AmeriSave proudly offers affordable home loans to US military veterans and their families
If you are a United States veteran or the surviving spouse of a veteran, you may be qualified for a VA home loan. These loans are guaranteed by the US Department of Veterans Affairs, which enables mortgage lenders to offer low-interest, no down payment / low down payment mortgage loans to qualifying veterans, military service members, and their surviving spouses. Because VA loans are backed by the government, they offer more affordable terms with less stringent requirements.
AmeriSave offers competitive, low interest rates with no loan origination fees on VA home loans. See if you qualify today.
VA Home Loans The Basics
VA loan benefits
VA-guaranteed loans are backed by the United States government and are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). These loans offer significant advantages to qualifying service members and military families, including:
No down payment —the VA loan offers up to 100 percent financing, meaning there are little to no down payment requirements and most veterans don’t have to come up with thousands of dollars to become a home buyer.
No Private Mortgage Insurance (PMI)—monthly mortgage insurance is not required for VA loans.
Limited closing costs—VA loans have fewer closing requirements, which lowers your costs.
Lifetime benefit—whether this is your first home or the home you hope to retire in, you can apply for a VA loan even if you have taken out a VA loan in the past.
Buy, build, retain, or adapt—several types of loans are available to help service members—whether they plan to buy a new home or want to make renovations or future repairs to their existing home.
Flexible credit requirements—these loans are a benefit to those who have served and may help veterans at various income levels buy a home. Even if you have an imperfect credit history, you may qualify for a VA loan to purchase a home in your preferred price range.
Include VA fee in your mortgage—you may opt to roll the VA fee directly into your mortgage to finance the fee over time as part of your monthly payment, or you can pay the fee in full at the time of closing. (If you have a service-connected disability and receive or are eligible to receive VA disability compensation, you won’t have to pay the fee.)
Really good people helped us through all the VA paperwork to ReFi. Online website was very user friendly too.
The refinance of our VA loan was seamless, the loan originator (Veronica Verdugo) and loan processor (Danielle Loder) went above and beyond to assist us in the process. We are very pleased and thank you for your assistance.
Helped me when Veterans United kept me waiting almost a year for pre-approval. Amerisave came to my rescue. I am so thankful for them and their hardworking staff!
The process took less than 3-4 weeks as opposed to 6 months with Navy Federal Credit Union (NFCU). I cancelled NFCU and went with Amerisave. They had execellent customers service and prompt communication compared to NFCU. I was able to speak, text, and email the agents and processors in order to get information.
You guys were awesome!! I closed in less than a month!! Navy federal drug their butts for 5 months. They dropped rate but would not answer a call or an email. They are horrible right now and I am switching my mortgage and my auto loan. Thanks for making this happen quickly!!
Great people to work with! No problems with mortgage loan refi we wanted and even with it being a VA loan, they made it easy. Lots of flexibility dealing with variables and getting all questions and concerns resolved very quickly. Would highly recommend!
The VA Refi experience with AmeriSave was exceptional. Both people we worked with, David and Jamie, wherever helpful, addressed, clearly and succinctly, every question and concern. It was quick, the loan we were refinancing was paid precisely when they said it would be and the small amount of money we were to receive at closing was available almost immediately.
Great experience from start to finish. I would highly recommend Amerisave. I did a VA refinance in 30 days.
Amerisave exceeded my expectations. They were in constant communication, clearly explained my loan options and every step involved with each option. We went with a VA refinance and Amerisave was able to close my loan well ahead of schedule. The Amerisave web site is extremely easy to use for sharing documents, and the mostly paperless process could not have been any better. I would recommend Amerisave to anyone.
Borrowing Requirements Are you eligible for a VA mortgage loan?
As a veteran or military spouse, you may qualify for a low interest rate on a VA loan:
- You (or your spouse) served for at least 181 days in active duty service (or 90 days during wartime), or at least six years of National Guard service as a reserve member (not dishonorably discharged).
- Your spouse:
- was a member and was killed in the line of duty or died from an injury or illness related to service.
- is a member and is either a prisoner of war or missing in action.
- was a member and was killed in the line of duty or died from an injury or illness related to service.
- You will live in the home as your primary residence.
- You have a Certificate of Eligibility, which can be obtained from Veterans Affairs here.
- You have a steady income and enough savings/assets to meet the expected monthly obligations.
- Your credit score is 600 or better; 640 for loan amounts that are $700,000 or more and adjustable rate mortgages.
- You have adequate residual income. This is determined based on your property location and the area’s cost of living, and the number of dependents in your family, with childcare expenses taken into account.
Refinancing a VA loan
VA refinance loans
In addition to home purchase loans, the Department of Veterans Affairs also guarantees refinancing and other types of home loans and grants. AmeriSave can help you identify and apply for the program that best matches your needs and qualifications, such as:
Cash Out Refinance loans—Take cash out of your home equity with a VA Cash Out Refinance Loan when you need cash to pay off debt, pay school tuition, maintain your home, or pay for other living expenses.
Interest Rate Reduction Refinance Loan (IRRRL)—The IRRRL is a "VA to VA" loan, so you must have an existing VA guaranteed loan on the property to qualify for refinancing. This can significantly reduce the payment amount of your monthly mortgage.
VA refinance loans
Depending on current interest rates and your personal circumstances and needs, a VA loan can lower your monthly payment or provide you cash for your home or other expenses.
Lower rates and decreased monthly payments—When current market rates are lower than the rate on your existing mortgage loan, you can lower your interest rate and the amount of your monthly mortgage payment by refinancing. As a veteran, you have access to VA refinance loans, which typically have lower rates than those available to the general public.
Improved loan terms—You can shorten the life of your loan or switch to a fixed-rate mortgage.
Special terms for existing VA loans— For qualifying loans, an IRRRL will lower the interest and reduce the monthly payment on an existing VA guaranteed loan, leaving you with more cash every month now and lowering costs in the long run.
No appraisal needed— IRRRLs require minimal to no appraisal requirements (for example, to determine a loan-to-value ratio), which means less paperwork/headaches for user.
Fewer application steps—The VA loan process is quicker than an original mortgage application because you typically won’t be required to get a new home appraisal or property inspection—steps that take time and are costly. You can also skip the credit check and having your debt-to-income ratio calculated.
Low-cost closing—VA streamline refinances require fewer checks and less documentation, which helps keep your closing costs relatively low.
If you are a home buyer or current owner looking to refinance a loan, you may want to get a VA loan because they offer significant advantages to military service members, reserve members, veterans, and surviving spouses. Benefits of VA loans include little to no down payment, low interest rates compared to conventional mortgage loans, no monthly private mortgage insurance (PMI), and flexible credit score requirements.
The U.S.Department of Veterans Affairs guarantees these loans, which are then provided by private mortgage lenders—including AmeriSave—to members of the United States military.
VA home loans are meant to help military troops, reserve members, veterans, and surviving spouses become home buyers and make home maintenance and refurbishing more affordable.
To qualify, you (or your spouse) must have served for at least 181 days in active duty service (or 90 days during wartime), or at least six years as a reserve member in the National Guard service. You may also have VA loan eligibility if you are a surviving spouse of an active military member who was either killed in the line of duty or died from an injury or illness related to service, or your spouse is a member and is either a prisoner of war or missing in action.
You must live in the home you are purchasing or refinancing as your primary residence and have a Certificate of Eligibility, which can be obtained from Veterans Affairs here. You must also meet income requirements to show you can meet the expected monthly obligations and have a credit score of 600 or better, depending on the loan amount (640 for loans of $700,000 or more.)
It is certainly possible that you may have other loan options for which you qualify, such as a home loan backed by the Federal Housing Authority, if you meet income requirements, or a USDA home loan, if you live in a rural area. To find the best loan for you, contact one of our loan officers who will gladly review criteria and benefits of different types of government-backed loans and make a recommendation.
Just as with other mortgage loans, every mortgage lender has different criteria and has different loan and interest rate options. AmeriSave will help you find the best interest rate and lowest down payment and customize a loan that meets your needs and qualifications. Once you are approved, sellers and real estate agents will have proof that you can afford homes within your price range.
Although loan eligibility requirements for VA mortgage loans are more flexible than those for conventional mortgages, those with excellent credit scores are more likely to qualify for VA loans with the lowest interest rates available. But don’t count yourself out if your credit history is less than perfect—VA loans are meant to help military service members qualify for loans they might not have qualified for on the conventional loan market.
You may need to pay the VA funding fee, which is a one-time fee. Because the VA home mortgage loan program doesn’t require home buyers to make down payments or carry monthly mortgage insurance (PMI), the VA funding fee helps to lower the cost to taxpayers. Those who have a service-connected disability and are eligible for VA compensation are not required to pay the fee.
You will need a Certificate of Eligibility to qualify, but you can begin the application process without one to determine your VA loan eligibility and likely interest rate. Obtain a COE from the Department of Veterans Affairs here.
If your current loan is a VA loan, you may be able refinance it.
To help determine your custom rate on an AmeriSave VA loan, our loan specialists will review your qualifications, such as your credit score. A specialist will help you demonstrate that you meet income requirements by explaining what information and financial documents you need to produce to qualify.
Bonus entitlement enables borrowers to have more than one VA loan outstanding at a time. Such loans may require you to make a down payment, depending on the loan amount and price of the home. For more information and the latest benefits, see more information on VA loan limits.
VA loan guidelines are more lenient compared to conventional loans when it comes to bankruptcy and foreclosure in an applicant’s history. If you filed for bankruptcy and it was discharged more than two years ago, you may be eligible for a VA loan. If your bankruptcy was related to a business you owned, you may be eligible for a VA loan after 12 months of discharging the bankruptcy. Likewise, a home foreclosure does not necessarily disqualify you from VA home loan eligibility. If you foreclosed on a home two or more years ago, it should not affect your ability to apply for a VA home loan.
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