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)
- 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
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:
- Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self employed ) No tax returns!
- 100% financing is available (we can cross collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow – No DSCR Coverage needed!
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up.
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- 5% down Jumbo’s with NO MI up to $2mm / 10% down up to $3mm
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
We also offer:
- Conventional Conforming Loans (under $510,400)
- High Balance Conforming (from $510,400-$765,600)
- Jumbo Loan Financing to $10 Million / Super low rates! / 10% down Jumbo to $3mm
- FHA, USDA
- Reverse mortgages up to $1 Million Value
- Cash Out Refinancing
**Rates and terms subject to change without notice
Valor Lending Group
“Pride in Lending”
Diamond View Tower
350 10th Ave – 10th Floor
San Diego, CA
Direct: (619) 535-9324
Fax: (619) 255-0602