How To Get Veteran Loans Online
Provided you know where to look, acquiring veteran loans is relatively straightforward. As a military veteran, there are plenty of loan programs to take advantage of, from the Native American Direct Loan scheme to the cash-out refinance loan.
In this article, you will discover the five main types of veteran loans available to you in the United States of America.
The 5 Types of Veteran Loans
1. The Native American Direct Loan Program
If you are a Native American and a veteran or a veteran with a Native American spouse, you can gain access to the Native American Direct Loan program (otherwise called the NADL).
It's a type of VA home loan that lets you buy, build, extend, or renovate your home on federal trust land. Depending on your situation, you may also qualify for a Native American Direct Loan to refinance your property.
However, you must meet fairly stringent eligibility requirements to participate in the NADL program. These are as follows:
- You must hold a valid Certificate of Eligibility (i.e., a COE).
- Your tribe must hold a Memorandum of Understanding with the VA, which states how the loan program can be used on tribal land.
- You must be able to prove you are financially solvent enough to fund the monthly payments and other living costs.
- You must be the home's intended resident.
2. VA-Backed Purchase Loan
VA-backed purchase loans are offered by a financial institution. These types of veteran loans are available to you if:
- You live in a home.
- You hold a valid Certificate of Eligibility.
- You meet the lender's credit and income criteria.
Normally, you don't have to deal with down payments when you get this kind of loan. Plus, it has more attractive terms and interest rates than those provided to non-veteran buyers, as well as fewer closing costs. On top of that, you don't suffer penalties if you pay the loan off early.
With a VA-backed purchase loan, you can borrow up to the Fannie Mae and Freddie Mac limits. However, there are opportunities to go beyond such restrictions if you decide to make a down payment.
Despite the fact you can acquire it without a down payment, you don't need to obtain private mortgage insurance.
3. Cash-Out Refinance Loan
A cash-out refinance loan lets veterans like you borrow money against the equity in your property. You can use the cash gained to refinance your current mortgage or for other purchases like college tuition, renovations, and almost anything else!
You can qualify for a cash-out refinance loan if:
- You have a valid Certificate of Eligibility.
- You meet the lender's credit and income requirements.
It's a similar loan type to a HELOC (Home Equity Line of Credit loan) which banks offer to standard consumers.
4. Interest Rate Reduction Refinance Loan
If you currently have a VA-backed loan, the Interest Rate Reduction Refinance Loan (or IRRRL) lets you refinance it if you can prove you're residing in the property or previously lived there. If your initial mortgage had a variable rate (i.e., one that fluctuates), switching to a fixed IRRRL can help you save money and stabilize your long-term outgoings.
For those who already have a second mortgage on their property, your lender must agree that the IRRRL would be your first mortgage.
Sometimes called a VA streamline to refinance, IRRRLs are easier to apply for because you don't have to struggle through mountains of paperwork. Just be aware of the following eligibility criteria:
- You haven't been 30 days late on any payment in the last year.
- You must be refinancing a primary residence.
5. Online Car Title Loans
If you don't qualify for any of the veteran loans we've talked about, you can always turn to car title loans. With an online title loan, you can borrow up to $15,000 online, depending on the value of your vehicle. A brilliant credit score isn't necessary; you can apply and gain approval with a less-than-average financial history, making it a reasonable option for when you're in a pinch.
How To Get A Car Title Loan Online
Just follow the five steps below to get a car title loan from the comfort of your own home:
- Start by completing our short online request form.
- One of our licensed vendors will call you shortly to discuss the process, explain the required items, and answer your questions. They'll also ask where you'd prefer to meet. You need the following to get a car title loan:
Lien-free title to your vehicle
Vehicle for inspection
- Wait while the verification agent assesses your vehicle to establish whether you qualify as well as how much you qualify for.
- The loan packet will be emailed to you for an e-signature.
- Your money lands in your account as soon as the same day.
Submit Your Car Title Loan Online Query Online Today!
If you don't qualify for other veteran loans, remember that you can get a title loan online. At Home Title Loans has been a leader in helping people get fast cash online when they need it through the title loan lenders we work with. Send us your title loan inquiry to get your cash as soon as 24 hours. We're always happy to help.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.