VA loans are my favorite type of loan to originate because of all the options they give to veteran borrowers. Here's why.VA loans are my absolute favorite to originate because I love working with VA borrowers. Within this loan type, there are three different options: a VA purchase and two types of refinances. VA purchase loans are awesome because they allow you to borrow up to 100% financing on the purchase price of a property with no down payment required. You're able to do a lot of cool things with VA loans as well. Did you know you can actually have a home seller pay off your credit cards to help you qualify to buy their home? No other loan program does that! If you're refinancing a loan, there are two VA options. One is the IRRRL, or interest rate reduction refinance loan. This type of loan is especially great because it allows you to lower your interest rate without an appraisal or any of the paperwork like bank statements, W-2s, or pay stubs. Since it's an easier refinance, the closing costs and fees are much lower too. Essentially, the VA allows you to lower your rate and save money every month in a way that's as easy and streamlined as possible.
"IRRRL VA loans are great because they allow you to lower your interest rate without an appraisal or any of the paperwork."VA also allows a cash-out refinance for up to 100% of the appraised value of your home. No other loan program does that. You can take equity out of your home in cash to easily do things like pay off debt, remodel your kitchen, or a number of other things. VA makes it very easy to pull out equity for what you want. I truly love working with VA homebuyers, so if you're a veteran and you're thinking about buying a home or refinancing your house, give me a call or send me an email. I'd love to tell you more.