VA Mortgage Loan

va-history-of-eligibility-imageUnquestionably the best loan program available today, the VA Mortgage  loan is a benefit extended to all U.S. military veterans and it’s a specialty of Garvens Mortgage Group. Owned and staffed entirely by veterans and family members of vets, we appreciate the unique financial needs of active duty and retired military personnel. With over thirty years of combined mortgage- and banking-industry experience, we understand all aspects of the VA loan program.

What makes the VA Mortgage loan program unique?

The VA loan is an earned benefit reserved exclusively for U.S. military veterans. It offers the best interest rates available with no mortgage insurance requirements. Additionally, this benefit never expires. Whether you’re active duty or thirty years retired, you are eligible for this program.

Veterans can shop for their loan with confidence knowing the Department of Veterans Affairs is behind them 100%. Friendly, one-on-one credit and home buying counseling are available through the VA regional loan center in Denver. Since closing costs for VA loans are limited by the VA, veterans are guaranteed a fair and reasonable price. Additional support is available throughout the life of the loan for veterans struggling to make their mortgage payment. And VA loans can be paid off early without prepayment penalties!

The VA loan is an extraordinary benefit-a benefit you’ve earned. But it’s up to you to claim it.

What products are available as VA loans?

VA loans can be used for purchases, streamline refinances, or cash-out refinances.

Purchase loans are available for both primary residences and investment properties. First-time purchases with no money down require a 2.25% funding fee; this increases to 3.3% for any subsequent purchases. Unlike FHA loans, the VA loan program allows a borrower to hold more than one VA loan at a time. Additionally, the VA offers high-balance loans for properties exceeding the $417,000 limit of conforming VA loans. Since eligibility is determined on an individual basis, veterans should consult their mortgage broker to understand the purchasing limits of their benefit.

For veterans with a current VA loan, streamline refinances, known as Interest Rate Reduction Refinance Loans or IRRRLs, are available. These allow the veteran to alter their interest rate or loan term with no checks on income and a funding fee of just .5%. Many lenders offer IRRRLs without appraisals to make this product even more attractive!

Cash-out refinances are also available under the VA loan program, and allows the veteran to cash out their home’s equity up to 100% of the home’s value. This is a powerful financial tool that is perfect for reducing debt, paying tuition, or making home repairs.

What else should you know?

Although the VA loan is an incredible benefit with strong backing by the Department of Veterans Affairs, borrowers should exercise caution. Since VA loans are assumable that is, they may be assumed by non-veterans, a veteran could permanently lose their VA loan benefit if not careful. And with attractive pricing and comparatively low borrowing requirements, it is common for younger veterans to acquire loans they cannot afford.

Before starting the loan application process, veterans should consult both their VA regional field office and their mortgage broker to understand both the benefits and potential risks of the VA loan program.

Company NMLS ID # 1591 (; CO–Mortgage Company Registration, Churchill Mortgage Corporation, 104 S Cascade Ave. Ste. 201A, Colorado Springs CO 80903-5102, Tel 888-562-6200, Regulated by the Division of Real Estate
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