VA HOME LOANS OFFER AN EXCELLENT way for our military men and women to purchase their family home. THE VA HOME LOAN GIVES them the benefit of zero downpayment. In addition, a seller may pay part or all of their closing costs while negotiating a better price for their home. A seller may even pay part of a Vet's debts to help meet the qualifying ratios needed for a VA LOAN.
Some of the other benefits offered by a VA HOME LOAN are a fixed rate with no prepayment penalty. When selling the property to a subsequent purchaser, the Veteran seller allow the buyer to assume the VA HOME LOAN. The new purchaser may qualify for the loan and keep the same rate for the remainder of the 30 year period. This may become an extremely important issue if rates shoot up in the next few years.
A New Purchaser can assume the underlying VA HOME LOAN BY QUALIFYING FOR THE PAYMENTS AND PAYING THE CASH DIFFERENCE BETWEEN THE LOAN AND THE PURCHASE PRICE TO THE VETERAN SELLER. By keeping the current low rate loan, the new homeowner may keep his housing expense more affordable.
In some situations the Veteran or Active duty soldier can borrow extra money, and add this to the loan, for energy conservation or retro-fitting a home for disabilities.
All in all the VA HOME LOAN IS ONE OF THE MOST FLEXIBLE loan products available in the mortgage market today. A VA HOME LOAN offers the Veteran a number of options by which he or she can effectively pursue home ownership. Work with a knowledgeable Realtor and Mortgage Lender to secure the home of your dreams with a flexible VA HOME.
VanDyk Mortgage still offers the VA IRRRL Refinance still available without appraisal or credit scores. The VA IRRRL goes by a couple of other names, the Earl, VA Streamline Refinance, and VA Refinance. Many large banks have begun to require appraisals and minimum credit scores of 620 or 640 for VA Streamline Refinances or IRRRL's. VanDyk Mortgage does not require an appraisal or minimum credit score for these. We do require that your monthly mortgage payments have been made on time for the last 12 months and that a new IRRRL would benefit the Veteran with monthly savings.
Here is another post that we did awhile back that contains many of the details of the VA IRRRL Streamline Refi.
Call us today to get started saving money on your monthly house payment. 866-900-2342.
VanDyk Mortgage has been making Government Home Loans since 1987. We are a VA Direct Lender (FHA Direct Lender too). Call the Government Loan Pros first, you will be happy you did. 866-900-2342 toll free. www.vandykfunding.com