So what is the VA home loan guarantee? In an effort to repay veterans for their years of service, the Department of Veterans Affairs has established the VA loan program. VA loans—both purchase loans and refinance loans—normally come with lower interest rates than conventional loans. Additionally, a portion of all...
VA loans come with lots of benefits, like low interest rates and no down payments. But do VA Loans have PMI? The short answer is no: VA loans do not come with private mortgage insurance. However VA benefits (like not having to make a down payment) aren’t necessarily free. They’re...
Are you considering building your own home? Despite what many people may think, it is possible to build your home and finance it with a VA loan. However, the difficult part is finding a lender to fund that loan. The Department of Veterans Affairs guarantees (or insures) VA loans, and...
Are you planning on buying a house? Is it your first? You likely have many questions about the entire process, but the biggest may be how much money do I need to buy a house? There are many costs to consider when calculating how much money you need to buy...
When going through the VA loan process one of the first steps you will want to do is find VA approved lenders to help you get financed for a VA home loan. When you decide to purchase a new home, you want to have a strong group of professionals on...
A huge question that many of our borrowers have is what different types of VA loans are available? Many don’t realize that there is more than just one type, but in fact, there are 5. These types include purchase, construction, cash out, IRRRL, and EEM. Here at Low VA Rates,...
So what are VA Entitlement Codes and what do they have to do with your VA home loan? To be approved for a VA loan, you’ll have to provide a Certificate of Eligibility (COE) with your application. COEs are issued by the Department of Veterans Affairs after sufficient proof of...
To the first-time home buyer, or even to the seasoned homeowner looking to refinance, applying for home loans can be a daunting process. But VA loans are specifically designed to make the loan process quicker, easier, and smoother for veterans (and this is just one benefit of VA loans). In...
Any home you purchase or sell is going to need an appraisal to determine how much it is worth. But what happens if your loan takes longer to process than you expect? When several months go by and the market changes, it’s important to ask the question – how long...
One of the biggest misunderstandings with VA loans is that homeowners think VA loan entitlement can only be used once. This misunderstanding comes from the requirement that the home being financed with a VA loan must be a primary residence. Even though this is a true requirement, people don’t realize...
Condos, just like single-family homes, can be approved by the VA and funded with a VA home loan. In order to get VA condo approval, however, you must follow a slightly more complicated process since condos generally come with a different type of ownership. Is Your Condo Already VA Approved?...
For 2016, the overall VA loan limit was $417,000. For 2017, the VA has made the change to a cap of $424,100. Counties whose 2017 VA loan limits vary from this maximum amount are listed below. Find the county you live in to verify the maximum VA loan amount your house can...