VA LENDER

What Are VA Home Loans?

VA Home Loans are mortgages backed by the U.S. Department of Veterans Affairs (VA). These loans provide significant benefits to qualified veterans, active-duty service members, and surviving spouses, allowing them to buy a home without a down payment. With a VA loan, you can purchase 1-4 unit homes and approved condos. Unlike conventional loans, VA loans do not impose a maximum loan amount, but lenders may require a down payment for loans exceeding the effective loan limits. To learn more watch our video below about VA loans. 

Benefits of VA Loans

• No Down Payment: Eligible borrowers can finance up to 100% of the home’s value.
• Lower Interest Rates: Typically lower than conventional mortgages.
• Flexible Terms: Fixed or adjustable-rate options.
• Reduced Closing Costs: Often lower than other financing types.
• No Private Mortgage Insurance (PMI): Save on monthly payments.
• No Pre-Payment Penalties: Pay off your loan early without extra fees.
• Counseling and Assistance: Available for veteran borrowers facing financial difficulties or foreclosure.
• Waiver of Funding Fee: For veterans with sufficient service-related disabilities.
• Energy-Efficient Improvements: Finance improvements such as solar panels, HVAC systems, and insulation.

VA Loan Eligibility Requirements

To qualify for a VA home loan, you need a valid Certificate of Eligibility (COE). You can obtain a COE if you meet one or more of the following criteria:

• Service Members- 90 consecutive days of active service during wartime. 
• Veterans- Depends on when you served.
• Military Reserves or the National Guard- Depends on when you served.
• Spouses of service members who died in duty or became disabled due to service may also qualify.

Types of VA Loans

1. Purchase Mortgage: Buy a home without a down payment.
2. Cash-Out Refinance: Replace an existing loan with a VA loan and cash out home equity.
3. Interest Rate Reduction Refinance Loan (IRRRL): Lower the interest rate on an existing VA loan or convert from an adjustable-rate to a fixed-rate mortgage.
4. Rehab and Renovation Loan: Finance home improvements and rehabilitation.
5. Native American Direct Loan: For eligible Native American veterans to purchase, build, or renovate homes on federal trust land.

Applying for a VA Loan

The application process for a VA loan is straightforward:

1. Get a Certificate of Eligibility: Apply online or by mail through the U.S. Department of Veterans Affairs. Your lender can also assist in obtaining this certificate.
2. Find a Lender: Choose a qualified VA lender that suits your credit and loan needs. Pre-approval is recommended.
3. Find a House: Make an offer, and your lender will review your finances and order an appraisal to ensure the home meets VA safety requirements. Once approved, close on the loan and move in.

Why Choose Mortgage Maestro Group?

Mortgage Maestro Group, founded by a Navy veteran, understands the unique challenges and rewards of military service. We aim to honor your service by helping you navigate the VA loan process and achieve your dream of homeownership in Denver.

To learn more about our VA loans and other mortgage services, contact Mortgage Maestro Group online or by phone.

Ready to Get Started?

Take the next step towards homeownership with an expert who understands your needs. Schedule a consultation here or fill out a pre-qual application here. Let Mortgage Maestro Group guide you through the VA loan process and make your homeownership dreams a reality.