What You Need To Know About VA Refinancing And VA Home Loans

Government loans are guaranteed by two agencies:   the Federal Housing Administration (FHA) loans or the Veterans Administration (VA) loans.  They can also be used to re-finance, as in VA refinancing.  Remember, all loans don't fit all people;   if you need a mortgage loan, we'll find the right one for you.  Please click "Full Application" to get started.

Qualifying for a VA loan can be a great asset for a homeowner or prospective homeowner.  If you have served in the military, you can qualify for a Veteran's Administration loan for a home purchase or a mortgage refinance.   The best news is that you don't need "good" credit to qualify, and you will only need to put as little as nothing down.  Please read below to see if you qualify.  And if you do, thank you for serving.

Many Americans Qualify For A VA Loan

VA loans, according to VA.gov, are designed to help military veterans with home purchases and home refinancing.  There are advantages to pursuing a VA loan, if you qualify.

• Easy to qualify for if you have veteran status, lower FICO accepted.
• No down payment required.  Vet's can borrow more of the total property value, up to 100%, as opposed to up to only 80% through a conforming loan.
• No Private Mortgage Insurance (PMI).  Other loan types of loans, FHA for instance, require PMI and determine the value of the mortgage insurance necessary based on the amount of equity the home owner has in the home.
• Higher debt-to-income ratio's allowed, up to 57% or more versus 43% for conventional loans.
• No pre-payment penalties.  Pay off your home as soon as you like without penalty. 

VA loans are great, and recommended for, those individuals who are buying a home for the first time, may not have a lot of money to put down a house, and are running into problems obtaining other loan types.  Peak Home Loans can help find the right loan for you.  There are many people out there who may qualify for a VA loan but not realize it.  Peak Home Loans can assist you in obtaining a Veterans Administration home mortgage or a Veterans Administration refinance, if you have poor, fair, good or excellent credit.

The VA IRRRL - Veteran's Interest Rate Reduction Loan

Peak Home Loans is a direct lender and as such we use our own money to fund loans.  This is great news for Veteran's that already have a VA Loan.  Veterans can now refinance into a lower rate and better terms without a Credit Check and without an Appraisal.  That's right, we do not check your credit when applying for a VA Refinance.  And we do not charge a higher rate for those with bad or poor credit, in fact we won't even know your credit.  We are the first lenders in the country to offer this type of loan.  What's the catch?  There's only one condition that must be met...  and that is your current mortgage must be up to date when you apply and close your new loan with us.  However, if you were ever late on your mortgage payments, you are still qualified by just being current as previously mentioned.  This is a tremendous opportunity for our Veterans with less-than-perfect credit.  Please click "Apply Now" to get started.

Qualifications For A VA Loan

If you are a veteran, during the times in the following tables, you may qualify:

Wartime
Service from:	World War II	September 16, 1940 to July 25, 1947
	Korean War	June 27, 1950 to January 31, 1955
	Vietnam War	August 5, 1964 to May 7, 1975
	Persian Gulf War	August 2, 1990 to date

During wartime, you must have at least ninety days of active duty.  Additionally, you may not have a dishonorable discharge on your record.  A discharge due to disability, with less than the 90-day requirement, may also qualify you for a VA loan.

Peacetime
Service from:	March 26, 1947 to May 26, 1950
	February 1, 1955 to August 4, 1964
	May 8, 1975 to August 1, 1990

During peacetime, you must have at least one hundred eighty one consecutive days of active duty.  Notice, the length of service is twice that for peacetime duty than wartime.  Additionally, you may not have a dishonorable discharge on your record.  A discharge due to disability, with less than the 181-day requirement, may also qualify you for a VA loan.

Additional Questions Regarding VA Loans:

1) Are children and spouses eligible for VA loans?
If a serviceman/woman died or was disabled while serving in the military, the spouse qualifies for a VA loan.  Children are not eligible to receive VA loans.

2) Who provides VA loans?
Regular banks make a VA loan.  But, the federal government guarantees these loans in case of foreclosure.  This government guaranty allows banks to make VA loans with a small or no down payment.

3) Are VA loans available for those previously foreclosed on?
Yes, VA loans are available with a prior foreclosure.  One of our mortgage specialists would be more qualified to further discuss this question.   They would be able to guide you through the entire loan process from beginning to end, plus other flexibilities.

Please note that there are many mortgage options other than a VA loan.   One of our mortgage professionals can assist you with finding the perfect loan for you.  For example, a fifteen-year or thirty-year mortgage would be appropriate if you think you are going to stay in your house for awhile.  If you think you are going to move, or are going to refinance in the near future, an adjustable-rate-mortgage would be more appropriate.  The bottom line is Peak Home Loans is here to help.