps, or accessibility upgrades such as ramps and rails. And as with other VA loan products, borrowers can take advantage of a “no money down” option along with traditionally low interest rates.

PROGRAM HIGHLIGHTS
■ No minimum repair amount
■ Minor alterations, cosmetic repairs, and non-structural repairs allowed — including accessibility upgrades
■ 10-, 15-, 20-, 25-, and 30-year fully amortizing fixed rate terms available
■ Purchase and regular (non-IRRRL) refinance transactions permitted
■ 1- to 2-unit primary residences, including manufactured housing permitted

NON-ELIGIBLE AREAS
■ Hawaii
■ Alaska

100% FINANCING ON VA HOME LOANS

The Department of Veterans Affairs has created mortgage programs designed specifically for military personnel, veterans, and surviving spouses of those who have so valiantly served our country. VA mortgage programs are among the most important benefits available to our military!

PROGRAM HIGHLIGHTS
■ 620 minimum qualifying credit score
■ 10-, 15-, 20-, 25-, and 30-year fixed rates available
■ Up to 100% LTV for purchase and refinance transactions
■ No LTV limits for VA Interest Rate Reduction Refinance
Loans (IRRRLs) for transaction with less than one discount point

ELIGIBLE TRANSACTIONS
■ 1- to 2-unit primary residences
■ Non-owner occupied residences allowed for IRRRLs
■ VA approved condos and PUDs
■ Manufactured housing
■ Purchase transactions
■ Cash-out (Type I and Type II)
■ Jumbo VA program also available*

ELIGIBLE BORROWERS
■ Active duty
■ Veterans
■ Reservists
■ National Guard
■ Surviving spouses†

* Additional restrictions apply.
† See guidelines for specific details about surviving spouse eligibility.

MORE ABOUT IRRRLs

The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable-rate mortgage (ARM) into a fixed-rate mortgage. Generally, an IRRRL offers lower interest rates with lower principal and interest
payments than the existing VA loan. The Department of Veteran Affairs created this mortgage program to help veterans and their families become homeowners and build, repair, retain, or adapt a home for personal occupancy.

PROGRAM HIGHLIGHTS
■ 620 minimum qualifying credit score
■ Unlimited LTV for loans with discount point amounts
that are less than or equal to one discount point; 90% LTV for loans with discount point amounts that are greater than one discount point
■ No appraisal required for loans with no discount points charged

ELIGIBLE PROPERTY TYPES
■ 1- to 2-unit primary residences
■ 1- to 2-unit non-owner occupied residences
■ VA-approved condominiums
■ PUDs
■ Singlewide and multiwide manufactured housing

Interested in a VA Loan? Contact us via the form below!

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