The Department of Veterans Affairs (VA) make possible for people that are or have been in the military, or for eligible surviving spouses, to become homeowners. They provide a variety of VA home loan guaranty programs that are available through private lenders. These Lenders are able to provide better loan deals because VA guarantees a portion of the loan.
The VA home loan guaranty programs include:
With this type of loan, the borrower can pull money out from the home equity to pay for things like debts, home improvements, or to pay for school. It is also possible to use this type of loan to refinance a non-VA loan.
This loan help eligible borrowers to purchase a home without down payment. Some of the benefits of this type of loan are: competitive interest rates, lower closing costs, and no need of private interest insurance.
INTEREST RATE REDUCTION REFINANCE (IRRRL)
This loan in only available to refinance a property purchased with a VA loan. This type of loan will lower your payments, hence decreasing your mortgage payments.
NATIVE AMERICAN DIRECT LOAN (NADL)
Only available for native American veterans. This type of loan allows them to finance any home they want to purchase, to construct a new home, or to improve an existing one. All this is possible as long as the homes is located on a Federal Trust Land.
ADAPTED HOUSING GRANTS
The VA also provides grants to help veterans and service members that are disable, to live in a house barrier-free. To be eligible, their disability must be connected to their service. They can use this grant for several things like: to purchase an adapted home, to construct, or to modify an existing one. You can select from two different type of grants:
- Specially Adapted Housing Grant (SAH) – To construct or build a new adapted home, or to remodel an existing one.
- Special Housing Adaptation Grant (SHA) – To adapt an existing home where the veteran lives, or the home that the veteran wants to purchase.
To find out more about the VA home loan guaranty programs, you can contact us. We are a reputable mortgage broker in the New York area doing business in New York, Florida and Pennsylvania that is ready to help you with any of your mortgage needs.
Contact one of our loan consultants to learn more about this program.