Types of Loans for Veterans

We have many types of VA loans. We'll make sure to match you with the correct loan for your unique situation.


A fixed-rate mortgage (FRM) is a type of mortgage characterized by an interest rate which does not change over the life of the loan. Here at Mortgage Network, we offer 15 and 30 year FRM terms. A 30-year FRM is simply a fixed rate mortgage that continues for 30 years.

A 15 Year Fixed Rate Mortgage is a loan with the same interest rate and monthly payment over the 15 year life of the loan. You generally pay a lower interest rate, pay less interest over the life of the loan, and build equity more quickly with a 15 year loan than with a loan carrying a longer term.

We have loan amounts available for most needs and can range from Conforming to High Balance.  

An Adjustable rate loan is a home loan that adjust its interest rate periodically during the life of the loan based on changes in the index. The 5-1 hybrid adjustable-rate mortgage (5-1 hybrid ARM) is an adjustable-rate mortgage (ARM) with an initial five-year fixed-interest rate, followed by a rate that adjusts on an annual basis.

We have loan amounts available for most needs and can range from Conforming to High Balance.

The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.

An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance, and it will reuse the entitlement you originally used. Please contact us for more information on the facts and eligibility requirements for this type of loan.

IRRRL stands for Interest Rate Reduction Refinance Loan. You may also see it referred to as a “VA Streamline”. It is used to refinance an existing VA guaranteed loan to reduce the interest rate or to refinance from an adjustable rate mortgage (ARM) to a fixed rate mortgage (FRM).

Borrowers refinancing an existing VA home loan through this streamline program may have a lower funding fee than they would pay under other VA loan options. The fee is generally 0.5% of the total loan amount and can be added to the loan balance.

The Energy Efficient Mortgage (EEM) program helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy efficiency features to new or existing housing as part of their FHA or VA insured home purchase or refinancing mortgage with 15 or 30 year terms.

EEMs provide mortgage insurance for a person to purchase or refinance a principal residence and incorporate the cost of energy efficient improvements into the mortgage. The borrower does not have to qualify for the additional money and does not make a down payment on it.

EEM’s are loans to cover the cost of making energy efficiency improvements to a dwelling.  

  • Up to $3,000, based solely on the documented costs
  • Up to $6,000, provided the increase in monthly mortgage payment does not exceed the likely reduction in monthly utility costs
  • More than $6,000 is subject to a value determination by VA

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