VA Home Loans – Are you Eligible?
On average, VA mortgage loans are easier to qualify for than conventional loans and they provide significant financial benefits to eligible borrowers. Despite this fact, only a fraction of our nation’s veterans and service members have taken advantage of their benefits.
Even more surprising, a study by the Department of Veterans Affairs has shown that nearly 20 percent of veterans are not even aware that the VA loan program exists.
Then there are those who have heard that there may be some special advantages available to veterans seeking a mortgage loan, but they have not taken the time to thoroughly investigate how they personally might benefit.
At Veterans United Home Loans our mission is to raise awareness of the program and clear up any confusion about the process and qualification standards. Our monthly free seminars on the VA loan benefit have proved to be a valuable educational resource for our veterans.
Hawaii’s #1 VA LENDER, Veterans United helped more than 560 families achieve their dream of homeowner-ship in 2014.
Pre-qualifying for a VA loan is fairly easy to do. To be eligible, prospective borrowers must fall into one of the following categories:
• Served 181 days on active duty during peacetime or 90 days during wartime
• Served six years in the National Guard or Reserves
• Be the spouse of a fallen service member who died due to a service related injury.
No matter which category you fall into, the next step is filling out a Certificate of Eligibility, or COE. This official VA document proves you are able to participate in the program and have met the service requirements. Applicants can obtain these certificates through the VA or an approved VA lender. (Simply call us at Veterans United Home Loans and we will send one to you…or pick one up at our seminars).
The Department of Veterans Affairs does not set explicit income or credit standards to qualify for the program, since the VA does not issue the loan. Income and credit standards are given by the VA-approved lenders, which generally require a minimum score of 620.
Similar to the VA purchase loan, the VA IRRRL (Interest Rate Reduction Refinance Loan), or Streamline Refinance, gives current VA home loan holders the opportunity to take advantage of the market’s competitive interest rates.
Prospective borrowers should note that for a Streamline Refinance to be worth their while, they should make sure the new interest rate is lower than their existing rate and understand that you can’t refinance a conventional loan through the IRRRL.
However, you can refinance conventional loans through the VA Cash-Out refinance program. For those looking to lower their current interest rate and thereby reduce their monthly mortgage payment or take cash out on their home’s equity, these VA refinance programs are a great option.
If you wish to make an appointment to meet with one of our experienced VA lenders, please call us at 677-LOAN (5626). There is no cost for a private consultation. Veterans United Home Loans of Hawaii is the State’s Number One VA dedicated lender.
“You’ve served our country. Now let us serve you.”
Upcoming VA Loan Seminars
Veterans United seminars include Powerpoint presentations & free workbooks. Question and answer periods follow the presentations. For more information and directions, call 677-LOAN (5626).
Tuesday, March 31
6 8 pm
Keller Williams Honolulu
1347 Kapiolani Boulevard
2nd Level Honolulu, HI 96814
Thursday, April 2
6 8 pm
Veterans United Home Loans of Hawaii Educational Center
94-539 Puahi St., 2nd Floor Waipio, HI 96797