Utah VA Mortgage Loans

Utah VA Mortgage Loans

In Utah, many veterans are taking advantage of the VA home loan program as an affordable way to finance their home. Not only does a Utah VA loan allow you to purchase a home with no money down, but you also are not required to pay monthly mortgage insurance like you are on other loans (say a FHA loan for example). If you are a veteran who currently has a VA loan that is at a higher than market interest rate, you will be interested in the VA streamline refinance program (also known as the VA IRRRL program) with no out of pocket closing costs required.

Most people are aware that the VA isn’t the actual lender on your loan – they only act as an insurer in the event of default. Should there be a default on a VA loan, the VA steps in and protects the lender against the loss. Because of this insurance, many lenders are happy to lend money under the VA loan program.

Utah VA Loan Highlights

• Not required to pay monthly mortgage insurance on VA loans
• A funding fee is charged on all VA loans
• There is no prepay penalties in VA loans
• Can finance up to 100% of the appraised value of the home
• VA loan closing costs are similar to other loans, but can be rolled into the loan

Utah VA Loan Certificate of Eligibility

In order to qualify for a VA loan, the first step is to prove that you are eligible under the VA guidelines. To prove your eligibility, make sure that you have your Certificate of Eligibility from the VA and present it to the lender. If you don’t currently have a Certificate of Eligibility or need help obtaining your certificate, you can contact us directly for help.

Utah VA Streamline Refinance Program

For people who are currently in a VA loan, the VA streamline refinance can help them refinance without having to completely re-qualify for a new loan. With the VA streamline program, there are no out of pocket expenses – so you can be sure that you can get a lower payment without having to write a big check at closing. The VA IRRRL streamline refinance is really the easiest refinance program available – no matter what kind of refinance you compare it to.

Utah VA Mortgage Loan Experts: Contact Us

For more information about the VA loan program, you can contact us directly either by phone or email. We would be happy to answer any questions that you may have!