Hey everybody, it's Jimmy Vercellino and today I'm going to chat with you about the different types of a VA loan. There's a lot of different things that you and I, as Veterans can take advantage of when it comes to utilizing our VA loan.

So the first one, perhaps the most obvious is that we, as veterans, can utilize our VA home loan benefit to purchase a home up to any purchase price we'd like with no money down and no private mortgage insurance and credit scores as low as 600. Not a lot of other mortgage types available in the marketplace today that will allow a veteran to do that. So A- you can purchase a home with your VA home loan benefit and B- you can even use it to you ready for this, refinance a current mortgage.

So let's say for example, that a veteran has lived in their home for two or three years. They've built up equity with the rapid appreciation that exists in the market place right now, and that Veteran would now like to use the equity in the home to maybe pay off high interest rate credit card debt, or maybe a renovation on their home, kitchen remodel, bathroom remodel, whatever the case may be, or three, maybe they just want to invest in something and use equity to do that.

The VA cash-out allows a veteran to be able to access their equity up to 90% of he homes appraised value and use it for whatever they like. So a lot of veterans in this particular environment that we're in today are considering this and using this as a tool to be able to build and create wealth or pay down debts again, or whatever the case may be, whatever works best for you. The third thing that you can do with the VA refinance is what's referred to as a streamline refi. So basically what this is it allows veterans to lower their interest rate with no out-of-pocket expenses, no appraisal.

This is pretty cool, okay. And basically reduce your mortgage interest rate and reduce your monthly payment, so that way moving forward, your payment drops and you save the amount of interest that your paying in the form of a monthly mortgage payment. Now, in order to be able to utilize this type of VA loan, you must have an existing VA loan. You with me on that? You must have an existing VA loan to be able to refinance out of it, streamline over to another VA loan at a lower interest rate. A friend of mine once said, it's kind of like shuffling some paperwork and 30 days later, you're able to close on the the loan.

And the reason why it's streamline process, is because there is no bank statements required. There's no appraisal required. There's none of that income documentation. So, you know, when you bought the home, you had to provide the W2's, and the tax returns, and the bank statements. All that jazz. None of that's required on this one. Hence the name, VA Streamline refinance. Good to go? Alright.

So there's other things a little bit more niche type that you can do with your VA loan that a lot of you may not know about, and that's actually have more than one at a time, right? What do you mean more than one at a time?

Yes, I said it. You could actually have more than one at a time. A lot of Veterans don't know that you can put a renter in your existing primary and go out and use a second VA loan while keeping a VA loan on this house. Pointing to my wrist here. That's a house, okay, but renting out this home and going out and purchasing another home in a more desirable location. Now there's a calculation that we as Veterans, or I'm sorry as Mortgage originators will use to be able to determine how much you have left. But a lot of Veterans don't know that you can actually have more than one VA loan at a time.

Perhaps the fourth and final point that you need to be aware of is that the VA loan actually has a construction to perm process. You can utilize your VA loan benefit to build a house. Now we're really getting niche here, right?

But if that's something that you're interested in, there is an opportunity for you to be able to build a home and utilize your VA home loan benefits.

So that's a little bit about the VA loan types that exist in the market place today. If you have more questions, we're always here to be a resource for you.