VA Home Loan Types

VA home loans can be used for many purposes, some of which you may not know about. This article will help you to understand what you can you use you VA home loan benefits for and what they cannot be used for.

You can use your VA home loan benefits to buy an existing home. This can be a single family residence, condo, townhome, a duplex, triplex, or fourplex. You can also obtain financing for manufactured homes that are attached to a permanent foundation and taxed as Real Estate. These properties must meet VA home loan minimum property requirements which are easy to meet and quite standard. in other words the house needs to be somewhat code compliant.

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You can simultaneously purchase and improve a home with energy efficient and some other types of improvements. At closing you can get the money necessary to make improvements to your home. This allows you to get the VA home loan cash you need without having to refinance you VA home loan. What a great feature!!

You can refinance your existing VA home loan to lower your interest rate, reduce the term (length) of your VA home loan, lower your payments, get cash out, consolidate debt, skip 2 payments, etc.

You can take advantage of Streamline VA home loan Refinances that allow you to refinance your VA home loan without having to re-qualify. These are useful for moving from an Adjustable Rate Mortgage to a Fixed Rate Mortgage.

You can also use your VA home loan benefits to satisfy court judgements (divorce decrees for example) or to make any type of change to who is on the title to your home. In many cases you can refinance you VA Home Loan without paying any out of pocket fees at all.

If this sounds like it could benefit you, then just fill out our quick VA Home Loan Application today and get on the road to lower monthly payments!