VA loans are for active duty personnel, Veterans and their surviving family members. The most important VA requirement is procuring a Certificate of Eligibility (COE) in order to show eligibility to your lender for the VA Loan program. VA backed home loans are only available on primary residences (but a COE may be used again for an Interest Rate Reduction Refinance Loan if the initial home purchased with the prior loan has been paid in full).
There are different types of VA loans available through LendUS, such as a purchase loan, a cashout refinance loan, an IRRRL and a Native American Direct Loan (NADL).
It is important to note that even though there are no closing costs, there is a VA funding fee, unless you qualify for exemption. The fee is set by the federal government and currently ranges, for a purchase loan, from 1.4% for a first use if your down payment is 10% or more, to 2.3% for a first use if your down payment is less than 5%. For IRRRLs, the funding fee is a flat 0.5% of the loan amount.
If you already have a COE or you’re planning to apply for one, please reach out to one of our Loan Advisors. We’d be happy to discuss further with you.
Military Makeover is a very special mini-series dedicated to giving back to members of our military and their loved ones. Host Montel Williams enlists the help of decorators, designers, landscapers and other home renovation experts to change the living situation — and the lives — of deserving families.
Military Makeover and LendUS joined forces to help the Burgess Family of Cape Coral, Florida make their current house their forever home by renovating and building accommodations to meet Daniel’s needs. In December, members from LendUS, RPM Mortgage, American Eagle Mortgage, and The Palmetto Group came together in volunteering efforts, with many of the volunteers being Veterans themselves. In addition, a LendUS advisor discussed the value of VA loans and lending opportunities with the entire country. The home renovation and presentation episodes of Military Makeover are slated to air from February 12th – April 1st, 2021. Episodes can be seen on the Lifetime Network at 7:30 am ET/PT, national broadcast syndicates, and on the American Forces TV Network.