VA Home Loans for Navy Sailors

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VA Home Loans are a guarantee by the Department of Veterans Affairs to a lender on a loan made by a veteran purchasing a house. You are given more favorable terms on your loan since the VA is providing protection to the lender through the Government if you can't pay on that loan.

You will need to see eligibility requirements to make sure you qualify but the process is easy once you get started. You will need proof of military service in the form of a Statement of Service or if discharged your DD214. You will also need a Certificate of Eligibility. Many qualified lenders can access this certificate via ACE (Automated Certificate of Eligibility.) This helps for a smoother transition in the home loan process.

A popular feature of this military benefit is there is no down payment in most cases. Surviving spouses of veterans are also eligible. Other benefits are equally important though so you should become familiar with this program to get the most out of the VA Home Loan Program.

Always be aware of scams, less reputable lenders, and real estate agencies. Once you start the process, they will help you find certified lenders. Reputable lenders should help you weed out bad real estate agents.

Many lenders are VA Home Loan eligible so shop around for the best deal and look for lenders that have a working relationship with Military Vets. No bank in any region can claim excusive working relationships with the VA so if they do shop elsewhere.

VA Interest Rate Reduction Refinancing Loan
An IRRRL is used to reduce the interest rate on your existing mortgage. This can only be done on an existing VA Home Loan you own and must reduce the interest rate of that existing loan with the exception of an Adjustable Rate Mortgage, which can actually increase. Applicable fees are packaged into the mortgage or you can pay the fee out of pocket.

Veteran’s Administration Energy Efficient Mortgage
This type of mortgage is available to veterans who want to improve the energy efficiency of the home they purchase. Energy efficiency improvements are packaged into the mortgage and are capped at about $3,000 to $6,000. VA EEM may make sense to some who will realize an additional saving in reduced electrical bills. In addition, this may help improve the property value of the home.