VA Loans on the Cheap!

Why a VA Loan?

There are many benefits to using your VA entitlement to finance your next home:

• No down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property).
• Lower, subsidized interest rates.
• Higher loan limits than traditional conventional mortgage products. The VA program technically doesn't have a loan limit, however, as of 1/2023, some of our most aggressive VA lenders allow for loan amounts of up to $4,000,000 (with no down payment required).
• More flexible credit standards than almost every other mortgage program in America.
• No monthly mortgage insurance payments, even with 100% financing. And if you have even a 10% service connected disability rating, you're exempt from even paying the VA Funding Fees that apply to all other Veterans and active duty servicemembers. If you don't have a service connected disability rating, you'll have to pay a VA Funding Fee, which will typically be "stacked" (or financed) on top of your loan amount (unless you opt to pay it out of pocket at closing). I'm happy to help you with the details of how this works - but this page on VA.gov provides a lot of great info as well, in case you'd like to research some of these details yourself: https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/.
  NOTE: The VA doesn't automatically issue disability ratings. The veteran has to ask. And as long as your electronic disability request is timestamped at least 1 day before your mortgage application is completed, even if not approved yet by the time closing is scheduled – your VA funding fees are subject to refund via principle reduction to your mortgage balance (even after closing). You just have to send your disability rating to your lender when you receive it. Your lender can then request the refund through the VA. This is a little complex - so if you would like further clarification, call, text or email me - and I'll be happy to go into more detail for you. To apply for your VA disability rating, go here: https://www.va.gov/disability/how-to-file-claim/.
• You can refinance without re-qualifying via the VA IRRRL (Interest Rate Reduction Refinance Loan), also known as the VA Streamline Refinance. You have to currently have a VA loan to qualify for an IRRRL. IRRRLs will even work on properties that are no longer your primary residence (your former home that you've since converted into a rental property). IRRRL's don't allow for cashout though…
• The VA offers the best cashout refinance program in America in my humble opinion. And it works in most states…sorry, not in Texas though (for an otherwise veteran friendly state, the Constitution of TX prevents use of the VA Cashout refinance program). If you need to access equity from your TX home, and you're VA eligible, we'll have to stick with conventional options or Home Equity Lines of Credit.
  As you might have guessed, the VA loan program has my vote as the best loan program in America, as it should be. If you are eligible for a VA loan, thanks for serving our country, and if you'd like my help navigating your options, contact me today.