If you’ve served our great country, we are proud to serve you with a veteran loan.
No drills. We promise.
Types of Veteran Loans:
There are two types of veteran loans: VA and VA IRRRL
What is a Veteran or VA loan?
Certain loans are guaranteed by the Federal government and veteran loans are one of them. The U.S. Department of Veterans Affairs (VA) guarantees this type of mortgage loan. Veterans benefit from a no down payment or private mortgage insurance requirements.
Who can qualify for a Veteran Loan?
- You must meet the minimum number of days of completed service.
- You can be the surviving spouse of a veteran provided you haven’t remarried.
What is a VA IRRRL?
In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for a VA Interest Rate Reduction Refinance.
You will not be required to show income or get an appraisal with a VA IRRRL.
Hypotec is proud to serve our veterans. We offer:
- 100% financing available
- No mortgage insurance required even at 100% financing
- Lowest rates in the industry
- Fixed rates available and 3-,5-, and 7- year terms available
- Very flexible on derogatory credit and debt-to-income ratio
The following documents are typically needed in order to process your home loans:
- Clear and visible copy of valid State ID’s: Driver’s License
- Home Owners Insurance Declaration page. (Document showing the annual premium, coverage and effective dates)
- Current Mortgage Statement
- All 1099’s for the last 2 years.
- All W2’s for the last 2 years.
- Complete and signed Tax Returns for the last 2 years (all pages and schedules).
- 2 most recent pay stubs
- A copy of the Mortgage Note – (This document can be found in the loan docs you signed on your last refinance) - If you cannot locate it we can call your lender together and have them fax it to us.
- HOA statement and payment history showing that your dues are current. (If applicable)
- Letter of Explanation (included in this package) for credit inquiries to be signed.