What is a VA Loan?
A VA loan is a mortgage loan available to Veterans as well as current Service Members. The VA loan originated in 1944 as part of the original Servicemen’s Readjustment Act. With the signing of the Servicemen’s Readjustment Act it provided Veteran’s and current service members with a federally guaranteed home loan with no down payment. This benefit was specifically designed to provide housing and assistance to Veteran’s and their families. VA Guaranteed loans are provided by mortgage companies, banks, as well as credit unions. VA guaranties the loan, which means the lender providing the VA Loan is protected against potential losses if the Veteran defaults on their VA Loan.
What is the minimum credit score for a VA Loan?
You don’t need excellent credit to qualify for a VA Home Loan. VA does not require a minimum credit score, however many investors and lenders require a minimum credit score of 640. While most lenders require a credit score of 640, Regent Financial is proud to say that we require just a 600 credit score for those looking to secure financing through a VA loan. We understand that unfortunate things happen to good people, and we want to work with you. It is important to review your credit report closely as there may be inaccuracies on your credit report harming your credit scores.
What is the Interest Rate on a VA Loan?
VA does not establish the interest rate for mortgage loans to be guaranteed or set either a maximum or minimum on the interest rate or discount points that may be paid by you. Lenders establish interest rates for the VA Loans that they offer. The interest rates for VA Loans can adjust and change through out the day. There are a number of items that can affect the interest rate you qualify for, including your credit score. To determine what interest rate you qualify for contact Ryan Larsen for a free personalized quote at 402-871-2985 or toll free at 800-379-0386.
What are the Benefits of a VA Loan?
The main purpose of the VA Home Loan program is to help veterans finance the purchase of homes with favorable terms and at a rate of interest which is usually lower than the rate charged on other types of mortgage loans. One of the greatest benefits of a VA loan is the ability to purchase a home with no money down, this is a great benefit considering most available home loans require a down payment. A VA loan is one of the last loans available for 100% financing. Since the VA Guaranties the loan, more times than not you will pay a lower interest rate.
What are the VA Cash Out Refinance Guidelines?
With the singing of the Veterans Benefit Act of 2008, Veterans as well as active duty members are now eligible to finance up to 100% of their homes value. Although VA allows you to access 100% of your homes equity most lenders still only allow you to access 90% of your equity. Regent Financial is proud to say we can lend you up to 100% of your homes equity. Whether you need money to consolidate high interest credit card debt, pay for college tuition, buy a new car, or make improvements to your home, Regent Financial can find a way to get you the cash you need through a refinance. Obtaining a VA Cash Out Loan is a simple a process, much like buying a home with a VA loan.