VA Loan Programs

In general the VA has 5 different home loan programs that eligible veterans many apply for. They are as follows

VA Streamline Loan

The VA offers what is called the VA streamline loan, or IRRL Loan. This loan offers Veterans a low-interest rate loan with a very minimum amount of paperwork. The VA Streamline Refinance allows VA homeowners to refinance their current house with little or no cash (out-of-pocket money).

The VA streamline loan is considered one of the best benefits that the VA has to offer in times when interest rates drop. Of course you must currently be in a VA loan in order to be eligible for a VA streamline loan.

VA Loan for Home Purchases

VA home loans offer Military Veterans the ability to purchase a home with a price not to exceed $417,000.00. The seller can cover up to 100 percent of the closing costs, and still allow the Veteran to have the lowest possible interest rate. The VA issues a guarantee for the loan. Therefore, there is no down payment required for a VA home loan.

VA loans are perfect for first time home buyers who are looking to purchase a home.
Buying a home through the VA is a fantastic way to save money. The VA offers a veteran the chance to buy a home at great prices, low interest rates and requires zero monthly private insurance. The VA Buy a Home Program” was created to allow those who are serving in the military or military veterans the opportunity to purchase a home without producing a down payment and allows the home to 100% financed. Buying a home is an important step an individual’s life. The process of qualifying for a VA loan is very easy to understand and it is much easier to qualify for a VA loan than a conventional home loan.

VA Cash Out Loans

Whether you need to make improvements to your home, consolidate a second loan or other higher rate debts, or just need cash, the VA cash-out loan may be the loan for you.

The VA cash-out program has helped many of our armed services Veterans both improve their finances and home’s improvements. However, in today’s harsh real estate market, many VA lenders are limiting the loan-to-value ratios on these types of loans to 85%.

VA Energy Efficiency Improvement Loan

In the current economy, being able to save as much as you can on things such as home heating and air conditioning is important. If you are a veteran and you already hold a VA home loan, then you could qualify for a VA energy efficient loan. VA energy efficient loans allow you to make improvements on your new home or a refinance loan that allows you to make your older home more energy efficient. In the long run, the loan may actually save you money because you will be able to significantly reduce your heating and cooling expenses. An energy efficient house is more valuable and saleable in the long run.

As a veteran, you can also combine the VA energy efficient loans with your EXPRESSVALOAN.com existing fixed rate or adjustable VA mortgage loan. VA energy efficient loans allow you to borrow up to $6,000 for home improvements regardless of the appraisal of your home. In order to get an VA energy efficient home loan you need to find an approved VA lender. You will need to submit proof of your military service, residency of the state you live in and the proper forms to the VA to get a certificate of eligibility.

VA Home Construction Loan

Veteran home buyers now have a way to finance a new construction project with a VA insured loan.
A VA construction loan usually will require zero down payment which can serve to provide ease and speed in regards to acquiring a cash advance. No down payment, while most often convenient, does present an issue for those who wish to acquire a construction home loan. Most banks and lending agencies are opposed to offering any form of cash advancement for a building venture no matter who is one seeking the loan is a veteran or not. By no means is there a cause for disrespect, rather, allowing for no down payment for a building project can prove to be much riskier than an absence of payment for a regular loan. Financial institutions refrain from approving of such cash advancements, however many companies have services through which to make the process of gaining approval much easier.

There are companies around which will finance a VA construction loan, however, no funds will be received until the project is finished. Therefore, a builder who is selected for whatever building job is in question, must have enough of the materials on hand or in supply in order to finish the project. This is easy to manage if a builder does have sufficient inventory which is usually the case for those who are serious about turning a profit and being successful in the industry. Any reputable builder will be able to work with a military veteran and the terms of the loan in order to promote a successful partnership for the duration of the agreement.