V.A. Mortgage Options

VA Loan Options:

VA purchase loan

The VA’s standard new purchase loan allows veterans and military members to buy a home without a down payment. This is probably one of the biggest benefits of the VA loan program.

VA cash out refinance loans

These loans allow you to access up to 100% of your home’s equity. Maybe you’d like to pay off credit card debt, do some home improvements, or simply replenish your savings account for an upcoming purchase.

VA IRRRL

IRRRL stands for “interest rate reduction refinance loan,” and it’s more commonly known as a “VA streamline” refinance. You don’t need to provide income documentation, nor do you need to get an appraisal.

VA renovation and home improvement loans

In April 2018, the VA updated its repair purchase and refinance loan program to allow you to update a house that you own or are buying that needs repairs. One of the biggest benefits is being able to borrow up to 100% of the “after-improved” value of your home versus needing at least 5% equity.