Veteran’s Administration Loans or “VA Loans”
Did you know that there are loan options designed specifically for Veterans? Lakeview Loan Servicing is proud to offer these exclusive loan programs as a benefit through the Department of Veterans Affairs.. We thank you for your service!
What is a VA Loan?
A VA loan is a loan specifically for Veterans that are guaranteed by the U.S Department of Veterans Affairs. Created in 1944, the goal of the program was to help service members returning from WWII purchase a home. The VA’s guarantee acts as insurance that gives lenders more flexibility to lend outside of the guidelines of traditional mortgages. This means that you may qualify for a lower rate or monthly payment than with a loan not guaranteed by the VA. You may be able to purchase a home with little or nothing down, and you can refinance up to 100% of your home’s value.
VA Loan Types
There are two primary options when refinancing your home with a VA loan. If your existing mortgage is a VA loan, a Streamline Refinance might be for you!
The streamline, or Interest Rate Reduction Refinance loan (IRRRL), is best for current VA loan holders that that would like to refinance for lower interest rates that may result in lower monthly payments.
This type of loan is called a streamline loan because the process to complete an IRRRL can usually be done much more quickly and with less paperwork. In some instances, you may not even need a new appraisal!
Lakeview loan Servicing also offers a VA Cash-Out refinance option for qualifying veterans seeking to refinance their current loan and receive a payout of some or all of the home’s equity in cash.
The cash-out received from the refinance has no restrictions, meaning you can use the money however you want. Pay off credit card debt, remodel your home, go on vacation, use for college tuition – whatever you need!
How do I Apply for a VA Loan?
To find out more about VA loans, call 855.294.8564 today! Our qualified VA loan specialists are here to help. Programs are based upon veteran eligibility guidelines set forth by the Department of Veteran Affairs, some restrictions may apply.