For many of our military families, that best option is usually a VA home loan. 
A VA Loan is a mortgage that is guaranteed by the US Department of Veterans Affairs, requires ZERO MONEY DOWN and NO MONTHLY MORTGAGE INSURANCE for qualified applicants.
VA home loans help veterans who have served or who are currently serving in the U.S. Armed Forces, as well as those whose spouses died in the line of duty to purchase a home, affordably.
One of most common misconception about the VA Loan eligibility is that it can only be used once or that you can only have one VA loan at a time…Veterans who qualify can use the VA LOAN program, over and over again, up to eligibility limits. It’s even possible to have more than one VA loan at the same time with second-tier entitlement. VA Loans have much more relaxed credit requirements vs conventional mortgages and are designed for applicants with less-than-perfect credit.

VA Loan Program Highlights

• 100% financing – No Down Payment Required
• No Monthly Mortgage Insurance
• Relaxed credit standards
• Seller contributions allowed up to 4%
• Surviving spouse of deceased veteran may be eligible

VA LOAN REFINANCING: The VA Interest Rate Reduction Refinance Loan (IRRRL)

The VA Interest Rate Reduction Loan(IRRRL) is a process that requires very little paper and is designed to make refinancing easy for those with a current VA loan, the VA IRRRL can help lower or stabilize your monthly mortgage payments. Lower your current monthly mortgage payment by refinancing to a lower interest rate or change your term from an ARM to a fixed-rate term so your mortgage payment stays the same over the life of your loan. You can also roll applicable closing costs and fees into the loan. 

 VA Refinance Options Even If You Don’t Have a VA Loan

Veterans and active military who qualify who don’t currently have a VA Loan on your home you can still refinance into a VA home loan. Take advantage of lower interest rates and a reduced monthly payment, refinance into a new term, or even finance qualified home improvements with a VA Loan.

Contact Leo today to find out if you might qualify for a VA Loan.

Are you ready to make your move?  Start now with our quick and easy mortgage application. Get pre-approved today.