Explore the Option of Home Loans- Refinance Online VA loans are a special alternative for people serving in the armed forces who are seeking options for online home loan refinancing. These are the loans that help veterans to buy a home or condominium unit in a VA approved project. A VA loan is generally a more convenient and faster option for military members. With a VA loan, you can buy a home and simultaneously improve and fix up the home. It can be taken to improve a house by installing energy related features like solar or heating and cooling systems, water heaters, insulation, or other energy efficient improvements approved by the lender and VA. VA loans can be taken to refinance an existing home loan for up to 90 percent of the VA-established reasonable value, or to refinance an existing VA loan to reduce the interest rate. A person who has served or is currently serving in the armed forces, qualifies for a VA loan. A VA loan is guaranteed in part by the Veterans Administration. Those who qualify for a VA loan must have served 90 days during wartime or 181 days during peacetime, and should have obtained an honorable discharge. For people in the National Guard or reserves, 6 years of service is required to obtain a VA loan. In order to obtain a VA loan, one has to apply for a Certificate of Eligibility. A veteran who doesn't have a certificate can get one easily by completing VA form 26-1880, and requesting for a certificate of eligibility for VA home loan benefits. The second step is to decide on a home to buy and sign a purchase agreement. Your lender will then order an appraisal from the VA. Most VA regional offices offer a touch-tone telephone appraisal system. VA appraisal estimates the value of the property it does not guarantee that the house is free of defects. VA guarantees the loan, not the condition of the property. Finally, you’ll apply for a VA loan. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA's review of the credit application. Before you know it, you’ll be walking away from a deal owning the home of your choice. VA loans are an incredible benefit for those serving in the military. Both active duty members and veterans can benefit from the quick approval and streamlined process of buying a home using a VA loan.     Backup     411 Web Interactive. Customer Care - Privacy Policy Issues 14100 W. Olympic Blvd 15th Floor West Los Angeles, CA 90064 800.706.6225 x6910 Effective Date: March 20, 2005

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