VA Loan Options
There are several VA loan types. The one we’ve been primarily discussing thus far is the VA-backed purchase loan, which is the most commonly used VA loan that helps get veterans into primary residences with better terms and lower requirements. Here are a few other types to be aware of:
Native American Direct Loan Program
If you are a Native American Veteran or are married to one, you may be able to obtain this type of loan to build, purchase, or improve a house that sits on federal land.
Cash-Out Refinance Loans
VA loans aren’t just for purchasing homes; the VA also backs cash-out refinance loans, allowing you to use equity from your house to repay debts or cover other expenses.
Interest Rate Reduction Refinance Loans
If you already have a VA-backed home loan, you may be able to obtain this loan type to refinance the VA loan for more favorable terms and obtain lower monthly payments.