Valor Lending Group has a VA lender near you!
VA loans are available to a majority of our military borrowers and have been around since 1944.
Valor Lending Group is committed to serving our Veterans!
Veteran and their families can CONTINUE to count on great pricing and a smooth process.
We have STRONG funding sources with competitive rates for your VA Home Loan needs.
What is a VA Loan?
A VA loan is a $0-down mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs (VA). Eligible borrowers can use a VA loan to purchase a property as their primary residence or refinance an existing mortgage. Need a VA lender near you? We can help.
How Does a VA Loan Work?
Need a VA lender near you? VA loans work a bit differently than conventional mortgages. The Department of Veterans Affairs (VA) does not make or originate loans, but backs a portion of each loan against default. This backing, or guarantee, is what gives private lenders the confidence to extend $0 down financing and advantageous rates and terms.
Additional Facts of a VA Loan:
- VA Loans are Reusable | You can use your full VA entitlement over and over again as long as you pay off the loan each time.
- Primary Residence ONLY | VA loans are for primary residences only, although you can use this benefit to buy a duplex or another multi-unit property, as long as you live in one of the units.
- NO mortgage insurance | Mortgage insurance is a monthly fee you pay with other programs when you’re putting less than 20 percent down. The VA’s guaranty eliminates the need for any mortgage insurance or mortgage insurance premium, helping you save even more money each month.
- VA Loans have a mandatory fee | There’s no mortgage insurance with VA loans, but there is the VA Funding Fee. This fee helps the VA keep the program going and is required on both purchase and refinance loans. It can be rolled into the loan amount and waived entirely for those with service-connected disabilities.
Already have a VA Loan?
Learn more about the VA IRRRL Loan (No appraisal, No DTI calculated & streamline process with less documentation).
What is a VA IRRRL?
IRRRL stands for Interest Rate Reduction Refinancing Loan.
IRRRL purpose is to reduce your interest rate on your Primary Residence** with less documentation (streamlined) than a FULL Doc VA R/T Refinance.
A Net Tangible Benefit must be met in accordance with VA guidelines (.5% reduction from current note rate) to qualify as well as a seasoning requirement on the VA loan being refinanced.
- At least 210 days after the date on which the first monthly payment was due on the mortgage being refinanced and at least six full monthly payments have been made.
Not required: Appraisal*, DTI calculation, and condo projects don’t need current approval.
What documents do you need to submit this loan?
- Copy of DD 214
- Copy of Award Letter
- 2 Forms of Identification (Driver license, passport etc)
- Copy of the existing mortgage note and a current mortgage statement
- Copy of current Hazard Insurance
(additional documents will be requested because these are just the initial submission docs)
* Exterior inspection may be required | case by case basis
** California Properties ONLY
Need a VA lender near you? Please feel free to give us a call to answer any questions on the VA and/or VA IRRRL Loan and/or discuss your loan and get today’s current rates and pricing.
Why go with Valor Lending Group?
- Communication and Service
- We will reimburse your appraisal fee on transactions above $300,000
- We give 5% of our net commission to a veteran charity of your choosing on every VA loan.
Be safe out there during this time and remember VALOR IS STILL serving YOU!
We are never too busy for your referrals.
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