Alabama VA Mortgage Loans

Alabama VA Mortgage Loans

For many veterans, financing a home in Alabama means knowing the right VA home loan options available – because the VA home loan has become popular with many veterans. Not only does a Alabama VA loan allow you to purchase a home with no money down, but you also are not required to pay monthly mortgage insurance like you are on other loans (say a FHA loan for example). If you are a veteran who currently has a VA loan that is at a higher than market interest rate, you will be interested in the VA streamline refinance program (also known as the VA IRRRL program) with no out of pocket closing costs required.

Most people are aware that the VA isn’t the actual lender on your loan – they only act as an insurer in the event of default. Should there be a default on a VA loan, the VA steps in and protects the lender against the loss. Because the VA insures against default, many lenders are eager to loan money under the VA loan programs.

Alabama VA Loan Highlights

• VA loans have no prepay penalties
• With a VA loan, all closing costs can be rolled into the loan
• When buying a home, VA loans allow for 100% financing
• A funding fee is charged on all VA loans – except for veterans who have at least 20% disablilty
• Monthly mortgage insurance is not required on VA loans

Alabama VA Loan Certificate of Eligibility

To qualify for a VA loan, you must first prove that you are eligible. To prove your eligibility, make sure that you have your Certificate of Eligibility from the VA and present it to the lender. If you are unsure how to obtain your Certificate of Eligibility, your loan officer should be able to help.

Alabama VA Streamline Refinance Program

For veterans who are currently in a VA loan, the Alabama VA streamline refinance program allows you to take advantage of lower interest rates without having to completely re-qualify for a new loan. With the Alabama VA streamline refinance, you can lower your monthly payment and interest rate with no out of pocket expenses. The VA IRRRL streamline refinance is really the easiest refinance program available – no matter what kind of refinance you compare it to.

Alabama VA Mortgage Loan Experts: Contact Us

For more information about whether or not the VA loan program is right for you, you can reach one of our loan officers by phone or email anytime. We are local Alabama VA mortgage loan experts and are happy to help you!