VA Loans
Purchase
VA Loan Explained
A VA loan is one of the greatest benefits of military service available. To date, millions of people have used a VA loan to purchase a home. Although VA loans are guaranteed by the federal government, the VA doesn’t actually make the loan. That’s why it’s important for you to choose a lender who puts your best interests first. After all, you’ve always put the interests of others ahead of your own; isn’t it time someone returned the favor?
There are two primary benefits of a VA loan: the borrower typically doesn’t need to make a down payment (certain restrictions apply), and there are no private mortgage insurance (PMI) requirements.
Additional benefits, as listed on the VA website, include:
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller.
- The lender can’t charge you a penalty fee if you pay the loan off early.
- VA may be able to provide you some assistance if you run into difficulty making payments.
- You don’t have to be a first-time homebuyer.
- You can reuse the benefit.
- VA-backed loans are assumable, as long as the person assuming the loan qualifies.
Only the VA can determine your eligibility, but most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan, while spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.
For more information about VA loans, including complete eligibility requirements, contact us today.
Refinance
What is a VA IRRRL loan?
The VA IRRRL (Interest Rate Reduction Refinance Loan), also know as the VA Streamline refinance, allows you to refinance your existing VA loan to a lower interest rate, even if you don’t have any equity in your home.
With the IRRRL, veterans are not required to get a new appraisal or submit a full credit report, which makes the process virtually hassle-free. Oftentimes, you don’t have to pay anything out of pocket, either.
The VA’s IRRRL can help borrowers:
- Lower monthly payments
- Reduce interest rates
- Build equity faster
- Pay off loans sooner
What is the VA Cash-Out Refinance Program
The VA Cash-Out Refinance program is another great reward for your service. With the VA Cash-Out Refinance, you have the opportunity to turn the equity in your home into cash. Unlike a traditional home equity loan, which is actually a second loan, this program replaces your existing mortgage.
With a VA Cash-Out Refinance, you can:
- Reduce your total monthly payments
- Payoff High Interest Rate Credit Cards
- Payoff Auto Loans
- Skip a house payment
- Pay $0 out of pocket
For more information about the VA IRRRL refinance program, including complete eligibility requirements, contact us today.
All Loan Options
YLM Financial is the smart choice for all of your mortgage needs. We are a family-owned company that emphasizes community, relationships, honesty, and integrity in everything that we do.
As a company, we are committed to you, our valued client. Give us the opportunity to put our experience, dedication, hard work and resources to assist with your home purchase and refinance needs.
30 Year Loan
Secure a stable, long-term financing option with our 30-year fixed-rate mortgage, offering predictable payments and lower monthly costs.
Refinance
Loan for refinancing are to reduce monthly payments, lower the total amount of interest paid over the life of the loan, or to consolidate debt.
FHA Loan
Our FHA loans are perfect for first-time homebuyers, featuring easier credit qualifications and minimal down payments to help you get into your new home sooner.
VA Loan
Take advantage of our VA loans, providing veterans with favorable terms such as no down payment and no private mortgage insurance requirements
Jumbo Loans
Explore our jumbo loans for financing larger properties that exceed conventional loan limits, offering competitive rates and various term options
15 Year Loan
15-year mortgage has some advantages when compared to the 30-year, such as less overall interest paid, a lower interest rate, lower fees, and forced savings.