What is a VA energy mortgage?

The VA Energy Efficient Mortgage (EEM) is a special loan program which helps homeowners to finance the cost of these energy-efficiency improvements. The program is offered via the Department of Veterans Affairs as part of its VA loan program.

Can you include appliances in a VA home loan?

Replace all of your old electronics and appliances with Energy Star Products. To apply for a VA refinance loan or for more information contact VA Home Loan Centers. Did you know that you can get government funds for energy efficient home improvement?

Does the VA allow adjustable rates on VA loans?

An adjustable-rate mortgage with a VA or FHA loan comes with a government-mandated 1/1/5 cap. Here’s what this means: The highest your rate can increase on the first adjustment is 1 percent. Each subsequent annual adjustment is limited to a 1 percent increase.

Can you get turned down for a VA home loan?

How Often Do Underwriters Deny VA Loans? About 15% of VA loan applications get denied, so if your’s isn’t approved, you’re not alone. If you’re denied during the automated underwriting stage, you may be able to seek approval through manual underwriting.

How does VA EEM?

VA Energy Efficient Mortgage Uses You can use an EEM on an already energy-efficient home. The VA home loan allows qualified borrowers to finance up to $6,000 worth of upgrades if the home meets the HERS’ energy-efficient standards.

Is there a VA flip rule?

The VA allows for a property to be flipped by an investor/owner within 90 days of being on title. But once again, the VA allows the lender to add additional layers onto requirements. Fannie & Freddie are extremely vague when it comes to their flipping rule.

Is a VA loan fixed or adjustable?

Just like conventional loans, VA loans can come as fixed- or adjustable-rate mortgages (ARMs) and last up to 30 years. Before deciding to finance a home with a VA loan, learn about the different types of loans available so you know what you’d like before you talk to a VA-approved lender.

Are VA home loans fixed rate?

The Department of Veterans Affairs (VA) doesn’t set interest rates. Your lender determines the rate on your VA loan based on your unique financial situation. Speak with a home loan specialist about current VA loan rates.

What do I do if my VA loan is declined?

If your VA loan application was denied, it could be because your income levels are too low. The best thing you can do is ask your lender for clarification. They’ll be able to tell you if your income was too low. If so, look for ways to increase your income if at all possible.