VA home loan benefits

Home loans backed by the Department of Veterans Affairs (VA) help service members, Veterans and their spouses buy, refinance and renovate homes. Loans are often available with a no down payment option, lower closing costs, good rates and no minimum credit score. If you’re eligible for a VA loan, speaking with an experienced VA lender like Rate can help you take advantage of the savings* this program provides

Why choose a VA mortgage?

VA mortgages require no down payment and have no income limits. They also do not require private mortgage insurance (PMI) and offer competitive interest rates.

Why choose a VA cash-out refinance?

VA cash-out refinance guidelines

To qualify for a VA cash-out refinance, you will need:

No minimum credit score
Home appraisal
Qualifying military service

A military Certificate of Eligibility (COE) is required to verify your service history, something Rate can help you retrieve. A VA cash-out refinance allows you most or all of your home’s value, but a home appraisal is required to determine your home’s market value. The home also must be your primary residence.

Why choose a VA IRRRL?

The VA IRRRL offers flexible lending requirements, so borrowers don’t need to meet specific credit scores to qualify. Plus, a home appraisal, credit check or income review are not required for most types of IRRRLs.

VA IRRRL guidelines

To qualify for a VA IRRRL, you will need:

Current VA mortgage
Military Certificate of Eligibility (COE)
Property that is your primary residence

As with any refinance, there are closing costs associated with a VA IRRRL, including a VA funding fee. The good news is that the VA funding fee for IRRRLs is 0.5%. Borrowers can roll closing costs into their loan and pay them off over time. Also, Rate has no lender fees on any VA loan

How to apply for a VA home loan

Applying for VA home loans and refinancing for service members, Veterans and their families is simple with Saxton Mortgage.

Follow these steps.

1. Obtain your certificate of eligibility (COE)

You’ll need a military Certificate of Eligibility (COE). Our mortgage specialists can retrieve it for you through the VA’s online portal.

2. Gather key documents

You’ll need to provide income verification, tax returns, asset statements and personal identification.

3. Apply online

Once you submit your application, I will help you from there.

*Savings, if any, vary based on consumer’s credit profile, interest rate availability, and other factors. Contact Saxton Mortgage. for current rates. Restrictions apply.  
**Using funds from a cash-out refinance to consolidate debt may result in the debt taking longer to pay off as it will be combined with the borrower’s mortgage principal amount and will be paid off over the full loan term. Contact Saxton Mortgage for more information.  
***While the VA does not require a minimum credit score, participating lenders typically look for a minimum credit score starting at 640 for VA loan applicants.`

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