What is a VA Loan?
For those who are VA eligible and want a loan program that requires as little cash to close as possible the VA program is the better option. There is no down payment requirement and the borrower is restricted from paying certain closing costs, keeping needed funds at a minimum.
VA SMART LOAN VIDEO
A quick video describing the
details of the VA Smart Loan.
Am I Qualify for a VA Loan?
Who is eligible for a VA loan? Eligibility is determined with a review of the Certificate of Eligibility received from the Department of Veteran’s Affairs. Majestic can order this for you which saves time. Eligibility includes:
Veterans of the armed forces
Active duty personnel with more than 180 days of service
National Guard and Armed Forces Reserve members with at least six years of service
Unremarried, surviving spouses of those who have died while serving or as result of a service related injury
Key Benefits of a VA Loan
The VA loan carries a guarantee to the lender of 25% of the loss should the loan ever go into default. This however is rare as VA loans are the highest performing loan in the marketplace today.
Less cash to close
Refinance up to 120% of your home value
Up to 100% cash out refinance
No monthly mortgage insurance
Frequently Asked Questions
- Can I use the VA loan more than once? I want to use it again to buy my next home.
- Can I use the VA loan to finance a vacation home?
- Can I refinance my VA loan from an adjustable to a fixed and still be eligible?
Yes, the VA can be used more than once. Full entitlement is restored once the previous VA loan has been retired through a sale.
No, the VA loan can only be used to finance a primary residence. Vacation, beach or rental properties are not allowed.
Yes, you can refinance out of an ARM to a fixed rate loan with a traditional or streamline refinance.
the right loan for you.
online or with our loan specialist.
and carefully with our steamline process.