VA Refinance Programs in Utah
A VA loan is available with a fixed rate, and as a streamline refinance
VA Fixed Rate
- Are you a veteran or currently serving in the United States military? Are you a surviving veteran spouse?
- Do you want to purchase or refinance a home loan without a down payment?
A VA fixed rate loan is offered to active military men and women, veterans, and to surviving spouses. An exclusive perk for all VA loans is that a down payment is not required. You can also refinance up to 100% of your home’s value. Even if you have used your VA loan benefits in the past, you can take advantage of this special program.
- Are you current on your VA home loan?
- Are you paying a higher interest rate on your existing loan than is offered today?
VA loans are popular among those who qualify, since there is no requirement for monthly private mortgage insurance, or a down payment. If your payments are up to date on your current VA loan, with no more than one 30-day late payment in the previous 12 months, you can qualify for a VA streamline refinance, known as the Interest Rate Reduction Refinance Loan (IRRRL.)
Once you have been approved for a VA loan, VA streamline refinancing is simple. You can quickly and effectively lower your interest rate to today’s competitive rate. In addition, closing costs can be rolled into your loan amount.
Eligibility for a VA Loan
The U.S. Department of Veterans Affairs (VA) features multiple programs to support veterans, active duty service members, National Guard members, reservists, and their families. One of these programs is the VA loan, which makes buying a home easier for military personnel and families.
You may be eligible for a VA loan if you meet at least one of these conditions:
- You served for a minimum of 90 consecutive days during wartime
- You served for a minimum of 181 days during peacetime
- You served in the National Guard or the Reserves for more than six years
- Your spouse, who is a service member, died in the line of duty or because of a service- related disability
Keep in mind that your eligibility for a home loan depends ultimately on the VA. Nevertheless, consider applying for the loan; it has multiple benefits.
A VA loan does not require a down payment and its average interest rates are typically lower than traditional loan types. It has relaxed credit requirements and limits on closing costs. With this loan home ownership becomes a reality for those who meet the requirements.
Contact us to discuss your eligibility today.