VA Loan Basics

The VA home loan program is designed for veterans of the United States military who have served a minimum amount of time depending on the era of military service. The VA loan program involves a loan guarantee made by the Department of Veterans Affairs to a participating private VA lender of the borrower’s choosing. The VA itself does not lend money--it insures the loan, making it a safer credit risk for the lender. VA home loans offer a no-money-down option, which can help young couples and first time house hunters on a budget. VA loans have no penalty for early payoff, require no private mortgage insurance, and offer “streamline” refinancing options that can lower interest rates and monthly payments later on. Soldiers, Sailors, Airmen, and Marines on active duty, members of the Guard
Refinancing a VA home loan is an option available to borrowers in two basic ways: cash-out refinancing and Interest Rate Reduction Refinancing Loans,