VA Loans Open the Door to Home Financing
At Parkside Mortgage, our skilled team is thrilled to help veterans, servicemembers and their families secure VA loans to purchase homes. VA loans are a type of government-backed loan, secured through the U.S. Department of Veterans Affairs. This home financing solution boasts zero down payment, competitive rates, and an easy approval process. If you are considering purchasing home in Louisville, Prospect, or surrounding Kentuckiana, the Parkside Mortgage pros are standing by to help. Contact us with any questions or to schedule a consultation about a VA loan.
The Origins of VA Loans
VA loans are a home financing solution that was first introduced as part of the GI Bill during World War II. They are the sole remaining provision of the original GI Bill and are still wildly popular among veterans, servicemembers and their families. The Department of Veterans Affairs supplies this loan guaranty program to private lenders who provide home financing to those who do or have served in the military and certain other organizations. What this means for you is that private lenders like Parkside Mortgage are encouraged to offer competitive home loans to clients even with less-than-great credit or financial standing. Because VA loans are government-insured, the VA pays these lenders if borrowers default.
VA loans are available to certain veterans, servicemembers, reservists, surviving spouses of deceased veterans and certain others who have served the country. There are requirements for time served and other stipulations that must be met. During your consultation with Parkside Mortgage, we can ensure you meet these requirements before proceeding with the application process.
The Benefits of VA Loans
Because they are backed by the VA, VA loans are a type of non-conventional mortgage. Non-conventional mortgages have great benefits for clients who may not get these benefits or even approval for a conventional mortgage (which are privately insured). These benefits include:
- Very competitive rates
- Loans considered for clients with as low as a 560 credit score
- No down payment required
Parkside Mortgage has worked arduously to create a simplified loan process for our veteran and servicemember clients. In addition to traditional VA mortgage benefits, we also offer fast pre-approval and fully digital processing. As a VA-approved lender, we can help you quickly obtain the required certificate of eligibility (COE) that is necessary to secure your loan.
Streamlined VA Loan Refinancing
In addition to VA purchase loans that allow you to use your VA benefit to purchase a home, Parkside Mortgage can assist you with an interest rate reduction refinance loan (IRRRL), aka a “VA streamline refinance loan.” IRRRL is a fast-tracked refinance choice that reuses your entitlement (the amount the government insures) to help you get a better interest rate. It’s fast-tracked because you do not have to obtain a new COE and it can be done without an appraisal and minimal paperwork.
If you have purchased a home with a VA loan and would like to make use of the equity you have built in your home, a cash-out refinance loan is another option. Some clients use this loan to pay off debt or make improvements on their homes. Use the cash-out refinance loan for an existing VA loan or refinance a conventional loan into a VA loan.
Get Started with a VA Loan Today
When you are ready to explore VA loans or refinancing, we’re here for you. Contact the Parkside Mortgage professionals if you are a veteran, servicemember or family member considering purchasing a home in Louisville, Prospect, Kentuckiana, or surrounding Kentucky.