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In many cases, spouses of fallen veterans can buy homes with no down payment and no requirement for mortgage insurance. Furthermore, the funding fee is waived. While there’s no way to repay these spouses for their sacrifices, these benefits can help them move on after a tragic event.
VA Loans aren’t just for home purchases; they can be used to refinance existing mortgages, whether or not they came from the VA. A homeowner with a VA loan can drop their interest rate and monthly payment without bank statements, W-2 forms, or an appraisal. With a VA streamline refinance, borrowers get a faster, less expensive way to access a lower refinancing rate. A VA cash-out loan can be used to turn home equity into spendable cash, and in many cases, the loan amount can be 100% of the value of the home.
Unlike some conventional loan programs, low credit scores, foreclosures, and bankruptcies don’t necessarily disqualify a person from getting a VA loan. Borrowers should shop around because each lender has its own requirements, but the VA doesn’t have a minimum credit score. This gives lenders the ability to approve loans for those with poor credit. Furthermore, the VA considers a veteran’s credit to be re-established when they have two years of good credit usage after a bankruptcy or foreclosure.