VA Home Loans in New Jersey

Originating in 1944 as a part of the GI Bill of Rights, VA home loans backed by the Department of Veteran Affairs were designed to help veterans and their families secure and afford a home. There are many benefits provided by the VA mortgage loan, including no down payment, lower interest rates, more flexible loan requirements, limited closing costs, and no early loan repayment penalty. If you are an active duty service member, veteran, or surviving spouse interested in homeownership, it is always a good idea to check if you are eligible for lower VA rates. New Jersey VA home loans can help you streamline the home buying process.

Types of VA Home Loans

There are several types of VA home loans, and you need to select the right one to meet your needs. A few options you might want to consider include:

• VA purchase loan: This is a loan that you can take out to purchase a home with no down payment. This is one of the most popular New Jersey VA home loans. Because you do not need to worry about saving up money for a down payment, VA loans NJ can help you purchase a home faster.
• VA Streamline Refinance Loan (IRRRL): You might also be interested in refinancing through New Jersey VA mortgage loans. In order to qualify for a VA IRRRL, the original loan must be a VA loan. With a VA IRRRL, you might be able to pay off your mortgage more quickly, or you could save money by qualifying for a lower interest rate.
• VA Cash-Out Refinance Loan: Another popular VA home loan NJ is a VA cash-out refinance. Even if your original mortgage is not a VA loan, you can still take advantage of cash out refinance VA home loans in New Jersey, allowing you to tap into the equity in your home for other purposes.

If you decide to go with New Jersey VA home loans, there are several significant benefits you will enjoy. A few examples include:

• You don’t necessarily need to worry about saving up money for a down payment with VA loans NJ. You can qualify for a home loan without putting any money down.
• A VA home loan NJ typically comes with a lower interest rate. This could save you thousands of dollars over the life of the loan.
• Even if you don’t put any money down, you don’t need to worry about buying any private mortgage insurance for VA home loans in New Jersey.
• There are flexible New Jersey VA mortgage loans available, and you can save money on closing costs.
• If you decide to use VA mortgage loans in New Jersey as a refinancing option, you can tap into a greater amount of equity.

Because of all of these benefits, a VA loan in New Jersey could be a way for you to afford your dream house. You should work with our professionals if you are interested in taking advantage of VA home loans.

In general, a VA home loan in New Jersey is open to current service members, veterans, and widowed spouses of those who have been killed in action. You will need to obtain a Certificate of Eligibility, often referred to as a CoE, have a credit score no lower than 500, and meet income requirements to qualify for a New Jersey VA mortgage loan. There will be more specific requirements depending on your desired property and individual circumstances; contact a Griffin Funding loan officer to accurately determine your eligibility and get a quote today.

You access VA home loans through private lenders such as mortgage companies and a portion of your loan is even guaranteed by the Department of Veteran Affairs. This guarantee is effectively a substitute for a down payment, which makes qualifying for a mortgage loan much easier. Furthermore, because the loan is backed by the VA, there is less risk for the lender, which means that you can qualify for a lower interest rate.

The guarantee provided by the VA is known as an entitlement. The first part of this entitlement is the basic entitlement, which means that the VA insures the first 25 percent of the loan up to $144,000. The second portion is called the bonus entitlement, which means that the VA also insures another 25 percent of the loan’s value from $144,000 up to the current conforming limit. This type of protection allows you to qualify for better loan terms.

The VA loan limit in New Jersey depends on your county. The cost of property in New Jersey can vary significantly from county to county, so it is important for you to figure out your loan limit. Keep in mind that these loan limits only specify the conforming loan and high-balance conforming loan limit which determine different interest rates. If you want to take out a larger loan, you are now able to do so thanks to The Blue Water Act.

Your limit also depends on your VA loan entitlement, or the amount of money the Department of Veterans Affairs is willing to guarantee to your mortgage lender if you default on your loan.

If you are interested in taking out a VA loan, speak with a Griffin Funding loan officer today. At Griffin Funding, we are honored to work with active members of the military, veterans, and their families to help them find their dream houses, completing the VA home loan process in less than 30 days. With a significant amount of experience in VA homes loans, we can help you qualify for the best loan terms possible. We have also partnered with Shelter to Soldier to ensure soldiers have access to therapy dogs. Contact us if you are looking to own a home in New Jersey, and consider applying for a VA loan!