VA LOANS: Our VIP Treatment
Welcome to our VA Loans, where we make the dream of home ownership a reality for our heroes!
If you’re a veteran, service member or a surviving spouse, you’ve come to the right place.
At Elevation Mortgage, we offer VA home loan programs designed to help you buy, build, improve, or refinance your home with ease and confidence.
Our mission is to guide you through this journey with clear, concise advice tailored to your unique circumstances.
We’re more than just lenders; we’re your partners in achieving your dreams. With our assistance, navigating the world of VA loans will be as simple as a walk in the park.
Now, let’s talk about the different types of VA loans so you can determine which one is right for you.
VA Loan Purchase
VA First Time Home Buyer
Greetings veterans! Are you aware of the VA Home Loan, a fantastic opportunity for individuals like you to become homeowners? With this loan, you can own your dream home without worrying about a hefty down payment or strict credit score requirements. We offer a range of VA Loan options to simplify the homebuying process, ensuring affordability and simplicity. Unlike conventional loans, our VA loans have lower monthly payments and no additional expenses like private loan insurance. Are you ready to start your journey towards owning your first home? Let’s make your plans a reality with our VA loan options!
VA Jumbo Loans
A VA jumbo loan allows prospective homeowners to explore properties in more expensive regions, making it an ideal choice for those looking at homes in large cities. One of the most attractive features of a VA jumbo loan is the standard $0 down payment, which significantly enhances your purchasing power.
VA jumbo loans are typically defined as those surpassing the VA loan limit specific to the county, hence buyers should acquaint themselves with the loan limits of the county they’re interested in.
Despite the different loan options, the military service prerequisites for a VA loan remain consistent, and a credit score of at least 620 is generally required, although this can fluctuate between lenders. Overall, the requirements for most VA loans are more flexible than those for a conventional home loan.
VA Renovation Loans
VA Renovation loans, also known as VA rehab or reno loans, offer eligible veterans a unique opportunity to acquire and renovate a property using a single loan. These loans are specifically tailored to cover the costs of necessary repairs or enhancements that improve the habitability of a home. They are particularly beneficial for veterans interested in purchasing fixer-uppers, as they provide funding for essential repairs, making such properties move-in ready. Additionally, they cater to veterans looking to refinance their homes and incorporate improvement costs into their mortgage.
VA Construction Loans
VA construction loans are short-term financial solutions designed to assist eligible veterans in covering the costs of building a new home. These loans are unique in that they do not require an upfront payment, but instead are gradually disbursed throughout the construction process. It’s important to note that these loans are not directly offered by the U.S. Department of Veterans Affairs. Rather, the VA provides government insurance, enabling VA-approved private lenders to offer these loans.
The VA construction loan can be utilized for purchasing land and financing the construction of a primary residence to align with the borrower’s vision. This option proves to be advantageous for military members, as it allows them to bring their dream homes to life. However, potential borrowers should be mindful that there are specific rules and requirements that must be met in order to qualify for these loans.
VA Streamline (IRRRL) Refinance:
The VA Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), is a program designed specifically for veterans to simplify the refinance process. This program allows veterans to take advantage of lower interest rates or switch from an adjustable-rate mortgage to a fixed-rate mortgage with minimal paperwork. One of the major advantages of this program is that no appraisal or credit underwriting package is required by the Department of Veterans Affairs. Additionally, no cash out can be taken from the loan proceeds, making it a straightforward option for veterans seeking to reduce their mortgage payments. The IRRRL is a great tool for veterans to utilize in maintaining financial stability and maximizing their homeownership benefits.
VA Cash-Out Refinance:
The VA Cash-Out Refinance is a beneficial program available to veterans and service members, offering an opportunity to tap into the equity of their homes. This program, facilitated by the U.S. Department of Veterans Affairs, allows eligible individuals to refinance their current mortgage—whether it’s VA or non-VA—and take out cash from the home’s equity. The funds can be used for various purposes such as paying off debt, home improvements, education, or even emergency expenses. A significant advantage of this program is that it provides potentially lower interest rates compared to other types of loans. However, like any financial decision, it’s important to understand the terms and conditions, as well as the long-term impact on one’s financial situation.
If you’re ready to experience the VIP treatment when it comes to home financing, it’s time to explore the benefits of VA loans. Get in touch with us today, mate, and let’s embark on a journey that honors your service and makes homeownership a reality. The future is bright, and it starts with VA loans!