VA Home Loan Program
If you are a veteran looking to purchase a home or refinance and are curious for a product specific to veterans such as yourself, say no more! My name is Ramazan Sinani, I am a Loan Officer with Northeast Financial and I’m here to help you get a better understanding on how a VA Home Loan Program works and how to qualify!
There are a few paths a Veteran can take, which of course depends on what you are looking for. But the first thing every Veteran must obtain before anything else (even before a pre-approval) is their Certificate of Eligibility (Also known as a COE). The COE verifies to the lender that you are eligible for a VA-backed loan. Below are the details of VA Home Purchase, a VA IRRRL (Interest Rate Reduction Refinance Loan), and others!
If you are looking for a VA Home Loan Purchase:
– First of all, you will need a 600 or higher FICO score.
– You will also need a Certificate of Eligibility (COE).
– And qualifying service requirements must be met!
VA IRRRL (Interest Rate Reduction Refinance Loan):
– Currently have a VA Mortgage in order to refinance with a VA IRRRL.
– No missed payments.
– And you must live in the property!
– No Appraisal is Needed for those that qualify.
VA Cash-out Refinance:
– Using the money you invested in your home, you may withdraw Cash!
Native American Direct Loan Program (NADL):
– Must be a Veteran who is Native American.
– You must also be on Native American Trust Land.
– Tribal organization must participate in the VA direct loan program.
– Valid Certificate of Eligibility.
– Used for Construction, Purchase, Refinance or Improvements.
– Finally, you need to meet qualifying service requirements!
Here is a link to guide you toward obtaining your VA Certificate of Eligibility.