When it comes to VA loans, understanding the different types available can help veterans and active-duty service members make informed decisions.
1. VA Purchase Loans
These loans help eligible individuals buy a home at competitive interest rates with no down payment or private mortgage insurance (PMI) required.
2. VA Cash-Out Refinance Loans
Veterans can refinance their existing mortgage into a new VA loan for a larger amount, allowing them to access cash from the equity in their home.
3. VA Interest Rate Reduction Refinance Loans (IRRRL)
Also known as streamline refinance loans, IRRRLs enable veterans to refinance their existing VA loan to obtain a lower interest rate or convert an adjustable-rate mortgage (ARM) into a fixed-rate loan.
4. VA Native American Direct Loans (NADL)
These loans are specifically for Native American veterans who want to buy, build, or improve homes on federal trust land.
5. VA Adapted Housing Grants
Designed for disabled veterans, these grants help cover the costs of adapting or modifying homes to accommodate their disabilities.
6. VA Energy Efficient Mortgages (EEM)
These loans allow veterans to finance energy-efficient improvements, such as solar panels or insulation, into their home purchase or refinance loan.
7. VA Jumbo Loans
For veterans purchasing higher-priced homes, VA jumbo loans offer financing beyond the standard VA loan limits, subject to certain requirements.
Understanding the various types of VA loans can empower veterans and service members to choose the best option for their unique needs. For personalized guidance and assistance, contact us today.
Leave a Reply