If you are in the market to purchase a home and are active-duty military or a veteran, you may qualify for a VA loan. This is also a viable option for eligible surviving spouses of military members. Read on to learn more about VA loan options and property types for VA loans.
VA loan options
There are a variety of VA loan options available, so work with your mortgage lender to make sure the loan is the best fit for you. Options include fixed rate mortgage loans for new purchases or refinances, and VA Streamline Refinance Transactions, also known as an Interest Rate Reduction Refinance Loan (IRRRL). Depending on the circumstances and background of the homebuyer, loans may be available up to the home’s appraised value and also with low to zero down loan options.
Property types for VA loans
VA loans are available for all types of properties, including single family, condos, new construction and manufactured homes.
If you’re in the market for a new house, make sure you understand your loan options and work with a mortgage professional who has knowledge of all types of loan programs.
By Melissa Cotton. Melissa is a Mortgage Loan Officer at Elevations Credit Union in Boulder. NMLS# 469793. If you have questions regarding mortgages, please call 303.247.8991, e-mail email@example.com or visit elevationscu.com/mortgageblog.