TRUSTCO 

VA Loan Highlights

VA loans often require no down payment* with lower closing costs, you can help keep your savings secure.

VA loans also feature:

• No prepayment penalties

• No private mortgage insurance (PMI)

• 100% financing with full VA entitlement* 

• Fixed- and adjustable-rate mortgages 

• VA financing fees can be “rolled” into the loan amount

• Variety of eligible property types, including townhomes and VA-approved condos

• *A down payment is required if the borrower does not have full VA entitlement

   

VA Loan Eligibility

 

In order to be eligible for a VA loan, you must first obtain a valid Certificate of Eligibility (COE).

Your COE is based on length of service or service commitment, duty status and character of service.

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VA Loan Programs

 

Adjustable-Rate Mortgage

 

The flexibility of an adjustable-rate mortgage (ARM) could be the right option for you. ARMs offer lower introductory interest rates that can change after the initial fixed-rate period. Depending on market fluctuations after this initial

fixed-rate period, your monthly payments could change due to rates increasing or decreasing.

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Fixed-Rate Mortgage

 

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term

of the loan. You can select a 30- or 15-year loan term. The main difference is the 15-year option has higher

monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as

a down payment for your next home or a future cash-out refinance. 

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Cash-Out Refinance

 

A cash-out refinance may help you pay for major expenses like college tuition, debt or home improvements.

This option allows you to take cash out of your home equity by replacing your current mortgage with a new loan

that is more than the amount owed. You can also refinance a non-VA loan into a VA loan with a cash-out refinance.

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Interest Rate Reduction Refinance Loan

 

An interest rate reduction refinance loan (IRRRL) may help lower your interest rate and reduce your monthly payments

by refinancing your existing VA loan. You can also refinance an adjustable-rate mortgage (ARM) into a fixed-rate mortgage with this option. However, you cannot receive cash from loan proceeds with an IRRRL.