A VA-guaranteed loan is a loan made by private lenders, like us, to eligible veterans. If you want to purchase a home, condominium or manufactured home, the VA can guarantee up to $417,000 of the total loan — much higher than you can get with most conventional home loans. If you are considering refinancing an existing loan, VA offers you two options. You can either refinance to reduce your current interest rate or you can take equity out (cash-out). The “cash-out” option is limited to $144,000.
Most importantly, no need to worry about financing a down payment (the portion of the home purchase price which the buyer pays in cash and does not finance) with a mortgage on a VA loan. With a VA guarantee you can expect a competitive interest rate.
Major Benefits of a VA Home Loan:
- Purchase a new home with no money down
- Refinance an existing VA loan to reduce the interest rate
- Refinance for Home Improvement