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VA Programs
Thank you to all who have served!
Litchfield County Real Estate appreciates and honors everyone who served! We would like to pay it back.
We give Back
Every Litchfield County Real Estate agent gives back 10% of their commissions to our Veterans and Service member clients.
Experienced Vendors
We can help guide you with the right experienced professionals to make your journey as seamless as possible
Types of VA Loan Programs
VA Purchase Loans
VA Cash-Out Refinance
VA Cash-Out Refinance
- For new or existing homes.
- You must check with different lenders first to see if the property type you want qualifies. For example a lender might not finance a duplex
VA Cash-Out Refinance
VA Cash-Out Refinance
VA Cash-Out Refinance
- Allows qualified homeowners to refinance their mortgage and take out cash from their homes equity
- Open to Vets with and without current VA loans
- Don't need to take out cash, you can sue this option as a basic rate and term refinace
VA IRRL
VA Energy Efficient Mortgage
VA Energy Efficient Mortgage
The VA Interest Rate Reduction Refiance Loan. Aka "VA Streamline".
- Low refinance loans
- some don't require underwriting, income verification or an appraisal.
- Must currently have a VA loan
- New Rate must be smaller than your current rate
- Time limit on the time it takes to recap cost+fee's
VA Energy Efficient Mortgage
VA Energy Efficient Mortgage
VA Energy Efficient Mortgage
- VA allows Vets to borrow additional money to pay for energy efficiency improvements to a home, as part of a home purchase or a refinance.
- Can refinance up to $6,000 to cover qualified permanent improvements such as:
- storm/thermal windows
- heat pumps
- solar heating
- cooling
Benefits of VA Loans
No Down Payment
No prepayment Penalty
No (PMI)
Private Mortgage Insurance typically disappears when 20% equity is in your home.
Higher Allowable DTI Ratio
Lenders look at the ratio of monthly income to your total monthly expenses. VA typically wants to see DTI of 41% or less but it's possible with over 41% to still secure VA financing
Refinance Options
VA has a pair of refinance loans (IRRL) and the (VA-Cash Out Refinance)
Flexibility with Bankruptcy and Foreclosure
Some borrowers who qualify can be eligible for a VA home loan after 2 years
Higher Allowable DTI Ratio
Lenders look at the ratio of monthly income to your total monthly expenses. VA typically wants to see DTI of 41% or less but it's possible with over 41% to still secure VA financing
Closing Costs
Limits on closings costs, VA borrowers are barred from paying closing costs in some instances
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Litchfield County Real Estate
44 Main Street, Torrington CT 06790
C: (860)806-4169 | O: 1 (833)528-6253
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