A VA loan stands as a valuable benefit for military personnel, both active and retired, offered by the U.S. Department of Veterans Affairs. Kal Duwage Mortgage Inc. recognizes the significance of providing a “home base” for military families and takes pride in assisting them with this unique product designed to meet their specific needs.

Key Benefits of a VA Loan:
VA loans, partially guaranteed by the U.S. Department of Veterans Affairs, provide various advantages, including:

1. No down payment requirement
2. Higher loan value
3. No private mortgage insurance
4. Limits on closing costs
5. Option for the seller to pay closing costs
6. No penalty fee for early payoffs
7. Possible VA assistance if difficulties with payments arise

Eligibility Criteria for VA Loans:
To qualify for a VA home loan, applicants must obtain a Certificate of Eligibility (COE). Eligible individuals include those with an honorable discharge from the U.S. Army, Navy, Air Force, Marines, Coast Guard, National Guard, Reserve, and U.S. Military academies. Specific eligibility requirements also extend to spouses, surviving spouses, National Guard and Reserve members, certain U.S. citizens with military service, and others discharged under specific conditions.

Types of VA Home Loans:
VA loans come in various forms to cater to different needs. These include:

1. VA Fixed-Rate Home Loans:

• 30-year fixed-rate option for stable, predictable monthly payments suitable for long-term residence.
• 15-year fixed-rate option for current service members aiming to build equity quickly.

1. VA Adjustable-Rate Mortgages (ARMs):

• Five-year ARM for flexibility, appealing to military members expecting to move in the next few years.

1. VA Jumbo Home Loan:

• The VA guarantees a maximum of 25% on the home loan.

1. VA Renovation Loan:

• Finance up to $1 million for a fixer-upper with the convenience and savings of a VA loan.

1. Cash-Out Refinance Loans:

• Handle significant expenses by paying off the remaining balance and taking out a new loan for the appraised value of the house.

1. Interest Rate Reduction Refinance Loan (IRRRL):

• Helps service members refinance at a lower interest rate with benefits like no income and/or asset verification, no out-of-pocket expenses, and rolling all costs into the new loan.

When considering VA loans, individuals can turn to Kal Duwage Mortgage Inc. for guidance and assistance in choosing the most suitable option for their needs.