Who Qualifies for VA Home Loans & How to Apply
Even the most experienced military borrowers aren’t familiar with this very powerful lending program. So, what exactly are the benefits, eligibility, and requirements?
What is a VA Loan? A VA Loan is a mortgage loan that is backed by the Department of Veterans Affairs (VA) for those who have served, are currently serving, or eligible surviving spouses.
What types of VA Loans does GMFS Mortgage offer? GMFS Mortgage offers two types of VA loans, the Purchase Loan and the Interest Rate Reduction Refinance Loan (IRRRL).
The Purchase Loan is to be used to purchase a home at a competitive interest rate, often without requiring a down payment.
The IRRRL, also referred to as the Streamline Refinance Loan, can help you obtain a lower interest rate by refinancing your existing VA loan.
What are the Eligibility Requirements for a Purchase Loan? To be eligible, you must have satisfactory credit (600 or above), sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE). To learn more about the eligibility, Click Here.
What are the Eligibility Requirements for an Interest Rate Reduction Refinance Loan (IRRRL)? The IRRRL is a “VA to VA” loan. This means it can only be done if you have an existing VA guaranteed loan on the property. The IRRRL is typically performed to lower the interest rate and reduce the monthly payment on an existing VA guaranteed loan. For more information, visit our VA Home Loans page.
How to apply for a VA loan? For more information or a free, no obligation consultation by an experienced GMFS Mortgage Loan Officer, request a meeting and we’ll help find the right home loan solution for you!