The VA loan program helps service members, veterans, and military families achieve their homeownership dream. With a VA-backed mortgage, the U.S. Department of Veterans Affairs guarantees a portion of the loan you secure from a private lender. And if your VA home goes into foreclosure, this guarantee allows the lender to recover most or all of their losses. As such, since there’s lower risk, lenders are more likely to give you the mortgage under better terms, including zero down payments and private mortgage insurance.
Explore the different types of VA loans here!
Home Purchase Loans
Service members and veterans can use a home purchase VA loan to buy a new or existing home with zero down payment. The loan allows you to buy single-family homes, manufactured homes, condominiums, multi-unit homes, and even new construction. However, note that the guidelines and policies may vary by lender, and some lenders might not make all these options available.
Cash-Out Refinance Loans
The cash-out refinance loan allows you to borrow against your home equity to pay off other debts or improve your home. This means that you can convert home equity into cash and grants. Qualified homeowners can refinance up to 90% of their home’s value. Usually, these loans are available for veterans with or without current VA loans.
The VA IRRRL
The Interest Rate Reduction Refinance Loan is also known as the streamlined refinance loan. It’s a low-cost refinance mortgage that’s available to veterans who have a VA, USDA, conventional, or FHA loan. By refinancing an existing loan, you can obtain a lower interest rate or convert an adjustable-rate loan to a fixed-rate one.
Find Out More About VA Loans in San Antonio!
As seen above, you have different options when it comes to securing a VA home loan. So, take advantage of these VA loans to build, improve, or refinance your home. Whatever your homeownership goals are, our team of experts can help you make them happen. Call us at (210) 446-9902, and let’s get started!
