Veteran Loans

At Prime Choice Funding, we are committed to serving our nation’s veterans and providing them with a quick and easy VA financing experience.  VA helps service members, veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide home loan options and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

Whether you are active duty or out of the armed services, you may have access to some of the best financing terms around. A government insured VA loan through Prime Choice Funding offers you loan programs that are unique to Veterans. We have VA home loan specialists who are here to walk you through your loan options.

Purchase & Cash-Out Refinance Home Loans

With a Purchase Loan, VA can help you purchase a home at a competitive interest rate, even if you have found it difficult to find financing.

VA’s Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, making home improvements, or taking out equity to use for investment purposes.  The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guaranty loans up to 100% of the value of your home.

VA IRRRL (Interest Rate Reduction Refinance Loan)

The VA has one of the easiest most beneficial refinance options on the market.  With just a few pieces of information, one of our Expert Mortgage Consultants will contact you and give you a no obligation consultation on how much you can save each month!

  • No Appraisal
  • May Defer Up to Two Mortgage Payments
  • No Out of Pocket Cost
  • No Income Verification
  • No Asset Verification
  • Close in 30 Days or Less
  • Investment Home Streamlines Available as well

VA Home Loan Advantages for Purchase Loans

The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:

  • No down payment as long as the sales price doesn’t exceed the appraised value.
  • No private mortgage insurance premium requirement.
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs may be paid by the seller.
  • The lender can’t charge you a penalty fee if you pay the loan off early.
  • VA may be able to provide you some assistance if you run into difficulty making payments.

You should also know that:

  • You don’t have to be a first-time homebuyer.
  • You can reuse the benefit.
  • VA-backed loans are assumable, as long as the person assuming the loan qualifies

About the VA Home Loan Guaranty

Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process.  VA “stands behind” the loan by guaranteeing a portion of it.  If something goes wrong and you can’t make the payments anymore, the lending institution (Prime Choice Funding, Inc) can go to the VA to cover any losses incurred.  The VA loan guaranty is the “insurance” that the VA provides Prime Choice Funding, Inc.

VA Renovation Loans

Looking to buy a fixer-upper or already own a home and want to fix it up?  The VA Renovation Loan brings together some of the most innovative and attractive features of several popular mortgage programs.  It provides no money down financing that covers not only the current value of the property but the cost of remodeling and repairs as well.  This program is intended for minor updates and work done on the home at a cost under $50,000, with no minimum renovation cost requirement.

Because the Veteran Administration requires that a property meet minimum property standards in order to qualify for VA financing, it is not uncommon for deals to fall through during the inspection phase.  The seller may not want to pay for all the repairs needed to ensure the home meets the VA’s high standards.  With a VA Renovation Loan, the buyers may be able to move forward with the purchase of a home they love, while borrowing the additional funds needed to fix the issues with the property, still with zero down payment.

  • Purchase and Refinance Options
  • Used to finance minor remodeling and non-structural repairs
  • There is no renovation consultant requirement
  • Fully Amortizing Fixed Rate
  • 10, 15, 20, 25, and 30-year term options
  • Close in 30 Days or Less
  • One or Two Unit Homes
  • Primary Residence Only

Buying a Home with a VA Renovation Loan

When purchasing a property with a VA Renovation Loan the plans for the work, including information on the general contractor, are evaluated with the other documentation during the underwriting phase.  An appraisal will show the value of the home both before and after the renovation is complete.  Once the work is finished there will be a final certification by a VA Inspector to ensure the home meets the property standards and is ready to be enjoyed by its new owners.

 

How can you benefit from a VA loan?

  • Home improvements and or repairs
  • Reduce your overall monthly expenses by paying off high interest rate or a accounts with high payments
  • Have cash on hand for whatever you want

Your New Loan Starts Today.

Contact us for a quick and easy overview of your loan options.

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