The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families.
Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may result from borrower default. The primary advantage of this program (and it's a big one) is that borrowers can receive 100% financing for the purchase of a home. That means no down payment whatsoever.
- 580 min. credit score*
- 100% financing for qualified veterans
- No mortgage insurance
REFINANCE (CASH OUT) – If you've been in your home for some time or you've made some upgrades – or both, chances are your home may be worth more than what you owe on your mortgage. The difference between your home's value and what you owe on it is your available equity, and when you choose a cash-out refinance, you can gain access to that extra equity.
* With compensating factors