VA Loan Types

VA Loans can be used for many purposes, some of which you may not now about. This article will help you to understand what you can you use you VA home loan benefits for and what they cannot be used for.

You can use your home loan benefits to buy an existing home. This can be a single family residence, condo, townhome, a duplex, triplex, or fourplex. You can also obtain financing for manufactured homes that are attached to a permanent foundation and taxed as Real Estate. These properties must meet VA minimum property requirements which are easy to meet and quite standard. in other words the house needs to be somewhat code compliant.

You can use VA home loans to build a home. Few people take advantage of this portion of their VA eligibility. When building a home using a VA Home Loan, the builder must offer a one year VA builder's Warranty. The property must also be inspected by the VA or HUD during construction. Other than that it is a fairly standard construction loan.

You can simultaneously purchase and improve a home with energy efficient and some other types of improvements. At closing you can get the money necessary to make improvements to your home. This allows you to get the cash you need without having to refinance. What a great feature!!

To Refinance an existing home loan. You can refinance your existing home loan to lower your interest rate, reduce the term (length) of your loan, lower your payments, get cash out, consolidate debt, skip 2 payments, etc.

You can take advantage of Streamline Refinances that allow you to refinance without having to re-qualify.

You can move from an Adjustable Rate Mortgage to a Fixed Rate Mortgage.

You can also use you benefits to satisfy court judgements (divorce decrees for example) or to make any type of change to who is on the title to your home.

In many cases you can refinance you VA Home Loan without paying any out of pocket fees at all. On a purchase you can do one hundred percent financing. You will find that government backed VA loans can be some of the most flexible and cost effective loans on the market today.

To learn more about VA Home Loans visit http://www.vareficenter.com

Source: www.articlesbase.com