VA purchase loan: Offers eligible veterans the chance to buy a home with no down payment and no requirement for private mortgage insurance. This loan type is particularly attractive due to its competitive interest rates and the VA’s limitation on closing costs, which can significantly reduce the upfront expenses veterans face when purchasing a home.
Native American Direct Loan (NADL): The NADL program is a specialized initiative that provides direct home loans from the VA to eligible veterans who are Native American or have a Native American spouse. This program facilitates the purchase, construction or improvement of homes on federal trust land.
VA Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL, commonly referred to as the VA Streamline Refinance, offers veterans with existing VA loans an avenue to reduce their interest rates and monthly mortgage payments. This refinancing option is designed to be straightforward and cost-effective, often not requiring a new appraisal or extensive underwriting.
VA Cash-Out Refinance: Allows veterans to refinance their non-VA loan into a VA-backed loan and access up to 100% of the equity in their home as cash.
VA Energy Efficient Mortgage: The VA Energy Efficient Mortgage program allows veterans to finance the cost of energy-efficient home improvements as part of their VA loan. Veterans can add up to $6,000 for qualifying improvements – like solar heating systems, thermal windows or insulation upgrades – without requiring an additional appraisal.
VA Rehab and Renovation Loan: Enables veterans to finance both the acquisition and the renovation costs through a single mortgage, streamlining the process of turning a fixer-upper into a comfortable and modern living space. Eligible renovations can range from structural modifications to energy efficiency upgrades.