Buying a home can be tricky, and New American Funding is always looking to help find the right loan for your needs. For Veterans, Active Duty Personnel and military families, there is a path to homeownership - the VA Home Loan Program.
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Home Loan Options for Veterans and Soldiers | New American Funding
1. Home Loan Options for Veterans
Loans created with Veterans in mind and what you should know before applying
2. There are several types of home loans that are best suited for Veterans.
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Refinance Loans
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Refinancing can help you lower your interest rate.
β’Fixed Rate Loans
β’Fixed rates allow you to budget for a predictable loan payment each month.
3. VA Home Loan Statistics
http://www.newamericanfunding.com/blog/post/2011/11/09/VETERANS-DAY-INFOGRAPHIC-e28093- VA-HOME-LOANS.aspx
4. VA Home Loan Statistics
http://www.newamericanfunding.com/blog/post/2011/11/09/VETERANS-DAY-INFOGRAPHIC-e28093- VA-HOME-LOANS.aspx
5. Interest Rate Reduction Refinance Loan
The VA IRRRL is built to help you refinance an existing loan into a lower interest-rate loan.
β’This process is simplified for veterans. You avoid the hassle of submitting bank statements, W2s and paychecks when applying for IRRRL.
β’Veterans can benefit from lower interest rates that arenβt available to the general public.
β’You are guaranteed a lower interest rate than the one you currently hold unless you are switching from an Adjustable Rate Mortgage to a Fixed Rate Mortgage.
6. Fixed Rate VA Home Loan
Refinance to a Fixed Rate VA Home Loan for consistency.
β’Fixed Rate Loans require consistent loan payments that you can expect each month.
β’A variety of Fixed-Rate VA Home Loan packages exist so you can find the one that is right for you and will bring you a lower interest rate.
7. VA Home Loan Application Steps
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Apply for a Certificate of Eligibility.
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Work with a mortgage specialist to determine what loan is right for you.
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New American funding will then order an appraisal from a VA assigned appraiser. With us, you donβt have to worry about doing this step yourself.
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The loan is approved and closed by New American Funding. NAF is authorized to approve and close VA loans without waiting on the VAβS review of the credit application.
8. VA Loan Requirements
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Who is eligible?
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Veterans
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Active Duty Personnel
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Reservists/National Guard members
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Surviving spouses that do not remarry
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Obtain a Certificate of Eligibility
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This document is issued from the VA and verifies your eligibility to receive VA benefits
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New American Funding can submit a request for this document on your behalf.
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To qualify for refinancing you must be a current holder of a VA mortgage and have already used your VA eligibility on the property you intend to refinance.
9. Basic Allowance for Housing
Basic Allowance for Housing is a benefit available to any permanent duty military personnel within the 50 United states.
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BAH is determined by your pay grade, location and whether or not you have dependents.
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BAH is typically used to pay rent, however it can be used to pay your mortgage.
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Your BAH benefits can put you at an income level needed to qualify for and support a VA home loan.