Understanding the 4 Types of VA Loans in Seattle If you’re a veteran and buying your first home or refinancing your existing mortgage, it’s important that you understand the different types of VA loans that are available. Here are 4 that veterans can take advantage of: Streamlined VA Refinance – a.k.a. Interest Rate Reduction Refinance Loan or IRRRL; allows you to take advantage of reduced interest rates and lower monthly payments. Lenders may offer to pay closing costs if you agree to a slightly higher interest rate. VA Cash-Out Refinance – allows you to take advantage of reduced interest rates and get cash from the equity in your home. Just be aware that some lenders don’t allow you to cash out more than 80% of the equity while others will allow up to 100%. VA Purchase Loans – probably the most common VA loan; this loan allows you to purchase a home without making a down payment. You must be a veteran or spouse of one and meet the credit and income requirements. VA Rate-and-Term Refinance – this mortgage allows veterans to refinance an existing mortgage in order to adjust the interest rate of change the term of it. It differs from the cash-out refinance in that you cannot take cash from the equity. Blue Square Mortgage 4212 33rd Ave W Seattle, WA 98199 206-352-6453 Hours: Monday-Friday 7am-6pm https://www.google.com/maps?cid=1728001048712065545 https://local.google.com/place?id=1728001048712065545&use=posts&lpsid=5358397484364026512