VA Low Interest Loans For Surviving Spouses Of Veterans

VA Low Interest Loans For Surviving Spouses Of Veterans

The US Department of Veterans Affairs extends different home loan programs with low interest for surviving wives/husbands of Veterans. Such a Lån med lav rente is helpful when you want to buy, renovate or construct a home. Moreover, these loans will also support you if you have to refinance your mortgage. The post below offers a brief on the different VA low interest loans for surviving spouses or dependants of US Veterans.

Purchase loan

As the name says, this loan would be good if a surviving spouse is looking to purchase a home. As this is a VA-backed home loan, you will find competitive interest from lenders. But there are certain criteria for eligibility:

  • Qualify for VA-backed housing loan COE
  • Able to meet the conditions set by VA as well as your lender regarding income, credit and so on
  • You will stay in that home which you wish to purchase with this loan

Cash-out refinancing loan

If you are planning to replace your present home loan with some new loan and under a different set of terms- this VA-backed loan will be handy for you. This is called mortgage refinancing and the said loan is exclusively meant for that. But as with the previous one, here too you will need to meet similar set of criteria:

  • Qualify for VA-backed housing loan COE
  • Able to meet the conditions set by VA as well as your lender regarding income, credit and so on
  • You will stay in that home which you wish to refinance with this loan

Interest Rate Reduction Refinance Loan

This loan is applicable for those who wish to replace a VA-backed loan with some new VA-backed option.  The following criteria should be met to acquire eligibility for IRRRL:

  • You are already under a VA-backed loan (home)
  • You are taking IRRRL for refinancing existing VA-backed loan
  • You stay in the house financed with the VA-loan
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Kathleen

Kathleen Peji is a digital marketer, writer, social media enthusiast and a vlogger. She is also the founder of It Tna. Aside from writing, she also loves to travel.