A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
Yes, it is required. It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.
It depends on several factors including: Whether you are Active Duty, Retired, Guard or Reserve and whether you this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.
No, you can include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.
Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs.
A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don't have provide bank statements, W2s, job verification or paychecks.
These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.
At Lending Dream Mortgage, we are proud to support the brave men and women who have served our country by offering an exceptional mortgage solution: the VA Loan. This type of mortgage loan is guaranteed by the U.S. Department of Veterans Affairs (VA) and is specifically designed to help service members, veterans, and eligible spouses achieve their dream of homeownership. With a VA Home Loan, you can enjoy numerous benefits that make buying or refinancing a home easier and more affordable.
One of the biggest advantages of a VA Home Loan is that it allows you to purchase a home without the need for a down payment. Unlike conventional loans, which often require a significant down payment, VA Home Loans provide a no-money-down option, helping you keep more cash in your pocket.
If you’re looking to refinance your current home, a VA Mortgage Loan allows you to refinance up to 100% of your home’s value. This gives you the flexibility to secure a better interest rate, tap into your home’s equity, or simply adjust your mortgage terms.
With a VA Home Loan, you never have to pay PMI, which is a common requirement for borrowers with less than 20% equity in their home on conventional loans. This can save you thousands of dollars over the life of your loan, making homeownership more affordable.
Another great advantage of a VA Loan is that sellers are allowed to pay some or all of your closing costs. This can significantly reduce the amount of money you need upfront when buying a home, further easing the financial burden.
VA Home Loans are often easier to qualify for compared to conventional loans. Since the U.S. Government insures the loan, lenders are exposed to less risk, making it easier for veterans to secure financing—even if their credit isn’t perfect.
If you already have a VA Loan, you may be eligible for a VA Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL). This option allows you to lower your interest rate with minimal documentation and little to no out-of-pocket costs, providing a straightforward way to save on your mortgage.
If you are a disabled veteran, you may qualify for a waiver of the VA Funding Fee. Veterans receiving disability payments from the VA or those with a disability rating of 10% or more are eligible for this benefit, helping to make homeownership even more affordable.
VA Home Loans are available to a wide range of service members and veterans. To be eligible, you must meet at least one of the following criteria:
If any of these situations describe your military service or that of your spouse, you are likely eligible for a VA Home Loan. Our team at Lending Dream Mortgage is here to guide you through the eligibility process and help you take advantage of this valuable benefit.
The VA Funding Fee is a one-time fee paid directly to the Department of Veterans Affairs. This fee allows the VA to continue backing these loans, providing veterans and service members with the opportunity to secure affordable mortgages with little to no money out of pocket. While the VA Funding Fee is required, it can often be financed into your loan, eliminating the need to pay it upfront.
The amount of the VA Funding Fee depends on several factors, including:
Yes! The VA Funding Fee can be rolled into your loan amount, allowing you to spread the cost of the fee over the life of the mortgage. This feature makes it easier for borrowers to secure a VA Loan without having to worry about paying the fee upfront.
While the VA Funding Fee can be included in your loan, there are still some standard closing costs you will need to consider, such as:
However, with a VA Home Loan, sellers are allowed to pay for all or part of your closing costs. This can significantly reduce your out-of-pocket expenses when purchasing a home.
A VA Streamline Refinance (IRRRL) is an excellent option if you already have a VA Home Mortgage Loan and want to lower your interest rate. This refinancing option is designed to be simple and fast. You won’t need to provide bank statements, W2s, job verifications, or paychecks, making the process quick and hassle-free.
At Lending Dream Mortgage, we understand the unique needs of veterans and active service members. As one of the Best VA Loan Lenders, we specialize in helping you navigate the VA Home Loan process, ensuring you get the best possible terms. Whether you’re looking to buy a new home or refinance your current mortgage, our team is committed to providing expert guidance and personalized service every step of the way.
Ready to take the next step? Get pre-approved for a VA Home Loan today and let us help you achieve the dream of homeownership. Reach out to Lending Dream Mortgage, your trusted VA Home Loan Lender, and discover how we can make the process smooth and stress-free.