VA Loans

VA loans are guaranteed by the U.S. Department of Veteran Affairs to help active duty military and veterans qualify for homeownership. They provide lower interest rates and better terms than conventional loans and are exclusively for service members and certain military spouses.
This federal insurance enables to offer easier qualifying guidelines and zero down payment options.

A minimum credit of 580 is required for fixed-rate financing
0% Down Payment
Certificate of Eligibility (COE) required
No monthly mortgage insurance premiums
Reduced funding fees: Veterans receiving service-connected disability compensation qualify for reduced loan fees or exemption from funding fees

VA STREAMLINE REFINANCE (IRRRL)

A VA Streamline Refinance, or IRRRL, provides you with a faster way to lower or lock in your interest rate with limited costs. For example, if you’re refinancing your primary residence or if your original VA loan was provided by the same lender, a new property appraisal may not be
required.

REVERSE MORTGAGE

A reverse mortgage is a special type of home loan that lets homeowners convert a portion of the equity in their home into cash. But unlike a
traditional home equity loan, no repayment is required until the borrower(s) no longer use(s) the home as their principal
residence. As long as the homeowner lives in the home, they are not required to make monthly mortgage payments. Instead, the lender makes monthly payments to you. The homeowner is not required
to pay back the reverse loan until the home is sold, vacated, or the owner passes away. However, the homeowner must remain up to date with their property taxes, hazard insurance, homeowner’s association dues, other applicable fees, and be able to maintain the property in
good order.

Who qualifies for a reverse mortgage?
The main requirement is that all owners of the home must be 62 years of age or older and must occupy the home as their principal residence.

No min FICO required but borrowers must have the ability to pay ongoing property fees such as taxes, insurance, and HOA if applicable
Before obtaining a reverse mortgage, borrowers and their spouses must receive independent counseling
Provides greater freedom in retirement – There are no restrictions on how the borrower uses the loan proceeds and it is non-taxable income
No debt is assigned to the heirs when the loan becomes due. Instead, the family is given a period of time to pay off the loan or sell the home.