Take advantage of your eligibility status to get access to one of the best home loans available to veterans.
At CBM Mortgage we are here to help you discover the numerous advantages of VA (U.S. Department of Veterans Affairs) loans, a valuable benefit provided to eligible veterans, active-duty service members, and some National Guard and Reserves members. VA loans are designed to assist you in purchasing or refinancing a home with unmatched benefits compared to traditional mortgages. We’ll dive into the key advantages of VA loans and the various types available to you, helping you explore this fantastic program for your homeownership needs.
Advantages of VA Loans
- No Down Payment — One of the most significant perks of VA loans is that eligible borrowers can secure their primary residence without making a down payment. You can finance 100% of the home’s purchase price, as long as it does not exceed the appraised value. This is a game-changer — making homeownership more accessible for those who have served our country.
- Competitive Terms and Interest Rates — VA loans often come with more favorable terms and lower interest rates compared to conventional loans. These advantages translate into lower monthly mortgage payments, putting more money back in your pocket.
- No Private Mortgage Insurance (PMI) or Mortgage Insurance Premiums (MIP) — Unlike conventional loans, VA loans do not require PMI, which is typically necessary with a down payment of less than 20%. Additionally, VA loans do not carry the burden of MIP, which is associated with FHA loans. This translates to cost savings and less financial stress for borrowers.
- Fewer Closing Costs — In some cases, sellers may be willing to contribute to a portion of the closing costs, further reducing your financial burden during the home buying process. This can make homeownership even more affordable and accessible.
- No Penalty for Early Loan Payoff — Borrowers with VA loans are not subject to prepayment penalties, allowing you to pay off your loan early without incurring additional fees. This flexibility gives you the freedom to manage your finances more effectively.
Types of VA Loans
- Veteran 100% Financing — VA loans can be used to buy a primary residence you intend to occupy. This includes single-family homes, 1-4 unit properties, VA-approved condominiums, and double-wide manufactured homes. The versatility of VA purchase loans makes them suitable for a variety of housing options.
- CBM Advantage Program for Veterans — Exclusively designed for veterans, active-duty military members, and surviving spouses, this initiative provides up to $15,000 in financial support, easing the challenges of homebuying. Unlock the door to your dream home – CBM Mortgage is here to guide you every step of the way.
- Interest Rate Reduction (Streamline) Refinance — This type of refinance is available exclusively to borrowers who already have a VA loan. Its primary purpose is to lower your monthly mortgage payment by securing a lower interest rate. The streamlined refinance process is more straightforward and typically involves less paperwork and documentation.
- Cash-Out Refinance — With a cash-out refinance, you can tap into your home equity to access cash for various purposes, such as paying off high-interest debt, making home improvements, or covering other financial needs. This essentially replaces your current mortgage with a larger one, allowing you to access the difference in cash.
Eligibility and Application Process
To determine your eligibility for a VA loan and understand the specific qualification requirements related to your income, credit history, and debt ratios, it’s essential to contact a CBM Home Loan Advisor. Our experts can guide you through the application process and provide personalized assistance based on your unique circumstances. Please remember that VA loan eligibility and terms may change, so it’s advisable to consult with an expert for the most up-to-date information.
VA loans are a valuable resource for veterans, active-duty service members, and eligible National Guard and Reserves members. With their unmatched advantages and various loan types, they provide a pathway to homeownership that is both affordable and flexible. Contact CBM Home Loan Advisors today to explore the possibilities of VA loans and secure your dream home.
Thank you for your service, now let us serve you.
Contact your CBM Mortgage Home Loan Advisor today to begin your journey toward the home of your dreams.
Additional terms and conditions apply. All approvals are subject to underwriting guidelines. Not all applicants will qualify. This is an advertisement and not a commitment to lend. CBM Mortgage is not affiliated with the U.S. Department of Veterans Affairs.