Some Important Terms To Know About VA Home Loans, Pensacola, CA

July 28, 2020

Some Important Terms To Know About VA Home Loans, Pensacola, CA

By Published On: July 28th, 2020Categories: CA, VA home loan, VA Loan

Are you planning to apply for a new home loan? Of all the available options, you might be leaning towards VA home loans, Pensacola, CA. If you are an active military service-member, a veteran, or an eligible surviving spouse, this type of loan provides you an opportunity to become a new homeowner.

A VA home loan is a mortgage loan guaranteed by the United States Department of Veteran Affairs. It is imperative to note, however, that VA does not originate loans, but sets the rules for those who may qualify. It also issues minimum guidelines and requirements for the mortgage offer and financially guarantees loans that qualify under the program.

To succeed in your application for VA home loans, Pensacola, CA, learning some terms associated with VA loans can help a lot. Here are some that you should be familiar with:

Purchase Loans and Cash-Out Refinance – these VA-guaranteed loan options are available for homes that you or your spouse or dependent intend to occupy. The eligibility requirements include a satisfactory credit, sufficient income to meet the expected monthly dues, and a valid Certificate of Eligibility, which you can obtain from the Regional Loan Center in your area.

Interest Rate Reduction Refinance Loan (IRRRL) – The IRRRL is a “VA to VA” loan. Meaning to say, you can apply for it if you have an existing VA-guaranteed loan on the property. In general, this option aims at pulling the interest down and, therefore, lowering the monthly payment on the existing VA-guaranteed loan.

Adapted Housing Grants – VA helps veterans who have total and permanent disabilities related to your military service obtain suitable housing with either a Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grant.

Native American Direct Loan (NADL) Program – The NADL program is there for Native American Veterans. It helps them purchase, construct, improve, or refinance a home on Native American trust lands. To qualify, the tribal organization must participate in the VA direct loan program. One must have a valid Certificate of Eligibility (COE).

Online looking for a company that can help succeed in your application for VA home loans, Pensacola, CA? Talk to an expert at HomePlus today. Please call 800-810-PLUS (7587) for more.