VA Loan Myth: Only Active or Retired Military Members Are Eligible for VA Home Loan Benefits

VA-eligible borrower Kay, surviving spouse of a decorated Vietnam Veteran, is looking to use her husband's VA home loan benefit to refinance an FHA loan with an interest rate of over 6%. She also pays a monthly mortgage insurance premium because she has less than 20% equity in her home. She is unsure about VA refinance, as her husband handled all of their finances. When she contacts Austin, an iFreedom Direct® VA loan specialist, he helps her understand that the program is also for surviving spouses and communicates with her every step of the way so Kay feels comfortable. Austin works through the Christmas holiday to finish Kay's VA refinance transaction and gets her into a low interest VA loan that saves her significant money per month. She is also able to cut out her private mortgage insurance premium, as the VA has no private mortgage insurance requirement. Kay gains a trusting relationship with Austin and works with him again on reducing her interest rate one whole percentage point four months later with a VA Streamline refinance, for which Austin uses Kay's income and credit from the previous loan to streamline the process.

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• military
• loans
• veterans
• mortgages
• Loan
• Mortgage