The Many Benefits of the VA Loan Program

How Efinity Mortgage with the Department of Veteran Affairs (VA) make buying a house more affordable for veterans


The VA loan program helps our nation's veterans and active military personnel become homeowners. There are lots of benefits to buying or refinancing a house. Here are some of them.





Veterans can purchase a home with a 0% down payment.


One of the most valuable benefits of VA loans! Since these loans are backed by the U.S. Department of Veterans Affairs. This helps make homeownership affordable for our military members.


There is no private mortgage insurance on VA loans.


On a conventional loan, you need to make a 20% down payment to avoid private mortgage insurance (PMI), which is an additional expense on top of your monthly principal and interest payments. There is no private mortgage insurance when you buy a house with a VA loan.


Most veterans, however, will need to pay a VA Funding Fee purchasing or refinance a house.


The funding fee helps the Veterans Administration cover losses on loans that might default. The fee is based on your service, how much you put down on the home and if you've had a VA loan before.


VA loans have no minimum credit score.


This allows Efinity Mortgage to have more flexibility in credit score requirements for VA loans when compared to conventional loans. These requirements may vary by lender. Don't let a lower credit score stop you from applying! Efinity Mortgage is proud to offer VA loans to our nation's veterans and military personnel.


Competitive interest rates Since the VA insures these mortgages, lenders frequently offer interest rates that are competitive with the rates on conventional loans. Competitive interest rates are another benefit of the VA loan program.


Surviving spouses may qualify for loan benefits.


The surviving spouses of some veterans may qualify for the same benefits of the VA loan program as veterans and active duty military personnel.


Veterans can re-use their loan benefits Whether you are currently serving or served in the military 40 years ago, you can use a VA loan to buy a home.


And you can keep using your loan benefit. For example, if you bought a starter home and are ready to move up, you can re-use your benefit for your new home purchase.


Refinancing VA loans can be faster and cheaper Veterans who qualify can refinance their mortgages through the Interest Rate Reduction Refinance Loan (IRRRL) program which is sometimes called a "streamline" refinance.


These loans help veterans when interest rates drop by making it simpler to get a new mortgage. You can use the IRRRL program to switch from an adjustable rate to a fixed rate mortgage too. Veterans can only use the IRRRL program to refinance an existing VA loan into a new VA loan.


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