VA Loan Highlights
Since 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)/span>
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
IDAHO VA LOAN ELIGABILITY & PROGRAMS
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.
Adjustable-Rate Mortgage
If you are currently serving in the military with a chance of relocating in the next few years, 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.
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. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.
Cash-Out Refinance
If you’re already a homeowner, 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.
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.
Educating, Inspiring, and Giving Back to our Military Families and Veterans
We work with American Warrior Initiative, a non-profit that offers a variety of assistance and services to American veterans.
Partner of State Housing Finance Agencies
In addition to the Idaho Housing and Finance Association (IHFA), we partner with housing and finance agencies across the country. Benefits for qualifying homebuyers can include:
Lower than market interest rates
Mortgage credit certificate
Reduced mortgage insurance premiums
Housing counseling and certification
Down payment assistance loans
Housing grants
Closing cost assistance financing
Special loan features
You’ve Helped to Protect America.
Let us help you achieve the American dream of homeownership.
*A down payment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits.