The Department of Veterans Affairs guarantees VA loans, which are used to refinance owner occupied VA approved residences that are single family homes, townhouses or condominiums; or, to obtain cash out to renovate a home.
VA Loans – Features
- Available loan amount up to $424,100 for owner occupied homes
- 100% financing available
- Low interest rates
- No prepayment penalty
- Both fixed rates and adjustable rates available
- Flexible credit requirements
- Veteran status is required for these loans, but they are also available to spouses.
- Specific service time requirements
- Single family primary residence
- Minimum 600 FICO credit score
- Funding fee for VA loan
- Properties must meet VA guidelines
- Maximum of 1 VA loan at one time