How VA Loans Work

Veteran Family

When we look at the history of economy within the past decade, it is safe to be a little skeptical. One day the job market can look amazing and prosperous. On the opposite end of the spectrum, stocks can crash and individuals/families can lose their most prized assets. When someone falls into a financial bind due to situations out of their control, it is understandable that they may need assistance.

At RiteLend our core values are to do what is best for our clients with integrity and provide the best rates possible. One of the loan options that we specialize in for our clients is a VA loan. VA loans are specifically for eligible veterans of our American military/Army forces These loans are guaranteed by the United States Department of Veterans Affairs. Veterans whom are married are also eligible for these loans (only in the case that the veteran passes away and they did not remarry).

What Does a VA Loan Cover?

A VA loan is a long-term financing option for a veteran’s mortgage. In today’s society the number of homeless veterans have become a major topic of discussion In politics and in general. It is very important at RiteLend that we assist the veterans that fought for our country. We believe in striving to appreciate those that protect us by risking their lives in the best manner we can.

Our Flexible VA Loans

Home mortgages can become in immediate financial burden for a veteran who either loses their job or does not obtain a job after coming back home. One of the most common questions that people have is where to get VA loans. Here are a few benefits that we offer with our VA loans to veterans.

No Money Down Purchase Loan

Traditional loans typically come with extremely high interest rates and limits based upon your current income. What we believe is one of the most astounding benefits to offer is allowing a veteran to purchase a home with $0 down. Many major investments such as homes and cars typically require a certain amount of down payment. The latter is most common as the only other option is to pay for a home or car outright. Every veteran of our military should be able to come back home and not fear of living on the streets.

As stated earlier, veterans risk their lives and leave their families to protect ours. The least we can do is make sure that they return home knowing that they (and their families when applicable) always have a roof over their heads.

Streamline Refinancing Option

If you already have a VA loan and find yourself in a financial bind, we have a streamline refinance safety net for you as a veteran to utilize. Essentially this is an interest rate reduction loan (or for short IRRRL). This refinancing option is relatively easy. It does not require any equity, income, or appraisal checks on your end.

100% Cash Out Refinance

The second refinancing option that we offer allows for you to be a little bit more flexible depending upon your needs. As a veteran, you are eligible under our VA loan program to use 100% cash value of your home towards a number of financial obligations. Whether you would like to re-model your home, purchase a new car, consolidate pre-existing debt you have and/or — feel free to allocate the money as you see fit.

As you can see, we have amazing VA loan options for veterans to apply for. If you are a veteran or know a veteran seeking a VA loan, feel free to contact us at your earliest convenience for further inquires. Our customer representative team and mortgage bankers will steer you or your veteran in the right direction.