Looking to buy a home with your VA loan? There are several loan types available to veterans and service members, each offering unique benefits. Let’s break down the most common types of VA loans to help you find the best fit for your needs.
First, we have the VA Purchase Loan. This is the most common loan used by veterans to buy new or existing homes, and it comes with zero down payment. You can use it to buy a single-family home, a condo, a multi-unit property like a duplex, or even new construction. It’s a great option for veterans who want to buy their dream home without worrying about a huge upfront cost.
Next up is the VA Interest Rate Reduction Refinance Loan, also known as the VA Streamline Refinance. This loan is for veterans who already have a VA loan and want to lower their interest rates. It’s a quick, low-cost option that sometimes doesn’t even require an appraisal or credit underwriting. The goal is to help you save money and make your payments more affordable.
For those looking to tap into their home’s equity, there’s the VA Cash-Out Refinance. This allows veterans to refinance their current mortgage and take out cash for other needs, like paying off debt or making home improvements. You can borrow up to 90% of your home’s value. It’s ideal for veterans who want to use their home equity without needing a new VA loan.
Then there’s the VA Renovation Loan. This loan combines the cost of purchasing or refinancing a home with the cost of approved renovations. It’s perfect for veterans who want to make a new home their own or fix up an older home to meet VA standards. Keep in mind, not all lenders offer this option, so some extra research may be necessary.
Another unique option is the VA Energy Efficient Mortgage. This loan allows veterans to borrow extra money to make energy-efficient improvements to their home, such as installing solar panels or upgrading windows. You can borrow up to $6,000 for improvements that save energy, and it’s available for both home purchases and refinances.
Finally, the Native American Direct Loan is available to Native American veterans or their families. This loan helps eligible veterans purchase or refinance homes on federal trust land. It’s an excellent option to buy or refinance without involving private lenders.
There you have it—these are some of the amazing loan options veterans can take advantage of. Whether you’re purchasing, refinancing, or renovating, the VA has a solution to fit your needs.
Need help navigating your VA loan options? Veterans Guide is here to guide you every step of the way. Contact us today to get started on your home loan journey. Got questions or need more information? Drop them below, and don’t forget to subscribe for more VA loan tips. Call us today at 888-982-1009.
