What is a VA One Time Close Construction Loan? If you’re a Veteran or have a loved one who has served as member of the Armed Forces, you’ll understand sacrifices such as being away from family, missing the birth of your child, experiencing battle trauma—or worse. Perhaps one common challenge faced by Veterans when you finally make it home is difficulty integrating back into civilian life.
Needless to say, you are our heroes and you deserve the best benefits. One such benefit relates to housing. It’s called the VA One-Time Close Construction Loan. Call 302-703-0727 to talk to a VA Lending Specialist about a VA Construction or get started online APPLY ONLINEKeep Reading...
Understanding the Delaware VA IRRRL Refinance Mortgage Loan
Delaware homeowners with existing VA mortgages have an option for refinancing called the Delaware VA IRRRL Refinance Mortgage Loan. Commonly known as the VA Streamline Refinance, the program simplifies home refinancing for Delaware Veterans by waiving documentation typically required by lenders, including income information, employment verification, bank account and credit score verification, and even an actual appraisal of the home. Call the John Thomas Team at 302-703-0727 with questions or to get started with a VA Loan. You can also APPLY ONLINE
What is a Delaware VA IRRRL Refinance Mortgage Loan?
To better explain the VA Streamline Refinance loan, it’s important to understand what a Delaware VA loan is and who it services. Delaware VA loans are loans specifically designed for veterans and their loved ones. VA loans are guaranteed by the federal government and can be a great tool to get veterans into much needed homes. The defining characteristics of the VA Loan is that qualified veterans can buy a home with no money down – this makes the home buying process easy and affordable for military families. VA Loans also offer other perks like no private mortgage insurance and competitive mortgage rates.
How Do You Qualify for a Delaware VA Loan?
To Qualify for a Delaware VA Loan, Delaware veterans must have done one of the following:
Must have served 181 days during the peacetime
90 days during war time
6 years in the reserves or National Guard
Once you have a VA Loan, you can then qualify to refinance in the future using the VA IRRRL Refinance Loan. To learn more about the Delaware VA Loan, call the John Thomas Team at 302-703-0727 or APPLY ONLINE to get started today. We made the Best Va Lender List for 2018 and can help you get started!
What is the Delaware VA Streamline Refinance Loan?
The Delaware VA IRRRL Refinance mortgage loan is another loan program, or the Interest Rate Reduction Refinance Loan (IRRRL), is specific to veterans and is made available via the VA Loan Guaranty program. It’s sometimes called a VA-to-VA Loan.
Almost all active duty and/or honorably discharged Delaware service members are eligible for a VA purchase or Delaware streamline refinance loan. This helpful program allows veterans to refinance their current mortgage interest rate to a lower rate than they are currently paying. This loan is a popular option because of its ease of use. An experienced VA loan officer could complete the loan in about a month in many cases.Keep Reading...
Delaware Veteran Loans are mortgage loans for Veterans that are made by mortgage lenders such as banks or mortgage brokers but are backed by the United States Government through the Veterans Administration. The GI Bill that was signed into law in 1944 by President Roosevelt created the home loan program for Veterans to ensure they had access to housing. Eligible veterans are able to use a VA loan to purchase or refinance a property. The Delaware VA Loan is the best loan option for veterans hands down. Get 100% financing with a VA loan which means NO Down Payment! Call 302-703-0727 to get started on Delaware Veteran Loan or APPLY ONLINE.
Who is Eligible for Delaware Veteran Loans?
Delaware Veterans must first determine if they are eligible for a VA loan by applying for a Certificate of Eligibility (COE) from the Veterans Administration. Eligibility is based on the type of service, length of service, and type of discharge. In order to be eligible the Veteran must have served in one of the following branches of service:
US Air Force
US Coast Guard
The Oceanic & Atmospheric Administration
Public Health Service
What are the benefits of Delaware Veteran Loans
The benefits of a Delaware VA Loan are as follows:
No Down Payment Required
Seller Can pay up to 4% toward Veterans Settlement Charges
Free Online Workshop for Delaware Veterans who want to know the 10 Insider Tips on Delaware VA home loans. Online Workshop is scheduled for Tuesday, November 2, 2010, at 8:30 PM. The seminar will explain in detail, the top 10 questions veterans ask about VA Home Loans.
Attend the Free Online Workshop from the comfort of your own home by registering online. You can get all your questions answered live during the Online Workshop.
The more you know about our Delaware home loan program for Veterans, the more you will realize how little “red tape” there really is in getting a Delaware VA loan. These loans are often made without any down payment at all which means a veteran can get 100% financing. Aside from the veteran’s certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of Delaware mortgage loan. And if the lender is approved for automatic processing and the Lender Appraisal Processing Program (LAPP), as more and more lenders are now, a buyer’s loan can be processed and closed by the lender without waiting for VA’s approval of the credit application or for VA to review the appraisal.Lenders are also able to use VA recognized automated underwriting systems, such as Loan Prospector and Desktop Underwriter, to facilitate the underwriting process. This makes the VA Loan a great program for Delaware First Time Home Buyers who meet the eligibility requirements.
Helping Spouses and Qualifying Family Members Find a Delaware Home
=&0=&of Delaware =&1=& members who died during active duty or as a result of a service-connected disability. This makes it an invaluable program for the families of fallen military members. To qualify, you must be:
An un-remarried spouse of a Delaware Veteran who died while in military service or from a service-connected disability
A spouse of a Service member who is missing in action or a prisoner of war
A surviving spouse in receipt of Dependency and Indemnity Compensation (DIC) benefits in cases where the Veteran’s death was not service-connected
Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death