• Home
  • Apply
  • LOG IN
  • Careers
  • Community
  • Corporate
  • Customer Service & Payments
  • Loan Officers
  • Loan Options
  • Locations
  • News and Media
  • Resources
  • Reviews
  • Search

  • Careers
  • Community
  • Corporate
  • Customer Service & Payments
  • Locations
  • News & Media
  • LOG IN
Search
Generic filters
Exact matches only
Filter by Custom Post Type
Menu

800-970-4637

  • Apply
  • Loan Options
  • Loan Officers
  • Resources
  • Reviews

Who Qualifies for VA Home Loans & How to Apply

Who Qualifies for VA Home Loans & How to Apply

CategoriesBuy-Purchase-Sell / News & Awards / Refinance / VA Loans

Rebecca Squyres

May 23, 2017

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!

Thank You for your Service message from GMFS Mortgage to U.S. Veterans, including our employees

Search
Generic filters
Exact matches only
Filter by Custom Post Type

Categories

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

 

GMFS Mortgage is a BBB Accredited Mortgage Lender in Baton Rouge, LA

 

Equal Housing Lender. ©2017 GMFS LLC. Loan programs not available in all states, or to all consumers. All loans are subject to availability at the time of application and for terms that meet each individual consumer’s needs and qualification information. Loan applications are subject to credit and property approval. GMFS LLC encourages all consumers to consult with a tax advisor concerning the tax implications for the type of mortgage sought. All mortgages are originated by GMFS LLC, NMLS ID #64997, at 7389 Florida Blvd. Suite 200A Baton Rouge, LA 70806. The retail division of GMFS LLC is Doing Business As “GMFS Mortgage”.

  • Home
  • Apply
  • Customer Service & Payments
  • Corporate
  • Locations
  • State Licenses
  • California & Texas Disclosure
  • Privacy Policy & Security
  • GMFS Terms of Use
  • Sitemap