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VA Loans have many benefits.

  • No Down Payment Required

    One of the biggest advantages of a VA loan with Loan Remedy is that it doesn’t require a down payment. This can help make it easier to afford a home and eliminate the need for costly upfront expenses.

  • Competitive Interest Rates

    VA loans typically come with lower interest rates than traditional loans, making them a more affordable option for many borrowers.

  • No Private Mortgage Insurance (PMI)

    Since the VA guarantees a portion of the loan, there is no need for borrowers to pay for private mortgage insurance, which can save them thousands of dollars over the life of the loan.

  • Flexible Credit Requirements

    VA loans with Loan Remedy have more lenient credit score requirements than traditional loans, making them accessible to more borrowers.

  • No Prepayment Penalties

    Borrowers can pay off their VA loan early without any prepayment penalties, allowing them to save money on interest and pay off their loan faster.

  • Ability to Refinance

    VA loans with Loan Remedy can also be refinanced with the VA’s Interest Rate Reduction Refinance Loan (IRRRL) program, which can help borrowers reduce their monthly payments and save money over the life of the loan.

  • Assistance for Veterans

    VA loans were created to help veterans achieve homeownership, and Loan Remedy is committed to helping veterans and their families access the benefits they deserve.

Common questions about VA loans.

  • What is a VA loan, and how does it work?

    A VA loan is a home loan program for veterans, active-duty service members, and eligible surviving spouses. It is backed by the U.S. Department of Veterans Affairs (VA), which means that the VA guarantees a portion of the loan, making it easier for lenders to offer favorable terms such as lower interest rates and no down payment requirements. In Utah, veterans can use VA loans to purchase a primary residence or refinance an existing mortgage.

  • What are the eligibility requirements for a VA loan?

    To be eligible for a VA loan, you must have served in the active military, naval, or air service and have been discharged under conditions other than dishonorable. The length of your service, duty status, and character of service will determine your eligibility. In addition, you must meet the VA’s minimum credit score requirements, have sufficient income to support the monthly mortgage payments, and obtain a Certificate of Eligibility (COE) from the VA. In Utah, there are no additional eligibility requirements beyond what is set by the VA.

  • What are the benefits of a VA loan for homebuyers?

    The main benefit of a VA loan is that it allows eligible borrowers to buy a home with no down payment. This can be particularly beneficial for Utah homebuyers who may be struggling to save for a down payment in a competitive housing market. In addition, VA loans typically have lower interest rates compared to conventional loans, which can result in significant savings over the life of the loan. VA loans also do not require private mortgage insurance (PMI), which can save borrowers hundreds of dollars per month.

  • Are there any fees associated with a VA loan?

    Yes, there are fees associated with VA loans, including a funding fee that varies depending on your service history, the type of loan, and the size of your down payment (if any). However, this fee can be financed into the loan amount, so you don’t have to pay it out of pocket. In addition, the VA limits the amount that lenders can charge in closing costs, which can help keep the overall cost of the loan down. In Utah, the fees associated with VA loans are generally in line with what you would expect to pay for any other type of mortgage.

  • How do I apply for a VA loan in Utah?

    To apply for a VA loan in Utah, you’ll need to find a lender that participates in the VA loan program. You can search for VA-approved lenders online or contact the VA directly for a list of approved lenders. Once you’ve found a lender, you’ll need to provide your Certificate of Eligibility (COE), which you can obtain online or through your lender. The lender will then guide you through the application process, which will involve providing documentation of your income, employment, and other financial information.

  • Can I use a VA loan to buy a second home or investment property in Utah?

    No, VA loans are intended for primary residences only, so you cannot use them to purchase a second home or investment property. However, if you already have a VA loan and are relocating to a new primary residence, you may be able to use your VA loan benefits to purchase another home in Utah.

  • How long does it take to close a VA loan in Utah?

    The timeline for closing a VA loan in Utah can vary depending on factors such as the lender’s processing time, the complexity of your application, and the current demand for VA loans. However, in general, VA loans tend to close faster than conventional loans because the VA’s appraisal process can be completed more quickly than traditional appraisals. Your lender can give you a more specific timeline for closing your VA loan based on your individual circumstances.

  • Can I use a VA loan to refinance my existing mortgage in Utah?

    Yes, you can use a VA loan to refinance an existing mortgage in Utah. This is known as a VA refinance or VA streamline refinance, and it allows you to take advantage of lower interest rates or change the terms of your existing mortgage. There are specific eligibility requirements for VA refinances, so it’s important to discuss your options with a VA-approved lender in Utah.

  • Are there any special programs or incentives for Utah veterans using VA loans?

    Yes, Utah has a few programs and incentives specifically designed to help veterans and active-duty military personnel who are using VA loans. For example, the Utah Housing Corporation offers a HomeAgain program that provides down payment assistance and reduced interest rates for eligible veterans. In addition, Utah veterans who are disabled or have a Purple Heart may be eligible for property tax exemptions. Your lender or the VA can provide more information about these programs and how to qualify for them.

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