Explore different loan types
Looking to buy a home? Find out if you’re eligible for a VA-backed purchase loan to get better terms than with a private-lender loan. What is a VA Loan? A VA loan is a $0-down mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs (VA). Eligible borrowers can use a VA loan to purchase a property as their primary residence or refinance an existing mortgage.
Interest Rate Reduction Loan (IRRL)
Have an existing VA-backed home loan? Find out if you’re eligible for a VA-backed IRRRL to help reduce your monthly payments or make them more stable. If you have an existing VA-backed home loan and you want to reduce your monthly mortgage payments—or make your payments more stable—an interest rate reduction refinance loan (IRRRL) may be right for you. Refinancing lets you replace your current loan with a new one under different terms.
Cash out refinance
Want to take cash out of your home equity to pay off debt, pay for school, or take care of other needs? Find out if you’re eligible for a VA-backed cash-out refinance You can refinance the home for 100 percent of its value and take all your home equity out as cash.
VA construction loan
Looking to take advantage of something new? Looking to build your home? VA will back a mortgage for a new construction loan. VA-backed loans are designed solely to help a veteran purchase a primary residence, so if there’s no residence, there’s no loan. But an eligible veteran can apply for what VA calls a “construction/permanent home loan” that includes money to purchase the land in addition to funding the new home’s construction.
VA Jumbo loans
Typically, a VA loan is considered a VA jumbo loan when the loan amount exceeds the county-specific VA loan limit. The VA loan limit for most counties in 2020 is $510,400 but reaches $765,600 in high-cost areas. It’s important to remember that VA loan limits don’t represent a cap on your purchasing power.
If you have interest on any of these types of loans, please reach out directly to our team to discuss your options. We are here to be a resource.