If you are in the process of applying for a VA loan, you may be wondering what type of property you can actually buy. With so many purchase options available in the real estate market, it’s important to know that VA loans are most often used for buying or constructing a single-family dwelling unit. However, it should be noted that VA loans are known for being incredibly flexible, and the main goal of such loans is the help veterans improve their present living situation.
As mentioned, VA loans are utilized to upgrade a veteran’s current living conditions and/or to save money through a refinance. Veterans can optimize the use of their VA loan by:
- Refinancing a current VA-guaranteed or direct loan in an effort to reduce their current interest rate on their mortgage
- Refinancing in an effort to take cash out
- Improving, fixing or changing a veteran owned home
- Buying and improving a home owned by a veteran simultaneously
- Creating improvements that are energy efficient via a “Energy Efficient Mortgage” that goes along with a VA home purchase or refinance
- Buying a single family dwelling unit in a condominium development that is VA approved
- Buying a farm home that is to be veteran owned and occupied
- And more great VA loan benefits that can be seized by veterans!
Even though there are several fantastic options a VA loan can be used for, it must be stated that active duty service people and veterans cannot use their VA loan to buy an investment property. This is because the Veterans Affairs strives to help qualified veterans accomplish their dream of being a homeowner, rather than an entrepreneur or landlord.
Now, when that time comes to refinance that VA loan to save money on your mortgage, the experts at MIC are your “go to” team. All you have to do to grasp this concept is read the countless positive testimonials that have been submitted by immensely satisfied and relieved customers. As an example, Mark and Penelope B. from Coos Bay, Oregon said in 2012:
“We are very pleased with the speed and convenience and courtesy professionalism of all the agents and notary signing agent as well.”
This is just one Mortgage Investors Corporation review, but rest assured that they are truly a dime a dozen. The fantastic and hardworking team at MIC will do everything in their power to ensure that your VA loan refinance runs as smoothly and quickly as possible, while valuing your time and energy every step of the way.
Mortgage Investors truly strives to minimize the time and efforts that you personally need to put into the refinance process. They happily take on the entire workload and make you feel assured and valued as a customer. If now is the time to refinance your VA loan, then you must call MIC today. Their interest rates are at an impressive all time low, so don’t wait any longer!