At Intercounty Mortgage Network, when you apply for a VA home loan, your mortgage loan originator will also be a veteran. Our veterans helping veterans program was created to help veterans complete the loan process as streamlined and simple as possible. Our veteran loan officers understand the unique situations that apply to veterans and the VA loan process.
VA Streamline Refinance (IRRRL)
In addition to new VA insured home loan mortgages, which require no down payments, we also specialize in VA home loan streamline refinancing where we may be able to refinance your existing mortgage with no employment verification or income check. You may qualify for an interest rate reduction refinance loan, or IRRRL. Also, another benefit to a VA home loan is no private mortgage insurance, that is, not only does the VA not require PMI, but it also prohibits lenders from requiring it.
For more information on a VA insured home loan or our VA loan streamline refinance process (IRRRL), please fill out our fast quote form. All information submitted is kept safe and secure.
What type of home can I buy with a VA loan?
A VA home loan must be used to finance your personal residence within the United States or its territories, but you have many choices regarding the type of home you purchase.
- Existing single family home.
- Townhouse or condo in a VA-approved project.
- New construction residence.
- A manufactured home and/or lot.
- Home refinances. Certain types of home improvements.
How do I apply for a VA guaranteed loan?
You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan. You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to one of the VA Eligibility Centers, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it’s best to provide such evidence.
What are the negatives of a VA Loan?
- VA loans made prior to March 1, 1988, can be assumed with no qualifying of the new buyer. If a buyer of such a property defaults, the veteran homeowner may be liable for funds.
- Some sellers may be hesitant to work with someone who is acquiring a VA loan because of their past reputation of taking longer to process than conventional loans. While the time may still be a little longer, getting a VA loan is not the lengthy ordeal it once was.
- Sellers are often asked to pay a portion of closing costs, so they may not be eager to negotiate the sales price of the home.
What are the benefits of a VA Loan?
- 100% financing, no down payment loans are common.
- No Private Mortgage Insurance (PMI).
- No penalties if you prepay the loan.
- Competitive interest rates.
- Loan qualification is sometimes easier than if you were applying for a conventional loan.
- Sellers can pay all closing costs.