Answers To Some Important Questions About VA Loans, Tampa, FL

November 26, 2020

Answers To Some Important Questions About VA Loans, Tampa, FL

By Published On: November 26th, 2020Categories: Tampa FL, VA Loan

VA loans, Tampa, FL, are designed for service members, veterans, and eligible spouses. They come with competitive interest rates and usually do not require a downpayment. No wonder there are lots of people who are attracted to this type of mortgage loan.

If you are planning to apply for VA loans, Tampa, FL, there are several considerations that you need to take into account. Arming yourself with pertinent information about this type of mortgage loan provides you better chances to get the best deal on VA loans in the area.

These are the answers to some crucial questions regarding VA loans:

Does the government guarantee VA loans? Yes, the government will repay the lender a portion of a VA loan if the borrower, for some reason, does not make payments.

What are the types of VA loans? There are several types of VA loans to choose from, including:

  • VA purchase mortgage – requires no down payment
  • VA cash-out refinance – an option to turn home equity into cash
  • IRRRL or Interest Rate Reduction Refinance Loan – replaces current VA mortgage with a new VA loan to lower interest rate or to turn adjustable to a fixed rate; it does not feature a capability to cash out any home equity.

How many times can you use a VA loan benefit? Getting a VA loan does not just provide a one-time advantage. After using a VA mortgage to buy a new home, you can apply for another VA loan provided you meet the following criteria:

  • You sell the house and pay off the VA loan
  • If you sell it to another qualified veteran buyer who agrees to assume the VA loan; and
  • You pay off the VA loan in full and keep the house, and get another VA loan (can only be used once) to buy an additional home as your primary residence.

Do you have more questions about VA loans, Tampa, FL? Talk to a reputable mortgage broker at HomePlus today.

Contact us at 800-810-PLUS (7587).