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VA Home Loans in Parker, Loan Tree, and Castle Rock From a Top-Rated Mortgage Lender
Welcome Veterans and Military Personnel To Journey Home Lending
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.
What are the Benefits of a VA Mortgage in Parker, Castle Rock, or Lone Tree?
There are many great benefits to a VA mortgage when buying or refinancing a home in the Parker and Castle Rock area including:
- Pay competitive interest rates, even if you do not have a perfect credit score.
- Great financing option for first-time homebuyers!
- Buy a home today with no down payment. That’s right…you can finance 100% of the home you want to buy!
- There is no need for mortgage insurance. That is one less monthly payment.
- If you pay your loan off early, there are no pre-payment penalties.
- Credit qualification requirements for VA mortgages are more flexible and allow for easier qualification than conventional loan programs.
- The closing costs are capped when the seller doesn’t pay them.
- The funding fee can be waived for qualified disabled veterans.
- VA Loans are available for both purchase and refinance.
- If you have had a VA mortgage in the past, you can take out another one now.
- You will not be disqualified automatically if your financial record includes bankruptcy or foreclosure.
Are You Eligible for a VA Loan in the Parker, Colorado Area?
If any of the following describe your status, you could be eligible for VA financing:
- Active duty service member
- Eligible surviving spouse
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, some services 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.
NEW VA Interest Rate Reduction Refinance Loan
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.
Am I eligible for an IRRRL?
You may be able to get an IRRRL if you meet all of the requirements listed below.
All of these must be true. You:
- Already have a VA-backed home loan, and
- Are using the IRRRL to refinance your existing VA-backed home loan, and
- Can certify that you currently live in or used to live in the home covered by the loan
Note: If you have a second mortgage on the home, the holder must agree to make your new VA-backed loan the first mortgage.
Why might I want to get an IRRRL?
Often called a “streamline” refinance, an IRRRL may help you to:
- Lower your monthly mortgage payment by getting you a lower interest rate, or
- Make your monthly payments more stable by moving from a loan with an adjustable or variable interest rate (an interest rate that changes over time) to one that’s fixed (the same interest rate over the life of the loan)
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.
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.