The Veterans Administration has a VA Hybrid loan program that allows you to lock in today’s very low interest rates, whether you’re looking to buy a new home or refinance your current residence. A hybrid loan combines elements of a fixed-rate and adjustable-rate mortgage, so you can take advantage of low rates for a given period of time, which will then start to adjust based on the current index but not by more than 1%.
These hybrid loans can help you save money on your mortgage payment since the rates are usually 1%-2% lower than a conventional loan. We can help you connect with the loan officers who will work to understand your situation and help you make the best decisions about your finances.
Some of the benefits of a VA Hybrid include:
- The lowest possible rates
- No appraisal or credit check is needed if it’s a refinance
- Low credit scores are eligible
- A VA Hybrid loan refinance will allow you to skip at least 1 but usually 2 full mortgage payments
- You will be refunded your current escrow account that is often $1000 or more
- Save hundreds of dollars a month compared to conventional loans
Today’s economic climate has affected everyone, and buying a home can seem like a daunting process. Because the VA Hybrid loans re-amortize every time the rate adjusts (instead of going off the original loan amount) it keeps your payments low, so you don’t have to worry about skyrocketing costs. Taking advantage of this program will help homeowners relieve some of their financial stress through lower monthly payments.
More information on the VA Hybrid loan is available from one of our professional staff. Our loan officers are committed to giving you the best possible customer service because of our respect for your service and commitment to our military and country. If you have any questions, concerns, or are ready to save some money today, please call us toll free at 888-407-0010.