I want to make sure all our wonderful Veterans are aware of these opportunities associated with their VA loans. Since 1944, over 20 million Veterans and Service Members have purchased a home through the VA Home Loan program. Over the past 5 years VA home loans have had the lowest foreclosure rate than any other type of home loan.
The VA's Home Loan Program Benefit is not a one-time benefit. It can be reused. Veterans may reuse their VA benefit to purchase another residence, or to refinance to a lower rate. Refinancing a VA loan is referred to as an Interest Rate Reduction Refinance Loan (IRRRL). No appraisal or credit underwriting is required.
One average, Veterans saved more that $200 a month after an IRRRL. You can read more about the program on the VA website here: http://www.benefits.va.gov/
You can also contact your closest VA regional office with Loan Guaranty staff by calling 877.827.3702, or visiting http://www.benefits.va.gov/
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