PHH Home Loans, LLC Blog

Loans that serve those who served and sacrificed

November 17th, 2016

patriotic-bald-eagle-against-a-photo-of-a-battle-distressed-american-flagIn 1944, with the end of World War II a year away, military men and women were already returning to civilian life. The U.S. government, recognizing the social and financial adjustments facing those who served, enacted the Serviceman's Readjustment Act of 1944 - better known as the G.I. Bill. Subsequent acts over the next decades helped to redefine and broaden veterans' benefits, but the purpose has remained the same: to give military service members, veterans and their families financial, educational and social benefits in recognition for their service and sacrifice.

Among those benefits is access to mortgage programs that continue to help reduce the financial burden on eligible servicemen and women, veterans and their spouses who want to buy or refinance homes.1

Purchase loans

VA purchase loans are available in many of the standard mortgage types - 30- and 15-year fixed and adjustable rate - but come with a number of features that help to reduce some of the costs of purchasing a home, including:

  • No down payment
  • No private mortgage insurance (PMI)
  • Limits on out-of-pocket costs
  • No penalty for early loan pay off

Some lenders also offer programs that give an eligible borrower discount points off of a loan that can be applied to closing costs.

Refinance loans

Like other loans, a VA loan can be refinanced or modified A VA Cash-Out Refinance Loan lets a borrower use the refinance to take cash out of their loan to use for education, home improvements or other purposes. The VA Interest Rate Reduction Refinance Loan's (IRRRL) name speaks for itself: it is an opportunity to refinance to a lower rate and/or convert an adjustable rate loan to a fixed rate loan.

Find a lender who is ready to serve

Homebuyers who have served in the military or are currently enlisted are entitled to benefits in honor of their service to our country - especially when it comes to owning or refinancing a home. The best place for them to start is with a trusted mortgage lender who can explain all of their different options and help them find the one that is best for their needs.

Eligibility is based on sustainable credit, sufficient income and possession of a valid Certificate of Eligibility (COE), which is based on veteran, active duty and spousal status. For more information, visit

PHH Home Loans, LLC

PHH Home Loans, LLC, 1 Mortgage Way, 3rd Floor, Mt. Laurel, NJ 08054. NMLS ID # 4256. ( Massachusetts Licensed Lender #MC4256; Licensed by the New Hampshire Banking Department; Rhode Island Licensed Lender. Equal Housing Lender.

PHH Home Loans, LLC d/b/a Coldwell Banker Home Loans.  1 Mortgage Way, 3rd Floor, Mt. Laurel, NJ 08054. NMLS ID #4256. ( Alaska Licensed Mortgage Lender #AK4256-2, 866-462-8266; Arizona Residential Mortgage Licensee #BK 0907285; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Licensed by the Delaware State Bank Commissioner  #8094; Georgia Residential Mortgage Licensee #20292; Illinois Residential Mortgage Licensee #MB.6759857; 100 W. Randolph, 9th floor, Chicago, IL 60601, 800-532-8785; Massachusetts Licensed Lender and Mortgage Broker #MC4256; Minnesota – This is not an offer to enter an interest rate lock-in agreement; Montana Licensed Mortgage Lender #4256; Licensed by the New Hampshire Banking Department; Licensed by the New Jersey Department of Banking and Insurance; Licensed Mortgage Banker – NYS Banking Department; Ohio Certificate of Registration  MB. 804019; Rhode Island Licensed Lender. Equal Housing Lender.