Yvonne Ako, First Vice President, Residential Loan Manager, American Savings Bank, Equal Housing Lender, Member FDIC
Are you eligible for a VA home loan? VA loans offer assistance to U.S. service members, military veterans, and eligible surviving spouses. The U.S. Department of Veterans Affairs guarantees a portion of the VA loan, allowing lenders such as American Savings Bank to provide the veteran with favorable terms.
Some situations where veterans can take advantage of VA loans include the purchase of a one-unit owner-occupant home (up to 100% of the purchase price, provided it’s within the maximum loan amount for the county), refinancing an existing mortgage, or taking advantage of the equity in a home to finance home repairs and other life events.
Unlike conventional mortgages where private mortgage insurance (PMI) is required by the borrower for loan-to-values over 80%, there is one-time upfront VA funding fee that can be financed into the loan amount. And, if the veteran has a service-related disability, this fee could be waived.
If the veteran has an existing VA loan and simply wants to refinance to a lower rate and payment, lenders may offer a streamlined refinance called an Interest Rate Reduction Refinance Loan (IRRRL).
Each veteran’s situation is unique, therefore, consult an experienced professional residential loan officer for specialized assistance. VA Loans are subject to the lender’s credit and underwriting policies and guidelines.
