Veteran benefits – The VA home Loan Buyers Guide The VA (Veterans Administration), helps Veterans, current Service members and eligible surviving spouses become new homeowners. As part of the CambridgeHomeLoan.com mission to serve you, we work with primary VA Lenders wholesalers to provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA Home Loans (VA Loans) are provided by private lenders, such as banks and mortgage companies. The VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. The lender takes on the balance of the risk. What Are The Main Benefits Of A VA Home Loan No down payment required (*Note: Lenders typically require downpayments for borrowers using the VA home loan guaranty.) Competitive Interest Rates Limited closing costs There is no need for (PMI Insurance ,Private Mortgage Insurance (PMI) The VA Loan Tampa is a lifetime benefit: you can use the VA guaranty multiple times. Send us your DD-214 or COE. We can obtain the COE for you if it is not in your possession. Eligibility Requirements If you have a copy of your DD214 you can email it to info@cambridgehomeloan.com and we can obtain your certificate of eligibility which will tell us how much you are eligible for. Typically, the amount of time served, duty status and character of service determine your eligibility amount for specific home loan benefits. *Eligibility for the Va Loan now includes National Guard members with at least 90 days of active service including at least 30 consecutive days under Title 32, Sections 316, 502, 503, 504 or 505. Purchase Loans and Cash-Out Refinance: VA-guaranteed loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE). Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL is a “VA to VA” loan, meaning it can only be done if you have an existing VA guaranteed loan on the property. The IRRRL is generally performed to lower the interest and reduce the monthly payment on the existing VA guaranteed loan. VA Loan Types. A First time home buyer purchase loan. VA Purchase Loans Help you purchase a home at a competitive interest rate requiring no downpayment or private mortgage insurance.
Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off credit card debt, making home improvements or go on a vacation. Rate and Term Refinance or an Interest Rate Reduction Refinance Loan (IRRRL): The Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan. For more information please visit here: https://www.cambridgehomeloan.com/ info@cambridgehomeloan.com (800) 826-5077