1-888-450-2558

Veterans Administration (VA Loans)

Those who qualify for a VA loan may be able to significantly reduce the total amount they will be required to pay over the life of their mortgage. Eligible servicemembers and veterans can take advantage of some of the many VA Home Loan benefits, such as:

 

  • No down payment on home purchase loans
  • Lower closing cost limits
  • Lower interest rates
  • Relaxed credit requirements
  • Less strict debt-to-income (DTI) requirements
  • Flexible funding fees
  • No monthly mortgage insurance premiums help keep your monthly payments low

 

Get your free, no obligation rate quote!  Get Started Today

Veterans Administration (VA Loans)

VA loan options come in many different forms. Take a look at the following mortgage types to compare and choose the VA loan that’s best for you.
VA Purchase Loan
VA Streamline (IRRRL) Refinance
VA Cash-Out Refinance
Overview
If you are on active duty or retired from the military and in the market for a new home, you should call us to learn how you could save money with a VA Home Loan.
Already have a VA loan? Consider refinancing into a VA Interest Rate Reduction Refinance Loan (IRRRL), also called the Streamline Refinance Loan. The VA IRRRL lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate on your VA loan, you should be able to decrease your monthly mortgage payments. You may also be able to refinance an adjustable-rate mortgage (ARM) into a fixed-rate mortgage.
If you need extra money quickly, your VA loan may be the answer. The VA’s Cash-Out Refinance Loan is for homeowners who want to use their home equity to take care of concerns like paying off debt, funding school or making home improvements. As home values continue to rise across the country and interest rates remain relatively low, now may be a great time to consider a VA Cash-Out Refinance.
Benefits
No down payment, unlike conventional or FHA loans*
No private mortgage insurance (PMI) or upfront mortgage insurance premium (UFMIP) to keep your monthly payments low
Lower interest rates
VA funding fee may be financed into the loan
*As long as the sales price does not exceed the appraised home value.
Lower interest rates compared to conventional loans
Designed to be easy to apply and quickly close
Flexible loan terms — there’s no need to extend your current payment schedule
Minimal paperwork and income documentation required
Closing costs can be rolled into the cost of the loan — no out-of-pocket expenses
Pay off higher interest rate debt, such as credit cards.
The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan.
Borrow up to 90% of the value of your home*
*Loan limits are established by the VA and can vary by county.

We Support Our Veterans

We’re honored to have the opportunity support the needs of active, reserve, veteran and retired military members.

 

Am I Eligible for a VA Home Loan?

 

If you’re interested in a VA loan but don’t know if you qualify, we can help. Active or former service members with the following terms of service today may be eligible* for a VA Home Loan:

  • 181 days of service during peacetime (active duty)
  • 90 days of service during wartime (active duty)
  • Six years of service in the Reserves or National Guard
  • Some surviving spouses (spouse passed away due to service-related complications)
    *You will also need to meet all VA and lender credit, income and employment requirements.

Why Should I Choose South Main for a VA Loan?

 

We are committed to offering service members and veterans great rates on VA loans of all types, so they can find the right properties to fit their needs.

What are VA loan limits?

 

VA loan limits represent the largest total VA loan amount that the Department of Veterans Affairs is allowed to guarantee to eligible borrowers without requiring them to make a down payment. These limits match the limits set on conventional conforming loans by the Federal Housing Finance Agency. VA loan limits do not limit the amount that may be borrowed on a VA loan. Instead, they cap how much a borrower can finance without paying any money down. That said, The Blue Water Navy Vietnam Veterans Act of 2019 lifted VA loan limits for veterans and service members with full entitlement to VA loans.

 

What is a VA loan guaranty?

 

A VA loan guaranty is a situation in which the Department of Veteran Affairs works with a private lender to guarantee or back a VA loan. In the event that the borrower defaults on the VA loan, the VA will pay off the debt to the lender. This form of insurance reduces lender risk and allows banks, credit unions and mortgage companies to offer eligible veterans better terms.

 

What is the VA loan funding fee?

 

A VA loan funding fee is a fee paid to the Department of Veterans Affairs to help support the VA loan program. This is a one-time fee that helps cover costs from VA loan borrowers who end up defaulting.