Veteran Loans
Thank you for your service!!
What is a VA Loan?
A VA loan is a government-backed mortgage option available to Veterans, service members and surviving spouses.
VA loans offer competitive interest rates and terms and can be used to purchase a single family, condominium, multi-unit property, manufactured ho9use or new construction.
0%
Down Payment
100%
Purchase Price Financing
NO
Private Mortgage Insurance
VA Loan Eligibility
Veterans and service members must meet basic time-in-service and character of service requirements to be eligible for a VA home loan. Some surviving spouses also have VA loan eligibility.
Active duty service members, Veterans and those serving in the National Guard and Reserves can all be eligible, along with select other groups.
Generally, you can be eligible for a VA loan if you served:
- 90 consecutive days on active duty (wartime)
- 181 consecutive days on active duty (peacetime)
- 6 years in the Guard or Reserve, or 90 days under Title 32 orders (at least 30 of those days must be served consecutively)
BluEleven can help obtain your Certificate of Eligibility (COE), a formal document issued by the VA that confirms you meet the guidelines. Veterans don’t need to get this document before starting the home loan process.
Veterans need to meet both VA and lender guidelines related to things like credit score, debt-to-income ratio and more.
Types of Veteran Affair (VA) Loans
VA Purchase Loan
Veterans and service members can use the VA loan to purchase new or existing homes with $0 down payment. VA purchase loans also allow Veterans to buy single-family homes, condominiums, manufactured homes, multiunit properties (like a duplex) and even new construction.
VA IRRRL
The VA Interest Rate Reduction Refinance Loan (IRRRL) is one of the VA loan program’s two refinance options and the one most Veteran homeowners choose.
These are also known as VA Streamlines, and that’s because they’re simple, low-cost refinance loans that in some cases might not require credit underwriting, income verification or an appraisal.
The VA IRRRL is only for Veterans who currently have a VA loan, require your new rate is smaller than your old rate and have a limit on the time it takes to recoup the costs and fees. All of which help ensure Veterans realize the full financial benefit.
VA Cash-Out Refinance
The VA Cash-Out refinance allows qualified homeowners to refinance their mortgage and take out cash from their home’s equity. These loans are open to Veterans with and without current VA loans. Qualified homeowners can typically refinance up to 90 percent of their home’s value.
Homeowners are not required to take out cash with these loans, which means Veterans with non-VA mortgages can use this option as a basic rate-and-term refinance.
Mahalo Mike and God bless 😇
There were some big hoops to jump through and you did it!
The clients are so happy to finally be in their new home here on Kauai; Congrats to you & your team 😊. Lisa
Frequently asked questions
What is the VA guaranty?
Although the VA loan is a federal program, the government generally does not make direct loans to Veterans. Instead, private lenders including BluEleven Mortgage finance the loan while the Department of Veterans Affairs offers a guaranty.
This guaranty protects the lender against total loss should the buyer default.
What are the VA loan limits?
The VA loan limits vary by County.
What is the VA funding fee?
The VA Funding Fee is a governmental fee applied to every VA purchase and refinance loan. This fee is set by Congress and goes straight to the Department of Veterans Affairs to help fund the loan program..
I've used a VA benefits before, can I use it again?
Yes, this is a lifetime benefit. You can reuse the VA loan over and over again.