A Guide To The Types Of VA Loans

Guide To The Types Of VA Loans

A VA home loan helps veterans realize the dream of becoming homeowners. The amount you can borrow depends on several factors. However, as of 2023, the maximum is usually $726,200 for a single-family home. The types of people who can qualify for this financing include:

  • Members Of The Armed Services
  • Veterans
  • Members Of The Coast Guard
  • Eligible Surviving Spouses

Meet with an officer at Blackmon Home Loans to determine whether you meet the eligibility requirements for one of the VA mortgages discussed below.

What Can I Use A VA Loan For?

Guaranteed by the Department of Veterans Affairs (VA), these loans can assist you with building, buying, repairing, or refinancing a home. Find out how to buy your ideal house with little or no down payment, or use VA renovation financing to spruce up your property. Additionally, VA home loans typically have lower interest rates and closing costs.

How Many Times Can I Use It?

You can reuse your VA status! Just pay off your prior loan and sell the property, then you can use your benefits to purchase a new primary residence. You cannot usually use this financing for an investment property.

Flexible Mortgage Terms

From cash-out refinance to purchase, there are many options for utilizing your benefits to buy a property. Here are some of the options you might be eligible for:

  • Purchase
  • Native American Direct Loan (NADL) Program
  • Interest Rate Reduction Refinance Loan (IRRRL)
  • VA Cash-out Refinance

Find a Place of Your Own

Do you long for a place to call home at the end of a deployment or after you leave the service? VA-backed purchases typically have better rates and other options than private lenders offer.

Native American Direct Loan (NADL) Program

If you or your spouse qualify as a Native American Veteran, a NADL can help you improve, buy, or build on federal trust land. Meet with one of our knowledgeable representatives to determine if you qualify for this unique lending opportunity.

Interest Rate Reduction Refinance Loan (IRRRL)

If you’re worried about rising interest rates, this could be the right Veteran’s Administration home loan for you. Keep your monthly payments small and predictable with the help of an IRRRL.

VA Cash Out Refinance

You can borrow money against the equity on your home to pay off student debt or take care of other priorities. Make an appointment to determine your eligibility for this money-saving lending option.

How Can You Apply for a VA Home Loan?

Reach out to the Blackmon Home Loans team to determine which lending products will work best for you and your family. Contact us today to start the application process.

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