The VA loan programs in the state of Alabama

The Department of Veteran's Affairs has many programs that offer benefits to retired, active, and reserve military veterans. Depending on the length of service and the state of residence, veterans may be eligible for many different government VA programs. For those who live in the state of Alabama there are various programs available which offer benefits for veterans and their families.

One of the most valuable programs is the VA Home Loan Guarantee Program. This program offers veterans many housing opportunities and loans that can be more affordable and easier to qualify for. In the state of Alabama the VA Home Loan Guarantee Program offers veterans:

• The VA Home Loan Guarantee itself is valuable in that it offers veterans the opportunity to purchase a home with little to no down payment, favorable terms, easier qualifying, and with the confidence that a guarantee from the federal government brings.



• Great refinancing choices. The VA Home Loan Guarantee Program offers a Cash Out refinancing loan for those veterans who are interested in taking cash out of the equity in their home. The VA also offers an Interest Rate Reduction Refinancing Loan (IRRRL) which allows veterans to refinance their loan for the purpose of getting a lower interest rate of refinancing before an adjustable rate mortgage begins raising their interest rate. With this type of refinance loan the new loan offer must have a lower interest rate than the current loan.



• Another great loan offer from the VA is the VA Energy Efficient Home Improvement Loan. This can be used when the home is purchased or refinanced through the VA. This loan allows the home owner or buyer to finance the costs of energy efficient home improvement into the mortgage loan. This way the veteran who owns or is purchasing the home can lower their utility bills and improve their home without spending cash out of their own pocket.



• In Alabama the VA also offers special grants and loans for disabled veterans to remodel their homes. These loans and grants are given or lent to disabled veterans so that they can adapt their current home to their special needs or to buy or build a home that fits their needs. The VA offers these choices so that veterans that have a disability as a result of service can have the highest quality of life as possible.

The VA truly offers many valuable programs and benefits for veterans who are residents of the state of Alabama. For more information on the VA Home Loan Guarantee Program in Alabama go to www.va.gov or contact the VA Regional Loan Servicing Center for the state of Alabama by phone at 1-888-611-5916 or by mail or website at:

Department of Veterans Affairs
VA Regional Loan Center
9500 Bay Pines Blvd.
St. Petersburg, FL 33708

http://www.vba.va.gov/ro/south/spete/rlc/index.htm