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VA Mortgage Loans have No Prepayment Penalty- A prepayment penalty is a provision of your contract with the lender that states that in the event you pay off the loan entirely before the term has run out (as in the case of a refinance), you will pay a penalty. In the case of a VA Loan, if you pay off your loan early, your lender cannot require that you pay a prepayment penalty. A prepayment penalty can be an inhibiting factor in the early sale or refinance of a home. This policy has given many borrowers peace of mind for the future of their loans.
- Assumability- A VA loan can be assumable. For VA Loans committed on or after March 1, 1988, you may sell your home to someone who agrees to assume your loan if the creditworthiness of the new borrower is approved. This can be a significant selling point when it comes time to sell your home.
- Down Payment & Mortgage Insurance Not Required- The VA Loan allows Veterans 100% financing without private mortgage insurance or a needing to obtain a 20% second mortgage. The guarantee of a VA Guaranteed Home Loan means the lender is protected against loss if you fail to repay the loan. Because the guaranty replaces the protection that the lender normally receives by requiring a down payment or mortgage insurance, qualified borrowers are allowed to obtain favorable financing terms without a down payment.
- Late Payment Guidelines– One of the requirements for the servicing company of a VA Home Loan is that there be no late charge unless payment is more than 15 days overdue. Any late charge may not exceed 4 percent of payment amount. In addition, financial counseling is available from the VA in case of temporary financial difficulties.
…QuickVaLoans.com is the consummate professional; they answered all of my questions right away leaving me with a sense of security. They have an extremely positive attitude, displays great integrity and are very knowledgeable… – Jay Sutton, Memphis TN
Cash Out Refinance
Frequently Asked Questions
VA Streamline IRRRL
The VA has created a program called the Streamline Refinance or otherwise known as IRRRL, to provide a way for current VA homeowners to lower their interest rate with absolutely NO out-of-pocket costs. These loans do not require your traditional information and are a lot faster than a typical loan.