VA Loans
Are you a veteran or an enlisted person looking to purchase a home? Your VA home loan benefit is one of the greatest offered by the federal government to the men and women who have served, or are serving, their country! Let Homestar Financial help you use this benefit to your maximum advantage. You’ve earned it.
VA loans are not loans made by the Veteran’s Administration, they are loans made by private lenders and are guaranteed by VA. Since the loans are guaranteed by the federal government, there are stricter standards for mortgage lenders and more relaxed standards for borrowers. Other benefits include:
- No down payment
- Closing costs that can be financed into the loan
- No penalties for pre-payment of the loan
- No Private Mortgage Insurance (PMI)
And that’s just to name a few! All you have to do is find out if you qualify for a VA loan, and Homestar Financial will do the rest.
Eligibility Requirements:
You may be eligible if:
You served in WWII, the Korean conflict or Vietnam
You were discharged for a service-connected disability.
You received an honorable discharge
You served in the Gulf War or Iraq/Afghanistan
You served in the Selected Reserves or the National Guard
There are many specifics involved with regard to dates and types of service. For more information on which types of service qualify you for a VA loan, click here.
Some Typical Questions about VA Loans
What can I use my VA Loan for?
You can use your VA loan to purchase a house, to build a house, to purchase and renovate a house, and in some cases to buy a condominium. You may also use a VA loan to make some approved improvements, such as energy-efficiency upgrades.
How big can my VA Loan be?
There are no set limits, but the generally accepted maximum is $417,000. This amount is higher in some areas, including Alaska and Hawaii.
What do I need to do to obtain a VA loan?
You must first obtain a Certificate of Eligibility. These are only available through the Winston-Salem Eligibility Center. Once you have this certificate, the loan will proceed very much like any other home mortgage loan process.
Can I use my VA entitlement to refinance my home?
Yes! You can use the streamline refinance program to refinance your home to a lower interest rate. With this program there is no credit check and no appraisal. If you want to take cash out of your refinance, you can still use your entitlement to get up to 90% of your loan-to-value.
Do I have to live in the home?
You do need to live in the home as your primary residence to use your VA entitlement; however your spouse can satisfy the occupancy requirement.
Contact Homestar Financial to discuss your situation with a licensed loan professional. We specialize in VA financing, and we pride ourselves on our ability to deliver the best loan for your particular financial situation.
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