Journey Home Lending is proud to help those that are serving or have served our country take advantage of the VA Home Loan program. The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide the easiest way to finance a home to veterans and people currently serving in the military.
There are many great benefits to a VA mortgage when buying or refinancing a home in the Parker and Castle Rock area including:
If any of the following describe your status, you could be eligible for VA financing:
All military branches plus the Reserve and National Guard are eligible. You can use your VA mortgage benefits an unlimited number of times for an unlimited number of years after you qualify for them.
The Veterans Administration provides insurance to lenders in the case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. A VA loan may also have reduced closing costs and no prepayment penalties.
Additionally, there are services that may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.
If you have an existing VA-backed home loan and you want to reduce your monthly mortgage payments—or make your payments more stable—an interest rate reduction refinance loan (IRRRL) may be right for you. Refinancing lets you replace your current loan with a new one under different terms. Find out if you’re eligible—and how to apply.
You may be able to get an IRRRL if you meet all of the requirements listed below.
All of these must be true. You:
Note: If you have a second mortgage on the home, the holder must agree to make your new VA-backed loan the first mortgage.
Often called a “streamline” refinance, an IRRRL may help you to:
On a no-down-payment loan, you can borrow up to the Fannie Mae/Freddie Mac conforming loan limit in most areas—and more in some high-cost counties. You can borrow more than this amount if you want to make a down payment.
Learn about VA home loan limits
You’ll want to keep closing costs in mind when refinancing a loan, as they can add up to thousands of dollars. Before you decide to refinance, divide your closing costs by how much you expect to save every month by refinancing to see if it’s worth it.
Contact us today at 303-660-4210 to find if a VA mortgage in Parker, Castle Rock, or throughout the Denver metro area is the best home loan option for you.
We've been helping customers afford the home of their dreams for many years and we love what we do.
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