What are the Rules on a VA Loan for Disabled Veterans?

What are the Rules on a VA Loan for Disabled Veterans?

What are the Rules on a VA Loan for Disabled Veterans?

How do I qualify for a VA loan as a disabled veteran? Are disabled veterans able to waive the VA funding fee? Does my disability compensation count toward my income? When trying to understand VA loans and the additional benefits they offer disabled veterans, you don’t have to work through it alone. At HomePromise, our VA loan experts are professionally trained to answer your questions, listen to you, and help you make informed financial decisions.

Qualifying for a VA Loan as a Disabled Veteran

Your VA disability rating does not hurt your ability to qualify for a VA home loan. Applying for a VA home loan as a disabled veteran means you will have access to additional money-saving benefits, even if you have a low credit score.

Before becoming eligible for VA loans and the additional benefits they provide, veterans have to meet certain service requirements.  Veterans must meet the below criteria before applying for a VA loan:

Active Service During Wartime Served for 90 consecutive days
Active Service During Peacetime Served for 181 days
National Guard Served more than 6 years

In addition to meeting certain service requirements before being able to apply for VA loans, disabled veterans must also meet specific financial requirements. One of these financial requirements is to have a reliable source of income that is expected to continue. As a disabled veteran, your disability compensation is considered expected to continue since it is a lifetime benefit. This means it counts as income when applying for a VA loan. Being able to put your disability compensation toward your income may help you meet income requirements when applying for VA loans.

Determining your eligibility for VA loans can be complicated. At HomePromise, our VA home loan professionals offer expert guidance on these difficult financial topics. In order to have your questions about VA loans answered and to receive a free quote, contact us today at 800-720-0520.

VA Form 26-1880 and Applying for a Certificate of Eligibility COE

When applying for VA loans, lenders will ask for your Certificate of Eligibility, commonly referred to as COE. This is the most common form of documentation lenders will require from you in order to proceed with your VA home loan.

The VA Form 26-1880 is the document that you must fill out in order to apply for your Certificate of Eligibility. Call our HomePromise VA loan experts at 800-720-0250 and we will submit your completed VA Form 26-1880 to the VA and often get your Certificate of Eligibility instantly.

Are Disabled Veterans Exempt from the VA Funding Fee? 

Yes, disabled veterans who receive VA disability compensation are exempt from the VA funding fee. Surviving spouses of veterans who passed away in action or from injuries sustained during military service are also exempt from the VA funding fee.  Lastly, active-duty service members who have received a Purple Heart are also exempt from the VA funding fee. If you are currently receiving disability benefits, you have the ability to waive the VA funding fee regardless of your level of disability.

If you close on your VA loan before you start receiving disability benefits, you may still be eligible to have your VA funding fee refunded back to you if you were in the middle of applying for disability at the time. But, you have to get your disability determination within a few months after closing on your loan to qualify to get your VA funding fee refunded.  Whether refinancing or purchasing a home, not having to pay the VA funding fee can help disabled veterans save thousands of dollars in closing costs.

The VA funding fee can range from 1.4% to 3.6% of the total loan amount depending on your down payment and whether this is your first time using this benefit. The below chart explains how the VA funding fee is calculated:

First-Time VA Loan User After First Use of the VA Loan Down Payment Amount
2.3% 3.6% Less than 5%, including no down payment
1.65% 1.65% 5% or more
1.4% 1.4% 10% or more

VA Home Loan Benefits for Disabled Veterans

VA loans offer veterans a variety of benefits, including options for approval of applications with lower credit scores, competitive interest rates, no monthly mortgage insurance, no money down, and VA mandated limits on closing costs. VA loan benefits are available for eligible veterans for life. They are not one-time benefits.

In addition to these money-saving benefits, disabled veterans are eligible to receive additional benefits when applying for a VA home loan. These benefits include exemption from the VA funding fee, special housing grants, real estate property tax exemptions, and disability compensation benefits.

The special housing grants that are available to disabled veterans can help cover the cost of purchasing, building, or renovating a home to meet the needs of their disability. Two grants that offer disabled veterans with a 100% service-connected disability rating from the VA are the Special Housing Adaptation (SHA) and the Specially Adapted Housing (SAH) grant.

If you are not eligible for either of these grants that are available to disabled veterans, a VA refinance might be another option for you. If the work you need done on your home is more expensive than the grant will allow, a VA refinance might help you cover these costs. To speak with a VA loan expert and learn more about a VA refinance, call HomePromise at 800-720-0520. Our VA loan professionals are specially trained to be able to discuss the benefits available to disabled veterans when applying for VA home loans. We will listen to you, answer your questions, and quickly provide you with a free quote.


At HomePromise, we help make it easier for veterans and their families to apply for VA loans, whether online or over-the-phone. We’ll never prevent you from speaking directly with our VA home loan experts. We work to make the process of applying for VA loans as easy and fast as possible, even when your situation is unique. HomePromise is an approved lender with the U.S. Department of Veterans Affairs to provide VA home loans.

Looking to apply for a VA home loan? HomePromise is here to help you. Contact us today at 800-720-0520 to receive a free quote from one of our experts. 

va debt consolidation loans and military debt consolidation, home promise

VA Debt Consolidation Loans & Military Debt Consolidation

Even with the best of intentions, bills can start to pile up. From unexpected medical bills to high interest credit cards, debt can happen to anyone. Other expenses like college tuition, delinquent taxes, and second mortgages can also cause financial stress. For veterans and military families currently experiencing financial difficulties, VA military debt consolidation loans can help. Read more…

Call Us Now!



Apply Online With Us Below


Why Now Is The Best Time For Veterans To Buy A Home

Why Now Is The Best Time For Veterans To Buy A Home

Why Now Is The Best Time For Veterans To Buy A Home

Buying a home is a big decision and can be stressful.  You need to consider price, location and near-by schools.  And how about getting a mortgage?  That can add to the pressure.  


Luckily, as a Veteran you may qualify for a VA-backed loan, which can relieve some of the stress.  The housing market is changing to a Buyer’s market so now is a great time for Veterans to buy a home!


It is important to know what a Buyer’s market is.  This article will explain that and give you tips on buying a home with a VA loan.

What Is A Buyer’s Market? 

A Buyer’s market happens when real estate prices are on a decline, and houses linger for longer on the market.  To make the sale, the prices of homes are reduced and sellers tend to become more flexible during negotiations.  


For the following reasons, it is a buyer’s market now:

  1. Low Price of Homes

When you carefully check recent sales made by real estate companies, you will discover that more homes have been selling below the asking price. Any home seller determined to stick to a higher price finds buyers choosing a different home with a seller who has some price flexibility.

  1. Home Time on Market

Lately, homes have been on the market for longer before being sold. This strongly indicates that it is a Buyer’s market now, and every Veteran that has met the VA loan requirements should take advantage of this market.

  1. Home Inventory

The larger the inventory is, the more likely it is to be a Buyer’s market. We are currently in a market where home inventories are going up, so the list of homes for sale is growing longer. This is another clear indication of a Buyer’s market.

You Have An Advantage As A Veteran! 


A VA loan is a home loan benefit with a zero down payment option given to eligible active service members, veterans, or their surviving spouses. VA Loans are guaranteed by the United States Department of Veteran Affairs (VA) and are provided by private lenders like HomePromise.


Also, a VA loan has a low-interest fixed rate, low credit score requirements, no monthly mortgage insurance, and a lower income requirements.  These features give the Veteran an advantage over conventional borrowers.

How To Save On Rates With A 30-Year Mortgage

The 30-year mortgage is one of the friendliest methods of buying homes. This is because this loan option gives buyers a steady monthly payment due to a fixed rate. Adjustable rate mortgages (ARMs) may have rates that go up in the future and that is a risk most Veterans should probably avoid.


Here are some tips to pay off your mortgage faster and to save money on interest over the long term.

  1. Bi-Weekly Payment 

Most 30-year mortgage home buyers tend to make just the minimum monthly payments. This might seem convenient, but it doesn’t help you save money. It only prolongs your mortgage payment time frame.


Making payments every other week helps you save money on your home loan.  This is called a bi-weekly payment plan. On a bi-weekly payment plan, by the end of each year, you will have made a full extra payment on your loan.  HomePromise offers a money saving bi-weekly payment program.  Call today at 800-720-0250 for more information.


  1. Redirect your Extra Cash into your Mortgage

You can channel extra cash you may have at different times of the year toward paying off your mortgage. Doing this even occasionally might seem insignificant, but when you calculate how much interest you save, you’ll find that it has a big impact over the long term. VA borrowers should consider using gifts, bonuses from work, tax refunds, and inheritances as ways to pay down a mortgage and save money.

Find a Flexible VA Lender

Many Veterans find it difficult to get a VA-backed home loan because they know little about VA loan requirements. Also, some lenders make it hard to get a VA loan and add extra guidelines to the VA loan program making it difficult for Veterans to access their home loan benefits.


You must have VA loan entitlement to get a VA home loan.  VA home loan entitlement is given to eligible active duty service members, Veterans or their surviving spouses. 


Some Veterans don’t have full entitlement because of the following:

  1. You have not yet refinanced or sold a property that you previously financed with a VA home loan.
  2. You used your VA home loan benefit but had a foreclosure or short sale and part of your entitlement is tied up in that loan.


The rules are complicated and getting advice from a VA loan expert is very important to figure out your entitlement.  HomePromise will help you get your VA Certificate of Eligibility (COE) which will show if you have VA-backed home loan eligibility without limits. The basic requirements for VA loan eligibility are one of the following:

  • You must have completed 90 days of active service duty.
  • You must have served actively on duty for a minimum of 181 days during Peacetime.
  • You must have a minimum of 6 creditable years of service in the National or Reserve Guard
  • You must be a surviving spouse of a service member who died on active duty or from a service-connected disability.

Other Qualifications include

  • You were honorably discharge.
  • You were discharged on medical grounds or a service-connected disability
  • You were discharged for hardship, for the convenience of the government, early out, or for a reduction in force.

Call HomePromise at 800-720-0250 today and our VA loan experts will order your VA Certificate of Eligibility (COE).  We can often get your COE from the Veteran’s Administration the same day!

Can I Qualify For A VA Loan?

Qualifying for a VA-backed home loan is the first step for Veterans who want to use their home loan benefit. To have the best chance of qualifying you should choose a flexible VA lender who has experience with the process.

Most lenders will use a minimum credit score for a VA loan. Often their minimum is 620, 640 or even higher.  HomePromise has a minimum credit scores for VA loans of only 580.  Call today to see if you qualify at 800-720-0250.

How To Get A Low Origination Fee

An origination fee is a fee you pay to your lender to process your loan application.  Not all VA lenders have the same origination fee.   Lenders decide the size of their origination fee and the difference between lenders can be huge.


VA lenders charge you for their services which include:

  • Sourcing and organizing your documents
  • Verifying the documents you provide
  • Analyzing your income 
  • Verifying information from employers


The time needed to do these loan processing steps can amount to a lot in salaries and overhead. However, you can get a low origination fee by picking the right lender.  At HomePromise, we have an origination fee that is lower than most VA lenders.  At only $590, the HomePromise origination fee is often thousands less than others.

In conclusion,

You can save a lot of money by purchasing a home right now because it is a Buyers’ market.  Using a VA loan to purchase a home can give you an advantage over conventional buyers.  HomePromise is a flexible VA lender.  Our VA loan experts can explain the requirements while offering a low minimum credit score and low origination fees.    Call 800-720-0250 to talk to a HomePromise VA loan expert today!

va debt consolidation loans and military debt consolidation, home promise

VA Debt Consolidation Loans & Military Debt Consolidation

Even with the best of intentions, bills can start to pile up. From unexpected medical bills to high interest credit cards, debt can happen to anyone. Other expenses like college tuition, delinquent taxes, and second mortgages can also cause financial stress. For veterans and military families currently experiencing financial difficulties, VA military debt consolidation loans can help. Read more…

Call Us Now!



Apply Online With Us Below


Refinancing VA Loans With HomePromise

Refinancing VA Loans With HomePromise

Refinancing VA Loans

Refinancing VA loans gives you some great benefits as a qualified veteran or service member.  You may be able to decrease your monthly mortgage payments, get cash back on your home equity or lower your interest rate.  Sometimes you may even get all three of these benefits in one loan! 

As a military homeowner, you can use cash back on a VA refinance for a variety of needs ranging from paying off debts to making home improvements.

Do you want to lower your mortgage payments? Refinancing may help in a big way! You can get started by calling 800-720-0250 to talk with our VA experts.

Should you refinance using the VA program or with a conventional mortgage?

A VA Refinance is backed by the U.S. Department of Veteran Affairs and offered by VA authorized lenders like HomePromise. These kinds of loans are only available to qualifying veterans, active-duty service members, and surviving spouses.

Conventional loans are offered by lenders without government backing and are available to everyone who meets the lender’s requirements.

VA loans are often a better choice when you want to refinance your home because the VA loan program has no monthly mortgage insurance.  Conventional mortgages often require monthly private mortgage insurance (PMI) if you have less than 20% equity in your home. 

Monthly mortgage insurance can be expensive on a conventional mortgage if your credit score is below 700.

VA loans frequently have better terms and fees compared to conventional mortgages.  This means as a veteran or service member you will get lower interest rates, lower home equity requirements, and lower credit score requirements and easier refinancing options compared to conventional loans.

If you are a service member who has earned a Purple Heart, a veteran with service-connected disabilities, or a surviving spouse, then you may be eligible to have your funding fee waived. This lowers the cost of your VA loan to the bare minimum compared to conventional loans that don’t have this option. 

Your Certificate of Eligibility (COE) will show whether you can have the funding fee waived.  HomePromise can get your COE from the US Department of Veterans Affairs for you – usually the same day you call us.

For both VA and conventional loans, your credit score matters. Most VA approved lenders look for at least a 640 minimum credit score. But HomePromise will make VA loans all the way down to a 580 credit score.  Some conventional mortgage lenders require a 740 credit score to get their best terms.

A word of caution – VA loans are only for primary residences so you can’t buy an investment property that you will rent using the VA program.  But, you can buy a duplex, triplex or fourplex if you intend to live in the home as your primary residence.  You can rent out other units for income while you live in one of the units as you’re home..

For conventional mortgages, often you can only refinance 95 percent of your current home value. For example, if your new mortgage balance is going to be $300,000 then the appraisal must be at least $333,333 in order to qualify for a conventional mortgage. If the property value is closer to $300,000, then you can’t refinance your loan with a new conventional loan unless you bring the difference in a check to settlement. But, refinancing using the VA program may still be an option. 

Get your questions answered now by calling 800-720-0250 to talk with our VA loan experts.


VA Loan Refinancing Rates

VA mortgages are typically cheaper and have lower interest rates than conventional loans, due to the government backing of VA loans. You can enjoy competitive rates usually lower than conventional loans based on your unique financial profile and situation.

If you need more help understanding VA refinance options or would like to find out your rate options, contact our VA specialists on 800-720-0250 and get your VA refinance now.


Can You Refinance a VA Loan?

You may be able to decrease your rate, tap into your home’s equity or even pay off a first and second mortgage with the HomePromise VA home loan program. Second mortgages are often adjustable rate mortgages with the risk that rates can rise leading to higher monthly payments.  Payment an adjustable rate mortgage off with a new HomePromise fixed rate VA loan means your payments will be steady for the live of the loan.

As a veteran, you’ll need to meet eligibility requirements to qualify for a VA refinance, and at HomePromise, we promise that we’ll work hard to help you refinance even with a credit score of 580.  Call our VA loan experts at 800-720-0250 to see if you qualify.

HomePromise offers two types of VA refinancing options including reducing the interest rate with a VA streamline refinance (VA IRRRL) and taking equity out of your home with a cash-out refinance 

  • VA Streamline Refinance: It is also known as Interest Rate Reduction Refinance Loan (IRRRL). With this, you refinance your loan with a lower interest rate without undergoing a full income and debt review. This saves you time and lowers your monthly payments. 
  • VA Cash-Out Refinance: This loan program allows you to refinance your existing VA, conventional, FHA, UDSA or privately financed loan with a new loan that lets you take out cash from your home’s equity. This may be used to cover emergency expenses, eliminate debts or make home improvements.

VA Loan Refinance With HomePromise

HomePromise offers veterans the options of VA Streamline IRRRL and VA Cash-Out refinance loans. The VA Streamline IRRRL option can be fast, and requires minimal paperwork to get through.  The VA IRRRL has a low VA funding fee that’s only 0.5% of the loan amount. You can also usually roll the funding fee and the closing costs into the new loan.

To be eligible for a VA Streamline IRRRL mortgage, you must have a VA-backed mortgage already on your home.  If your current mortgage is not a VA loan then you have to use the VA Cash Out program to refinance your current mortgage.

With the VA Cash Out refinance loan, you may be able to finance up to 100% of the appraised value of your home. Many lenders won’t let you finance up to 100% but instead force you to finance only 90%.  HomePromise doesn’t make veterans stop at 90% but will allow all the way up to 100%.

You can refinance a non-VA loan with a new VA loan with the Cash Out refinance option. 

The funding fee on an IRRRL is 0.5% of the loan amount while on a VA cash-out refinance, it’s 2.3% of the total loan unless it’s not your first VA loan in which case it would be 3.6%.  Remember that you may qualify to waive the funding fee which will save you thousands of dollars in closing costs.


Refinancing VA Loans With HomePromise

Refinancing using the VA loan program requires a new loan application, a new title report, and some of paperwork. But, the benefits of using the VA refinance loan program are often worth the effort.  If you’re ready to the process or have more question, call the HomePromise VA Loan experts at 800-720-0250.

va debt consolidation loans and military debt consolidation, home promise

VA Debt Consolidation Loans & Military Debt Consolidation

Even with the best of intentions, bills can start to pile up. From unexpected medical bills to high interest credit cards, debt can happen to anyone. Other expenses like college tuition, delinquent taxes, and second mortgages can also cause financial stress. For veterans and military families currently experiencing financial difficulties, VA military debt consolidation loans can help. Read more…

Call Us Now!



Apply Online With Us Below


Home Loans for Veterans With Bad Credit

Home Loans for Veterans With Bad Credit

Home Loans for Veterans With Bad Credit

VA loans are a top military benefit for eligible veterans, service members, and surviving spouses but keep in mind that being eligible does not always mean you will get a loan. For a VA-backed home loan, you’ll also need to pass your lender’s credit scoring, credit history on your credit report and income loan requirements to receive financing.  So, it really matters what lender is providing home loans for veterans with bad credit.

Credit scoring is used by lenders to help decide whether to extend or deny credit, but credit score minimums may be different for each VA lender. Even If your credit score is low, there may be hope at HomePromise! Military members with bad credit may be able to overcome their financial difficulties and be approved for HomePromise VA loans.  If you have had difficulty paying bills on time we may still be able to help.  Call us if you’ve had difficulty paying an unsecured credit card or any other kind of debt.

If you’re trying to pay off debt as a veteran homeowner, we have government-backed VA home loan debt relief options available to you that may not be available to civilians. They can help you pay off your debts and free up money in your monthly budget. Do you want to find out more about your options? Contact a HomePromise VA expert at 800-720-0250 today.

VA Loan Requirements for Veterans With Bad Credit

To qualify for a VA Loan, you must meet service requirements, you need your income, assets, and credit to check out.  You also need an appraisal of the home you own or are buying. You must also meet your lender’s requirements, and this is how HomePromise helps you when other lenders may not; By setting a lower credit score requirement than many other lenders we may make VA loans other lenders turn down.  Also the HomePromise origination fee paid at closing is lower compared to many other lenders.

Credit requirements are set by lenders, not by the Veterans Administration.  Compared to some other lenders who have strict credit and payment history requirements, HomePromise helps again by sometimes allowing credit problems like a bankruptcy less than 2 years ago if you have extenuating circumstances for the bankruptcy.

When it comes to fees at closing, HomePromise also helps by charging a flat rate of $590 instead of 1% of the total loan amount like other lenders. The HomePromise low origination fee may save you thousands in closing costs. Also, ask us about special VA loan cost saving options for disabled veterans who receive compensation from the VA for a service-connected disability.

To be eligible for a loan your lender will also evaluate your debt-to-income ratio (DTI) to judge your ability to pay back the loan. Your DTI represents how much of your monthly income goes toward paying back debt. Veteran homeowners dealing with debt also have access to debt relief options with HomePromise. 

As a Veteran homeowner you may qualify for an MDCL (Military Debt Consolidation Loan), also known as a VA Consolidation Loan which can help you overcome financial difficulties.  As a VA eligible homeowner, you may also be able to get a MDCL which is a kind of VA Cash-Out refinance loan which is designed to pay off existing monthly debt like high-interest credit card debt. Do you want to learn more about getting a VA mortgage with a low credit score? Ask our VA home loan experts at 800-720-0250.

Minimum Credit Score for VA Loan

Although the VA determines the guidelines for VA loan eligibility, private lenders who finance the home typically have an additional set of requirements borrowers must satisfy. To be approved for a loan, you must meet your lender’s financial requirements. These requirements include having enough income, acceptable levels of debt (debt to income ratio), and a credit score that meets the lender’s credit requirements.

Many lenders require a 640 minimum credit score to obtain VA financing, but HomePromise only requires 580. Sometimes it can take many months or a year or more of working on your credit to get your credit score from a 580 to a 640.  With HomePromise you may not have to wait for your score to rise. So, you may qualify for a VA loan even if you have had trouble making on-time payments.

VA Bankruptcy Waiting Period

You can still qualify for a VA loan after bankruptcy or foreclosure. Veterans who file for bankruptcy may see their credit score drop between 130 to 240 points, according to credit scoring experts. Many VA lenders require a credit score of at least 640, and this decrease knocks many borrowers out of the qualifying range. The good news for VA borrowers is that the waiting period after discharge of a bankruptcy is typically lower for VA loans than what you’ll need for conventional financing.

 The two common forms of consumer bankruptcy are Chapter 7 and Chapter 13. A Chapter 7 bankruptcy involves erasing debts like credit cards while a Chapter 13 bankruptcy focuses on repayment of debt over a proposed period usually lasting for three to five years.  When you complete a bankruptcy it is important to get new credit accounts.  A VA mortgage loan builds credit and may help improve your credit score.

 With most lenders, prospective military homeowners or homebuyers with a bankruptcy need to wait two years or more from the date a Chapter 7 bankruptcy is discharged or one year from the date a Chapter 13 bankruptcy is filed.  With HomePromise we may be able to give you a VA loan in less time. Call now at 800-720-0250 to see if you qualify.

VA Loans for Military Personnel

To apply for a VA loan, you need your certificate of eligibility (COE) which can be obtained through HomePromise by calling 800-720-0250. Sometimes Veterans may have an old VA loan from years ago that went into foreclosure.  This may be five, ten or even twenty years ago.  Some VA lenders won’t give a VA loan to a veteran who had a past foreclosure.  

 With HomePromise, military personnel who have previously been denied VA loans because of a VA foreclosure two or more years ago can own their own homes as we have less strict lender requirements. In fact, you may even qualify for a VA loan with a foreclosure less than 2 years ago if the cause was certain types of circumstances beyond your control. If you have less than perfect credit, you can still apply for a VA mortgage loan with HomePromise and you may qualify when others tell you no

Best VA Loan Lenders

VA home loans are issued by private lenders like HomePromise but guaranteed by the U.S. Department of Veterans Affairs (VA). As a result, qualifying requirements for the VA loan benefit are less stringent than for standard conventional loans. With HomePromise, it may be faster and easier to get a loan with our less strict credit score requirements, lower origination fees, and competitive interest rates.

Many lenders can offer you loans, but the best VA loan lenders like HomePromise offer loans with no down payment requirements, no private mortgage insurance, and relaxed credit score standards. With bad credit and even after a bankruptcy or foreclosure you may still be able to get a home purchase loan.. Call our VA experts at 800-720-0250 and discuss your options today and learn about VA loan terms and conditions!

how to get a va loan with a challenging credit history

How to Get a VA Loan With a Challenging Credit History

A VA loan is a specialized type of government loan, backed by the Department of Veterans Affairs (VA). It allows you to qualify for a low-cost mortgage when you’re looking to purchase or refinance a house even if your credit isn’t perfect. If you’re on active duty in the military, a military surviving spouse, or are a veteran, you’re potentially eligible for a VA loan. Read more

Call Us Now!



Apply Online With Us Below


Pay Off Debt With a VA Home Loan

Pay Off Debt With a VA Home Loan

Pay Off Debt With a VA Home Loan 

Debt accumulation can happen to the best of us but luckily as a Veteran homeowner, you have an advantage. Your VA home loan program eligibility means you may qualify for an MDCL (Military Debt Consolidation Loan), also known as a VA Consolidation Loan which may help you overcome financial difficulties. With HomePromise, it’s possible to pay off high interest debt with a VA home loan.

Being eligible for VA home loan benefits as a result of your military service is a low-interest rate way of consolidating your debt. VA loans are special because not only can you buy a home with zero down payment, you may be able to get a VA cash-out refinance loan to pay off debt.  One big benefit of the VA home loan program is that most of the time, the VA loan limits can be ignored which means you may qualify for a VA loan for $1,000,000, 1,500,000 or even $2,000.000!

Many types of conventional mortgages will only allow a borrower to borrow 70-80% of the home’s value to pay off consumer debt. Plus, if you can’t bring a 20% down payment you’ll be paying monthly mortgage insurance which can be expensive.  When considering VA loans, some VA lenders only allow you to tap 90% of your home’s value.  The HomePromise Military Debt Consolidation Loan (MDCL) allows you to borrow up to 100% of your home’s current appraised value. Are you interested and wondering if you qualify for an increase in your VA loan amount?  Contact our HomePromise VA loan experts today at 800-720-0250.

Does the VA Help With Credit Card Debt?

Read more >