- In 1944, the Servicemen’s Readjustment Act was established in to provide veterans and their surviving spouses with a number of benefits. Among these benefits was the VA loan program. VA loans allow veterans and military to purchase homes with 100% financing, no mortgage insurance, and limited closing costs. Access Capital Group Inc. offers great rates on VA loans in Washington, California, Arizona, Colorado, Florida, Idaho, Oregon, Wyoming, Minnesota, New Mexico and Utah.In order to apply for a VA loan, you need to meet eligibility requirements. Most veterans, military, and spouses of deceased military members will be eligible. Veterans can apply without any delay if minimum active duty service requirements have been met. Active duty servicemembers on the other hand will need to complete a minimum of 6 months of service first. National Guard and reservists will need to wait 6 years before the benefit kicks in. If they are called to active duty at any point, they will become eligible after only 181 days.
Anyone who intends to apply for a VA loan will need to obtain their Certificate of Eligibility. It is important to note that the COE only proves to your lender that you have met the minimum service requirements. It is not a guarantee that you will be approved for a loan. One of the easiest ways to get your COE is through the VA’s eBenefits Portal. We can help you with the process when you are ready to apply as well.
VA Loan Benefits:
- 100% financing (appraised value cannot exceed sale price)
- 500 Minimum Credit Score
- VA funding fees can be financed with the loan (up to 3.3%)
- No private mortgage insurance (PMI)
- No pre-payment penalty
- VA regulation limits closing costs
- Sellers can pay all closing costs
- Up to $453,100 loan amount (certain counties may be higher)
Every loan is subject to a VA funding fee of 0 to 3.3% of the loan amount that is paid to the VA. Borrowers are able to finance this fee if they choose.
For those who currently have a VA loan, there are a few refinancing options available as well. When refinancing, a veteran can borrow up to 100% of the appraised value of the home. VA cash-out refinance loans are available for homeowners who need extra cash for home improvements, high-interest debt consolidation, and other various expenses. The Interest Rate Reduction Refinance Loan (IRRRL) is available to veterans looking to lower their interest rate. This is commonly referred to as the VA’s streamline refinance loan.
Access Capital Group Inc. is here to help the many veterans with all their VA loan needs. Whether you are looking to purchase your very first home or are looking to take advantage of the VA loan program to refinance, we can help you find a loan that meets your exact needs. Access Capital Group Inc. offers great rates on FHA loans in Washington, California, Arizona, Colorado, Florida, Idaho, Oregon, Wyoming, Minnesota, New Mexico and Utah.