Some of you may know, but in addition to my business, success, and peak performance coaching, I have recently joined Geneva Financial Home Loans, a mortgage lender headquartered in Chandler, Arizona as a Mortgage Loan Originator. I’ve always had a passion for serving others and now I’m proud to be a part of Home Loans Powered by Humans. If you are in the state of Arizona and looking to take the next step in your journey, contact me at 801-830-3858 to start the conversation.
NMLS#42056 BK#0910215 Equal Opportunity Lender.
In addition to my other articles on this site, at times I will share valuable information regarding the mortgage and/or real estate industry.
At Geneva Financial we offer Conventional, FHA, VA, USDA, Refinance, Reverse, Jumbo and Condo Financing as well as Down Payment Assistance Programs, First-Time Homebuyer Programs, Physician Loans and Hero Loans for First Responders, Police, Firefighters, Nurses, and Teachers.
The Arizona real estate market is exciting right now. So whether you are moving to Arizona and you’re looking to buy a new home, or you already live here and you’re looking to buy, or refinance, there are many opportunities.
Today I want to share some information for those who are looking for more information on VA Loans.
What is a VA Loan?
VA loans are designed specifically for veterans. VA loans should only be issued by a VA-approved lender and are guaranteed by the federal government.
The primary benefit of a VA loan is Veterans with qualifying credit and income can purchase a home with no money down, making it an attractive option for those who have served in the military.
VA loans also feature flexible requirements, no private mortgage insurance (PMI), and competitive mortgage rates.
Who can get a VA Loan?
To qualify for a VA Loan, a veteran must have served 181 days during peacetime, 90 days during wartime, or 6 years in the Reserves or National Guard. Spouses of a service member who was killed in the line of duty may also qualify.
What types of loans am I eligible for as a Veteran?
Purchase VA Loan
VA IRRRL ( VA Interest Rate Reduction Refinance Loan)
VA Cash Out Loan
Depending on your needs, the type of loan you get will change.
The VA Streamline Refinance (VA IRRRL) Loan
The VA Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), allows Veterans to refinance their current mortgage interest rate to a lower rate.
VA loan closing costs can be rolled into thecost of the loan, allowing veterans to refinance with little or no out-of-pocket expenses.
In order to qualify for a VA Streamline, you must meet the following requirements:
- Be current on your VA mortgage with no more than one 30-day latepayment within the past year.
- Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment. (The only time this condition does not apply is if you refinance an ARM to a fixed rate mortgage.)
- You must not receive any cash from the IRRRL.
- You must certify that you currently or previously occupied the property.
- You must have previously used your VA Loan eligibility on the property you intend to refinance.
VA Loans should only be handled by a licensed and experienced mortgage professional. Geneva Financial takes extra care in the training of our loan professionals on all VA loan products.