Who is eligible for a VA Loan?

Anyone that served in the US Military for 2 years of active duty – OR – 6 years in the Reserves or National Guard is eligible for a VA home loan in Iowa. Your loan officer can help you get your COE (certificate of eligibility) if you provide your DD214 or NGB 22.

US Military for 2 years of active duty – OR – 6 years in the Reserves or National Guard is eligible for a VA home loan in Iowa

Why would I want to use the VA loan program? What are the benefits?

The VA loan program is one of the most powerful home loan programs on the market. This flexible, government-backed loan comes with significant benefits that open the doors of homeownership to Veterans.

VA loans require no down payment or private mortgage insurance. They feature competitive rates and terms and allow qualified borrowers to purchase a home with little to no money out of pocket.

Did your local bank discourage a VA loan? Did they say fees are high? They are wrong! We are VA experts so please contact our loan officers for guidance.

Benefits of the VA loan program:

  • No down payment required – 100% financing
  • Interest rate is typically .25% to .5% lower than Conventional
  • No monthly mortgage insurance – ever
  • If 10% service connected disability or greater the up-front VA Funding fee is waived

Can I only use my VA benefits once?

Of course not! You can buy and sell and buy again, however many times you want/need to with the VA loan program. There are some differences between a first time home buyer and a repeat buyer with the VA benefits, but our loan officers know the ins and outs of the program and can walk you through them.

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VA Streamline (IRRRL) Refinance

VA Interest Rate Reduction Refinance Loan (IRRRL) allows you to refinance a VA loan to reduce your interest rate. This is also referred to as a ‘streamline’ because the process has less steps than a regular refinance. This program doesn’t typically require an appraisal, but it does require a lower interest rate and monthly payment for the Veteran. Out of pocket costs for your typical refinance can sometimes be rolled into this loan, making it a great option.

Cash-Out Refinance

This option is for those that have equity built up in their property that want to use it to improve the property, or for other purposes like paying off a car loan or other bills. You will need an appraisal to know the exact value of your home to calculate how much cash you can access. You don’t have to use all of your equity, but, with the VA loan, you can go to 100% of the home’s value. With this program you can also refinance from any other loan type into the VA loan if you are eligible for a VA loan.

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