VA Home Loans
VA Home Loan Benefits
Those who qualify for a VA loan may be able to significantly reduce the total amount they will be required to pay over the life of their mortgage. Eligible servicemembers and veterans can take advantage of some of the many VA Home Loan benefits, such as:
VA Loan Types
VA Loan to Purchase a Primary Residence
If you are a qualifying Veteran, you can take full advantage of 100% financing for the purchase of your primary home!
VA Cash-Out Refinance
If you need extra money, then you can pull cash out of the equity in your home. Paying of high interest credit cards is a great way to lower your monthly expenses and with a VA Cash-out loan, the interest on the loan is tax deductible unlike the credit card interest.
VA Interest Rate Reduction Loan (IRRL)
Already have a VA Loan? Consider lowering your monthly payment with a VA IRRL. These loans are quick and easy and require very little documentation from you. No appraisal required, no income information required. It is quick and easy.
We do not charge any origination for our VA Home Loans. Most mortgage lenders charge a % of the loan amount as well as a flat fee for processing or underwriting, we do not charge anything from you. There are standard closing costs, like title insurance, attorney's fees, state taxes, credit report fee, flood fee and appraisal fees. But we do not charge any origination.
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan. I can help you secure your VA Eligibility.
Yes, it is required. It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.
It depends on several factors including: Whether you are Active Duty, Retired, Guard or Reserve and whether you this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.
No, you can include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.
Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs.
Yes, there is bonus entitlement that is available to all Veterans. To find out how much you can qualify for, you will need to speak to a lender.
A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don't have provide bank statements, W2s, job verification or paychecks.
See what other Veterans have to say about their experience Zillow Reviews. If you are looking for a VA loans Huntsville, AL Contact me if you have questions.
We service Alabama, Georgia, Florida, South Carolina, North Carolina and Virginia.
**South State Bank is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.