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  • Writer's pictureNichole Fox

Purchasing or Refinancing a Home with a VA Loan

If you are either a Veteran or Active Duty, you may be eligible to purchase or refinance your home with a VA Loan. There are different loan limits depending on the county where you live. If you have served in the US Military and received an honorable discharge, you have VA Loan eligibility. The Veterans Administration guarantees VA loans up to a certain percentage of the loan amount. VA Loans are also assumable from other Veterans or family members of Veterans. Give us a call or click on the button below to find out if you are eligible for a VA Loan. One of our representatives would be happy to discuss your VA Loan options.

VA Streamline Loan

Even if your loan is "under water” or you have no equity in your home, it is still possible to refinance your VA Loan. Freedomstar Financial works with lenders who do not require an appraisal or AVM (automated valuations) for your VA IRRRL.

If you have VA disability benefits greater than 10%, you are exempt from the VA Funding Fee. If not, Veterans are subject to a VA Funding Fee of 0.5% of the loan amount. The VA Funding Fee is much cheaper when you refinance. The VA Funding Fee can be rolled into the loan amount and paid down over the full term of the loan.

New Home Purchase with a VA Home Loan

Many Veterans do not take advantage of their VA Benefits when purchasing a home. The average down payment on a VA Loan is between 0% – 2.5%. This is the lowest down payment loan available on the market today! Even FHA Loans have an average down payment of between 3% - 4% of the appraised value of the home. This makes the VA Loan an extremely attractive loan for home buyers, especially where home prices are so high and traditional loans that require down payments of 20% or more can end up requiring hundreds of thousands of dollars for the down payment alone.

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