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A Plus Mortgage Rates serves active military and veterans for VA Loans whether it’s a purchase, streamlining refinance, or streamlining cash-out refinance in California, Colorado, Arizona, Texas, Illinois, and Florida.
VA home loans are for active military or veterans seeking to purchase a home. There are certain requirements to be approved for VA loan. The first step to getting a VA backed loan is to obtain a Certificate of Eligibility (COE). Additionally, borrower must satisfy conditions set by the Department of Veteran Affairs.
To be eligible to VA loan, the minimum requirements set by the U.S. Department of Veterans Affairs (VA) as well as having a valid Certificate of Eligibility (COE) and needful credit and income requirement.
Active duty must be active for a minimum of 6 months. Members of the National Guard and Reserve must have minimum of 6 months before they can apply unless they are called upon active duty at that time.
Additionally, one or more of the requirements must be met:
A fixed-rate mortgage is a full amortizing mortgage loan. The interest rate on the note remains constant through the term of the loan. The payment amounts are fixed, and the duration of the loan is fixed. The benefits of a fixed rate mortgage are the borrower has a consistent, single payment and can plan a budget based on the fixed monthly cost.
VA loan requirements have several components that must be satisfied in order be approved. A Plus Mortgage Rates will help you navigate through the proper structure to ensure you meet the requirements to be approved.
While loan requirements for VA loan are more lenient compared to a conventional loan, the borrower must demonstrate sufficient credit score and income to qualify. Additionally, the residence must be primary residence.
The following requirements apply for a purchase or cash out refinance:
VA Purchase loan – great alternative if you’re having trouble getting conventional loan financing, VA home loan is an excellent option for buying a home.
VA Cash-out refinance – turn your equity into cash for a remodel, pay off existing credit cards by replacing your current loan or VA loan with a lower rate loan while getting cash out to do what want.
VA Streamline (IRRRL) Refinance – streamlining your refinance allows you to include your closing costs into the new loan as long as the new loan offers a lower payment.
3 things you should know about VA loans in 2021 – YouTube
How do you apply for VA Loan?
Contact a specialist at A Plus Mortgage Rates today!
How long does it take?
Typically, 45 to 60 days. In some cases, we can qualify within 30 days.