Best VA Lenders | It’s STILL a GREAT Time to Refinance with Valor VA Home Loans

Finding the best VA Lenders has never been easier. That is because Valor has government-guaranteed VA Loans available to Veterans, active duty military, reservists and surviving spouses.  In addition, Valor VA Loans offer financing up to 100% of a property’s value, and feature both fixed and adjustable rate loans.

 

Now there is NO down payment up to $1,500,000.00!

Here’s all you need to know about VA Home Loans:

 

1. VA Home Loan Benefits

• 100% Financing
• No Monthly mortgage insurance premiums
• VA mortgages are assumable
• Limited Closing costs

 

2. Ways To Use Your VA Home loan benefits

• You can purchase a home, or a condominium unit in a VA-approved project
• Or you can build your own home
• Improve a home by installing energy-related features or making energy efficient improvements
• Buy a manufactured home and/or lot
• In addition, you can refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate or cash out
• You can also refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home

 

3. Myths about VA Home Loans 

• You can only have 1 VA loan at a time — FALSE! It is permissible to have more than 1 VA loan a a time.
• VA rates are higher — FALSE. On the contrary, VA rates are often the very best available!
• All lenders can offer VA loans — FALSE. For instance, many major institutional conventional lenders do not offer VA loans.

 

4. Who Is Eligible For A VA Home Loan? 

Active Duty Military & Veterans

• Those with at least 90 day active duty during wartime
• Or those with a minimum 181 days continuous active duty during peacetime
• Finally those who have completed a total of six creditable years in the Selected Reserve or National Guard (member of an active unit, attended required weekend drills and two-week active duty for training)

Surviving Spouses

• Un-remarried spouse of a Veteran who died while in service or from a service-connected disability
• Surviving spouse who remarries on or after attaining age 57, and also on or after December 16, 2003
• Spouse of a Servicemember missing in action or a prisoner of war
• Finally, Surviving spouse in receipt of Dependency and Indemnity Compensation (DIC) benefits in cases where the Veteran’s death was not service-connected

Other Eligible Beneficiaries

• Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II.
• Lastly, Individuals with service as members in certain organizations, for example, Public Health Service officers and Cadets at the United States Military, Air Force, or Coast Guard Academy; Midshipmen at the United State Naval Academy; Officers of National Oceanic & Atmospheric Administration; and merchant seaman with World War II service.

 

5. Getting Your Certificate of Eligibility

• You can Request your Certificate of Eligibility for home loan benefits on your own here: Certificate of Eligibility – eBenefits Portal (under Manage Benefits Certificate of Eligibility for Home Loan).
• Or Valor Lending Group will pull this online for you at no cost to you. Just contact us.
• Oftentimes the VA Loan Certificate of Eligibility can be very confusing. That is why having someone to walk you through can quickly identify your entitlement
• Usually your COE is immediately available — if not we can request it be sent to you. 

 

6. Important Items to Note

• Funding Fee — This lets your lender know the amount of funding fee you will pay. For example, “exempt” means you pay $0.
• Next is the Basic Entitlement — $36,000 is the basic entitlement every Veteran starts with.
• If you had a previous VA loan or an active loan you will see it listed under “Prior Loans charged to Entitlement” section.
• However, if you have used all of your entitlement on previous homes, it will then be restored once you sell that home.
• After that you do have additional entitlement available after the initial $36,000. The amount will vary slightly in different areas
• You can also use your benefits while serving during active duty. For instance, it is OK to close with a Power of Attorney while on active duty
• Finally it is important to find a professional that understands your benefits and your needs

 

7. Refinancing Options

• Take cash out of your home equity so you can pay off debt such as college tuition
• Or you can use your equity to make home improvements
• For instance there are special options for energy efficient improvements

 

8. Streamline — Interest Rate Reduction Loans

• An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility
• No appraisal is required
• Limited documentation needs
• An IRRRL may be done with “no money out of pocket”
• Refinance out of a VA ARM
• You may NOT receive any cash from the loan proceeds
• You do not have to occupy the property. However, you must certify that you previously occupied and still own the home

 

9. Valor VA Home Loan Benefits 

Best VA Lenders — Valor VA Home Loan Highlights

• 100% financing
• Sellers can pay closing costs, up to 2 discount points
• Buyers can add up to $6,000 to their VA loan to have energy efficient improvements installed
• No monthly mortgage insurance
• Less restrictive qualifying terms
• In addition Buyers are still eligible even after a short sale
• Jumbo loans available up to $1.5 million
• Buyers can have multiple VA loans under certain circumstances.
• *Valor will reimburse your appraisal fee for loans above $300,000.

 

Valor Lending Group is committed to serving our Veterans during this time of uncertainty.

**We give 5% of proceeds to a local Veteran charity on every VALOR VA Loan

Call or email me for immediate attention to your scenario!

 

10. Helpful Resources

DD214 Requests

Certificate of Eligibility – eBenefits Portal (under Manage Benefits Certificate of Eligibility for Home Loan)

Active Duty Personnel Archives (or 866-272-6272)

If an Army Veteran needs evidence of a discharge for disability, this is the agency to contact: US Army Physical Disability Agency, 877-577-3065.

Recap of our Loan Products:

1. Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
2. Stated Income Loans (Great for business owners and self employed ) No tax returns!
3. 100% financing is available (we can cross collateralize other properties if there is enough equity)
4. Valor VA Home Loan 100% financing up to $1.5MM
5. Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow – No DSCR Coverage needed!
6. Flipper & Rehab Loans (Flip a property with one of our many options)
7. 2nd Position Loans up to $5mm
8. Raw Land & Lot Loans
9. Ground up Construction for spec homes, custom homes and commercial ground up.
10. Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
11. 5% down Jumbo’s with NO MI up to $2mm / 10% down up to $3mm
12. Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
13. Acreage Properties
14. Commercial Loans up to $500mm
15. 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
16. Foreign Nationals Loans (no social security or residency required)

We also offer:

1. Conventional Conforming Loans (under $510,400)
2. High Balance Conforming (from $510,400-$765,600)
3. Jumbo Loan Financing to $10 Million / Super low rates! / 10% down Jumbo to $3mm
4. FHA, USDA
5. Reverse mortgages up to $1 Million Value
6. Cash Out Refinancing

**Rates and terms subject to change without notice