VA Loans for Military Veterans

J.G. Wentworth is an approved lender of loans from the Department of Veterans Affairs with years of experience assisting current and former members of our armed services with affordable home mortgage loans. With the help of the VA, we can provide federally guaranteed home mortgage options to veterans without the requirement of a down payment. Our knowledgeable home loan specialists are dedicated to serving veterans with incredibly low VA loan rates, fast loan turnaround times, and unmatched customer satisfaction. Call one of our home loan specialists or fill out our online contact form to experience all of the advantages that a VA loan has to offer.

VA Loan Options

J.G. Wentworth offers multiple personal VA loan options for military members in an effort to give veterans an opportunity to find the best mortgage loan to suit their needs. We proudly provide veterans with standard VA Purchase loans, VA Cash-Out Refinancing loans, and VA Streamline (IRRRL) Refinancing loans. 

VA Purchase Loans

Standard VA mortgage loans, or VA purchase loans, are highly beneficial to veterans who are looking to finance a home mortgage. VA purchase loans function similarly to a conventional loan, but provide extensive advantages that are designed solely for current and former members of our military. Prominent benefits of personal VA loans for military personnel include:

  • Low Interest Rates
    • VA Loans typically can be attained with interest rates lower than that of a conventional mortgage loan. 
  • No Down Payment
    • One of the most attractive aspects of VA purchase loans is the fact that in many cases veterans can enjoy low interest rates without making a down payment on their home.
  • No Private Mortgage Insurance (PMI)
    •  the case of a conventional loan, PMI is required when a down payment of less than 20% is paid. VA loans allow for veterans to avoid paying for both down payment and private mortgage insurance, ultimately saving a considerable amount of money.
  • Limited Closing Costs
    • The Department of Veterans Affairs limits the amount that veterans are allowed to pay in closing costs, driving down the total amount that you pay on your mortgage loan.
  • No Early Repayment Fees
    • VA loans can be paid off before the end of the agreed-upon mortgage term without requiring an early repayment fee, which most conventional loans would require. 

VA Cash-Out Refinance Loans

VA Cash-Out loans give veterans an opportunity to refinance their existing mortgage, whether they have an existing VA loan or not. Cash-Out refinancing allows for both VA loan-to-VA loan refinancing as well as non-VA loan-to-VA loan refinancing, allowing veterans to switch to a VA loan even if they weren’t taking advantage of the program in the past. 

VA Cash-Out loans are a type of VA loan refinancing, allowing veterans to take equity from their homes in exchange for a cash sum. While the loan will go through the same VA approval process, once you have your cash, it is yours to use as you choose. Typically, veterans and their families use VA Cash-Out refinancing to free up cash to pay for home renovations, education, or other expenses such as medical costs. Additionally, VA Cash-Out refinancing can be an effective way to use the equity in your home to pay down debt that you owe to credit card companies or student loan providers. 

VA Streamline Refinance Loans

VA Streamline loans, which are more formally referred to as Interest Rate Reduction Refinancing Loans (IRRRL), allow veterans to refinance their home mortgages in a fast and simple way; hence the name “Streamline.” VA Streamline Refinance loans are reserved only for veterans who already have a VA loan, providing the ability to refinance from one VA loan to another. The primary aim when using VA Streamline Refinancing is to reduce interest rates and monthly payments. In fact, J.G. Wentworth is not able to approve a Streamline loan from the VA unless it does exactly that. 

VA Streamline loans involve refinancing your current mortgage from an adjustable rate to a fixed rate, or vice versa, in an effort to drive down your monthly payments by way of a reduced interest rate. Since the process of a VA Streamline Refinance is designed to be as simple as possible, it is a very attractive refinancing option for veterans who already have a VA loan.

VA Loan Limits

VA loan limits, put simply, are the amount of a home that a veteran homebuyer can purchase before a down payment is required. The actual “limit” is the amount that is guaranteed by the VA, not a limit on the personal VA loan amounts for military veterans. 

These guaranty limits are different from county-to-county, and are set according to the median home value in a given area. The most common figure for VA loan limits is $453,100, which is the same as the conforming loan limit, but this number can vary depending on where you live. If you are trying to finance a home for more than this limit, it will not affect your VA loan eligibility, but you may be required to put a down payment that is 25% of the difference between the amount of the loan and the set limit for your county. Loan limits set by the VA expire at the end of each year, so it is crucial to stay up-to-date with the current limit when purchasing a home. 

VA Funding Fee

While the homeownership advantages provided by the Department of Veterans Affairs makes VA loans some of the most beneficial of all loan types, there is a small Funding Fee that is required. This is a small fee that goes directly to the VA, helping them cover the loss when VA-backed mortgages default. Typically, this fee can be rolled into the total loan amount, adding just a few dollars to each monthly payment. The VA Funding Fee changes depending on the nature of your service, so it is important to keep it in mind while shopping for a home mortgage or refinancing program.

Get a VA Loan Quote Today

J.G. Wentworth is an industry-leading direct lender of personal VA loans for military veterans and their families. With more than 25 years of experience, we have streamlined our process to fit the needs of the countless veterans who have come to us for a VA mortgage or refinance loan. If you are a veteran seeking financing for a new home or refinance options on your current home, call one of our loan specialists or fill out our simple online contact form to get your free, no-obligation quote today. 

How do I get started?

J.G. Wentworth offers a wide variety of loan programs with low rates and no points and no hidden fees.  To get started, you can call us or let us contact you by completing a short form.  You can also get a rate quote in seconds with no personal information required. We look forward to working with you.