Purchase & Cash-Out Refinance Home Loans
With a Purchase Loan, Eagle Home Loans can help you purchase a home at a competitive interest rate, and if you have been turned down by another lender.
Eagle Home Loans VA Cash-Out Refinance Loan is for homeowners who want to take cash out of their home equity to take care of issues like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guaranty loans up to 100% of the value of your home.
About the VA Home Loan Guaranty
Your VA Home Loan is handled entirely by Eagle Home Loans and VA rarely gets involved in the loan approval process. VA “stands behind” the loan by guaranteeing a portion of it. If something goes wrong and you can’t make the payments anymore, Eagle Home Loans will contact the VA to rectify the situation. The VA loan guaranty is the “insurance” that Eagle Home Loans receives by making a VA loan to you.
VA Home Loan Advantages
The guarantee VA provides to Eagle Home Loans allows us to provide you with more favorable terms, including:
- No down payment as long as the sales price doesn’t exceed the appraised value.
- No private mortgage insurance premium requirement.
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller.
- The lender can’t charge you a penalty fee if you pay the loan off early.
- VA may be able to provide you some assistance if you run into difficulty making payments.
You should also know that:
- You don’t have to be a first-time homebuyer.
- You can reuse the benefit.
- VA-backed loans are assumable, as long as the person assuming the loan qualifies.