Benefits of VA Mortgage Rates:

• 100% financing on the home purchase
• No appraisal VA Streamline
• Mortgage rates are lower when compared to Conventional or FHA loans
• No private monthly insurance to pay and because the government guarantees the loan lower credit scores are still eligible.

VA Mortgage Rates For Home Purchase:

Since the VA offers 100% financing on mortgages the borrower can save thousands by not having to come up with a down payment.  Other types of loans can require up to 20% down when purchasing a home.  The home is also appraised by an approved licensed professional by the VA.  Without the PMI, VA Mortgage Rates offer payments that can save you a hundred dollars or more each month than with a conventional or FHA loan.

VA Mortgage Rates For Refinancing:

Refinancing your home can bring extra savings your way.  With a lower VA Mortgage Rate you can save up to 100 dollars or more every month and save thousands over the life of your loan.  Interested in a streamline, a VA Mortgage Rates for streamline loans are very low.  VA Streamlines typically don’t require an appraisal or income verification as long as the past 12 monthly payments are current.

Our Company works hard to help veterans receive the best loan that fits their needs.  We are dedicated to serving veterans and we look forward to working with you on your VA mortgage.  Fill out the form on our website and a loan officer will be in touch with you shortly or give us call.

• No appraisal necessary
• Lower credit scores are still eligible
• No income verification as long as mortgage payments are current for last 12 months

With the above benefits of a VA to VA refinance it makes it not only easier to get a refinance loan but an easier way to save money. When refinancing with a VA Streamline, veterans can defer up to two monthly mortgage payments and whatever is in your escrow account at the time the loan closes will be paid out in cash. With a lower interest rate your monthly mortgage payments can save you up to a hundred dollars or more and over the life of the loan thousands of dollars will be saved on interest payments.

Staying in a VA loan also allows veterans to keep the previous benefits of the VA loan program. Since the government backs part of the loan there isn’t private mortgage insurance to pay every month, which could potentially save hundreds of dollars. VA loans are assumable. The next owner of the home can take over the mortgage, subject to the VA’s approval. VA loans also don’t allow prepayment penalties’, allowing the veteran to pay off the loan before the term of the loan is up.

Our Company appreciates the time our veterans have served for our country. We are dedicated to helping veterans choose the best refinancing option that fits their needs. Fill out the form on the website and a loan officer will be in touch with you shortly or feel free to give us a call. We look forward to working with you on your VA streamline refinance.

#10: Save to Sell.

• Many interested in a VA refinance look to a VA Hybrid.  Similar to an adjustable rate mortgage, VA Hybrid’s are excellent for those interested in selling their home in the next couple of years.  There are 3 and 5 year VA Hybrids that offer very low interest rates.  And if your plans change, you can rest assured that your interest rate can only change once a year after the initial 3 or 5 year mark, and that it cannot go higher than 5 points above your initial rate.  So if you sign at 3.5%, it will never go over 8.5%.  And typically, the rate does not change more than 1% a year.  Taking advantage of a VA Hybrid can lower your monthly mortgage payment substantially, allowing you to save the extra for another use.

#9: Lower your Principal.

• Following the heels of #10, many people look at a VA Hybrid as a quick way to pay down their principal before selling.   Instead of saving the monthly savings from the mortgage payment, a good number of people decide to apply the amount directly to principal.  This allows for a higher equity when selling the home, which can sometimes mean more money out of your house sale.

#8: High Efficiency.

• A VA refinance can help make your home more energy efficient.  When refinancing a VA loan, it is possible to include $6,000 for energy efficient improvements to the home.

#7: High Ticket Purchase.

• For some, a VA refinance frees up money to make a big ticket purchase.  Using the VA Cash-Out refinance option, many people choose to purchase a newer vehicle or RV or even boat.  For others, new furniture for the house might be just what they are wanting.  And some have even gone so far as to help pay for college.

#6: 2nd Mortgage Erased.

• It is possible to pay off your second mortgage with a VA refinance.   Simply refinance with a VA Cash-Out and use the money received to pay off the high interest second mortgage.  This can save you hundreds each month while lowering your interest rate on your first mortgage.  The money you save can go to other bills or into savings.

#5: Lower Your Interest Rate.

• By taking your interest rate and lowering it, even by half a percent, you could save hundreds each year.  Typically we see interest rates being lowered by one or two percent on each VA refinance.  For an average 30 year home loan of $150,000, dropping the interest from 5.5% to 4.5% gives a lifetime savings of $34,000!  Just imagine!  That is money you do not have to pay to the bank!  And sometimes, we can even see lower interest rates available.

#4: Saving Money Each Month.

• Along with #5, a VA refinance can help you save money each month.  By just lowering your interest rate, your monthly mortgage payment drops also.  For the above example, the homeowners were able to save $100 each month.  That money could either go into savings or be used to pay monthly bills.  If times are tough, and a paycheck doesn’t seem to go as far as it once did, this might be the option for you.

#3: Improve your Castle.

• A man’s home is his castle, or her castle.  And if your castle could stand some improvements, a VA refinance can help you out.  Depending on the extent of your needs, you could choose a VA Streamline or a VA Cash-Out refinance.  And, don’t forget that you can add in additional dollars for energy efficient improvements.

#2: Banish Credit Card Debt.

• This is one of the most popular reasons.  Understandably many of us have needed to use our credit cards to get by occasionally.  The problem with credit cards is that they are so hard to pay off!  With a VA refinance, you could locate the extra money you need to pay off the cards faster or even all together, saving you hundreds or possibly thousands, depending on the extent of your credit card debt.

#1: Pay Off your Home Sooner.

• For some, the reason for a VA refinance is not to save money on their mortgage payment, or to pay off high debt, or even to make improvements on their home.  For them, a VA refinance can be used to change the term of their loan to allow them to pay off their home sooner.  Some have a set retirement date in mind, or any other specific timeline that they want to follow and paying off their home falls in a set time.  Changing their 30 year loan to one as short as 15 years will increase their payment somewhat, but will also have their home paid off while they are still young.  Many want to build up equity as fast as possible and a VA refinance with a change of term is just the way to do that.

Looking into a VA refinance is a great way to accomplish any one of these reasons.  You may even have one of your own.  There are several types of VA refinances available, but two that may best suit your needs.

VA Streamline

• This VA refinance is the fastest and easiest.  Many lenders can offer this refinance with No Appraisal, No Credit Requirements, No Income Verification or Employment Verification.  There is no cash-out of the loan, but many are able to defer up to 2 month’s mortgage payments and/or receive a refund from their escrow account at closing.  This can add up to a small but good amount of money that can be applied back to principal or for other needs.

VA Cash-Out

• This VA refinance requires a Home Appraisal, Credit Requirements, Income Verification and Qualification.  It is more time consuming due to the Cash-Out option.  This VA refinance takes advantage of the equity you have built up in your home.  Monthly mortgage payments may increase slightly, but that is balanced by the money saved by having high debt paid off.

So, if this sounds like something that you are interested in, it is important to contact a loan officer or lender soon.  Interest rates are the lowest they have been in decades but are showing signs of increasing soon. Don’t miss out on this rare opportunity to do a VA refinance and save a bundle!

Plagued by low credit and falling home value? Needing extra cash to cover bills that are accumulating? Like many Americans, you may be looking back to your home for financial security. As a veteran your options are better than those not in military services. Provided that you took advantage of your VA eligibility to purchase your home, we can offer you a solution to your financial needs. Our loan officers have amassed great amounts of training, covering all aspects of the VA home loan programs and have lenders available that are willing to work with veterans, covering their specific needs and meeting VA requirements.

Two VA refinancing options are proving most worthwhile for helping veterans out of financial trouble. Depending on the amount of money you need, you may be interested in a VA Streamline or a VA Cash-Out Refinance. A VA Streamline is the best refinance product for those needing a lower monthly payment and a small amount of cash. It works well to lower the interest rate and monthly mortgage payment. Those refinancing with a VA Streamline may also be able to defer up to two months’ mortgage payments and/or receive a refund from their escrow account upon closing. If your needs are small enough that they can be covered with this smaller amount or if you have not been in your home long enough to build up significant equity, a VA Streamline may be your best option. VA Streamline refinance loans are also the easiest refinance loan available. Most often they do not require a credit check, income verification or appraisal of the home. The process has been streamlined and can often be done in a matter of weeks rather than months.

However, if you are need of more significant money for larger purchases, such as paying off a second mortgage, high credit card bills, outstanding medical bills or making improvements on a home, a VA Cash-Out refinance may be the product you need. The VA Cash-Out refinance loan takes advantage of the equity you have built up in your home and allows you to draw on it. This is a more complex product and does involve more time and attention. The lender will ask you for income and employment verification, as well as run your credit and perform a VA appraisal on your home. The process will take longer due to the amount of paperwork and qualification that needs to take place. It is important to realize that although your interest rate may be lower, your mortgage payments are often slightly higher than before. The positive outlook to this is that if using the cash to pay off other bills, you will have that other monthly savings, thereby balancing out your budget.

Our loan officers are waiting to assist you in refinancing your VA home loan. If a VA Streamline or VA Cash-Out cannot address your needs, there are other options available. We pride ourselves on our VA home loan education and we are excited for the opportunity to assist you with all your needs and concerns. Take the time today to fill out our free loan quote questionnaire and one of our loan officers will contact you soon. Or feel free to call now.

Reason #1: Lower Credit Requirements

Most conventional loans require a higher minimum credit score than the VA.  The VA understands that it is difficult for veterans to build up a great credit score while they are serving in the military.  Although they accept lower credit scores, the final say is up to the lender.  But there are several lenders that closely follow VA regulations that are willing to approve loans to veterans with lower credit scores.  And for many, lower credit scores indicate higher interest rates but with a VA home loan the interest rates remain lower than conventional loan offerings.

Reason #2: No Down Payment and Limitations on Closing Costs and Fees

Most purchases with a VA home loan do not require a down payment.  Some lenders may require a down payment or the VA may request one if the purchase price is more than the value determined by the VA.  It is in your best interest to research each lender and determine their requirements before going to them for your loan.  A VA home loan is the only type that does not require a down payment.  A FHA home loan requires at least 3% down and most conventional loans require 20% down. And when going into closing, veterans are assured limitations on closing costs and fees that they can be charged.  In some cases, the seller can even pay up to 4% of the closing costs

Reason #3: Lower Interest Rates and Monthly Savings

Lower interest rates typically indicate lower monthly mortgage payments. Generally most VA home loans have lower interest rates than conventional or even FHA home loans.  The VA has stipulated that lower interest rates be offered to its veterans as another benefit for their service.  Recent interest rates have been as low as 3.5%!  But to add to the monthly savings, a VA home loan does not require costly private monthly insurance which can save more than $100 a month.

Reason #4: Longer Payment Terms with No Pre-Payment Penalties

Despite their preferences many veterans, in active service or retired, find themselves moving about the country.  And although this would make home ownership difficult for civilians, the VA has created options in their VA home loan program to meet the needs of all veterans.  The VA has set requirements into their plan that allows for the veteran to choose the length of term.  There are several options available, ranging from a traditional 30 year term, to shorter terms, some as short as 15 years.  There are even more flexible options, like the VA Hybrid/ARM.  And for all the options, there are no penalties if the home is paid off before the end of the term.  Plus, VA home loans are assumable, which can be a huge incentive for many purchasers.

Reason #5: VA Appraised and Inspected Homes Only

While this might sound like a drawback, consider the following.  Many homes on today’s market are facing foreclosure or short sales.  And the majority of those homes were simply not cared for.  Routine maintenance issues were neglected and there may be significant and costly damage to the home.  A VA home loan will not allow the home to be purchased unless it is in good and livable condition.  This may narrow your searching capacity but rest assured that the house you purchase will be in better condition than most on the market.  Purchasing a home in good or excellent condition will save you money initially and over the life over you loan as you will not be required to make costly repairs immediately.

Although there may be some limitations on a VA home loan, the benefits far outweigh the drawbacks.  As a veteran of the United States military, you have earned the right to use all the programs and benefits that the VA has created for you.  Taking advantage of the VA home loan program to purchase your home is just of the ways to acknowledge the appreciation of the government for your military service.

1. Acquiring a VA home loan is easier than many realize, most loan officers can help the veteran out with the paperwork.  The VA.gov website has helpful links for veterans to apply online for their certificate of eligibility.  It is important to remember that the VA is not issuing the loan but guaranteeing it to the lender.  The lender may have additional credit or income requirements.
2. Veterans utilizing a VA home loan are protected by the VA in terms of fees and costs.  The VA places limits on the amount of closing costs a veteran can be charged and fees that are involved with the loan.
3. Veterans can purchase a house with no down payment when using a VA home loan.  And when closing, the seller can even pay up to 4% of the closing costs, leaving the veteran having to spend less money out-of-pocket.
4. Homes purchased using VA home loans are in excellent condition.  They must pass inspection before the VA will approve it.  This means that the houses are not in need of major costly repairs!
5. A VA home loan typically has lower interest rates than conventional loans.  Not only that, but a VA home loan does not require private monthly insurance.  These two things together can save hundreds on your payments each month!

To summarize, the top five reasons a VA home loanis an excellent option are:

• Help acquiring a VA home loan can be offered by your loan officer
• Limitations on fees and costs
• No down payment, seller can may closing costs
• Homes in excellent condition, no costly repairs
• Lower interest rates save money

There are many more reasons why VA home loans are wonderful for veterans.  Our loan officers are trained in making the purchase process one of the easiest things you can do.  Contact us today to get started on your path today!

While the housing prices have dropped considerably, the number of foreclosed and short sale homes is climbing. Veterans see that there are homes with lower prices available and are eager to get into one.  When deciding between a newer home with a higher price tag and a foreclosed home with a smaller price tag, the smaller price tag is more appealing for all of us.  Yet any purchaser needs to consider the additional costs associated with one of these homes.  For example, a foreclosed home can be found for about $60,000.  Odds are it has been empty for some time.  How is the plumbing and electrical?  Are they up to code, no fraying or cracking?  What about the exterior?  Are all windows caulked tight, no cracks in the foundation?  What about rodent and insect infestation?  In the interior are all appliances in good working order?  Are all light and plumbing fixtures installed properly and functioning?  Floors and walls in safe conditions?  These are all problems that might be encountered in a home that is foreclosed or listed for short sale.  And one of these issues may cause potential problems down the road.

That great deal at $60,000, with all repairs needed, may now cost over $100,000.  And unless you have the immediate funds to repair all issues, this is a fool’s purchase.  Many purchasers fall into this money pit.  But a veteran, purchasing a home with a VA loan, has the VA looking out for it.  Money pit homes that require major repairs are not an option if one wishes to use a VA loan.  The VA requires that the houses purchased with their loans are in good or better condition with no major repairs needed.

A veteran is assured an excellent, trouble-free home without the need of expensive repairs.
So while the market is currently overrun with homes that have been foreclosed or listed for short sale, the veteran has to work a little harder to find a home that is appropriate by VA standards.  A veteran can purchase a foreclosed or short sale home, but it must be in excellent condition and pass all inspections.  And if a house can’t pass these inspections, it shouldn’t be purchased by any person.

Today’s housing mess has allowed a great number of people to walk away from their homes, leave them as they were, sitting empty for months or years.  Homes without maintenance require a great deal of work to make them livable.  There are purchasers out there that can purchase these homes and have the ready funds to make the necessary repairs but even they get caught up in the money pit and some can’t find their way back out.

Be grateful that as a veteran, you have the VA looking out for you as you make one of your most important purchases.  They want to make sure you get the best and you are owed the best, thanks to your service.  Take the time to find the home that is right for you and your family.  It is out there!

The VA Cash-Out refinance is the only option available to veterans to refinance and get money out.  With this option, many veterans are able to combine their 1st and 2nd mortgages into one loan with a lower interest rate.  Others use the Cash-Out option to pay for big events, such as weddings, home improvements or a vacation.  The home must be able to meet the necessary loan to value ratio and have sufficient equity built up.  Those interested in VA Cash-Out maintain the home as their primary residence, yet there is no minimal time that they must own the home.

• Requires appraisal, credit and income check, 3% funding fee (unless exempt), no late payments in past 12 months
• Guaranteed by the government, no private mortgage insurance
• Borrow up to 1000% of equity
• Eliminate 2nd mortgage and payment
• Pay off additional debt
• Use cash-out for home improvements, vacation, investment, large purchases

The VA Streamline refinance is just as it implies.  The process has been streamlined to make it easier for the veteran to acquire. Since there are no minimum requirements, this is a better option for those interested in saving on their monthly payments with a lower interest rate.  Unlike a VA Cash-Out, it is not required that this is the primary residence of the borrower and there is not the possibility of combining a 1st and 2nd mortgage.

• Does not require appraisal or income check.
• Lower credit is ok
• .5% funding fee (unless exempt)
• Guaranteed by the government, no private mortgage insurance
• No cash-out
• Monthly savings with a lower interest rate and mortgage payment
• No out-of-pocket costs

Even veterans in a conventional loan, with VA loan eligibility, are able to refinance into a VA loan.  Similar to the VA Streamline, there are no out of pocket costs, no private mortgage insurance and typically a lower interest rate.

Refinancing your home using your VA eligibility is an excellent option for you.  As veteran, you have earned the benefits that the government is offering.  It doesn’t cost anything but a few minutes of time to fill out a quote sheet and one of our officers can get back to you with a selection of offers.  You will be surprised at what our officers can do for you, give it a try today!

While there are many loan options available to interested Veterans, the VA has the best option available for active or retired servicemen. Since 1944, the VA has been instrumental in placing more veterans into homes at reasonable VA mortgage rates. The VA’s requirements are lower than many conventional lenders and they allow for more flexibility. Although the VA is working hard to help veterans into homes, there are still some basic requirements that must be filled. Your credit score and income will reflect the interest rate and size of loan that you can receive. While the VA backs the loan, it is up to the VA lenders to set the numbers that must be met before offering a loan.

The VA guidelines state:

• That a loan is 100% finance-able, with no down payment required.
• The mortgage is assumable.
• There is no need for private monthly insurance.
• Flexible terms for amortization.
• Limitations on closing costs.

The requirements for a VA loan:

• The home purchased must be your primary residence.
• You must be an eligible veteran with home loan entitlement.
• You must be able to financially cover the costs of your new home.
• A good credit history.

Those interested in a VA purchase have many options available to them. Securing a loan officer to assist you in exploring all the available options is an excellent way to fully utilize your eligibility. They are able to look at today’s market, your credit score and history along with your income and make a reasonable estimation of what you qualify for. A loan officer is also able to help you obtain your certificate of eligibility and complete your loan process.

Your loan officer will need:

• A copy of your DD214 or eligibility.
• At least 2 year’s tax returns and W2’s.
• Information about any existing debts.
• Your patience and cooperation. This will go a long way in helping expedite the process.

Taking advantage of the lower housing prices and even lower interest rates now seems like the best possible outcome. Utilizing your eligibility for a VA purchase supports your loan with VA backing. Now that you know the basic information, contact us an work with one of our VA loan officers to get approved. Good luck and happy hunting.

A VA Streamline is far easier to attain, but does not allow for any money out.  This is the refinance to look at when you are interested in saving monthly on your payments.  There are no income or credit requirements, nor must you have an appraisal.  There is a VA funding fee of .5% unless you have a disability rating of 10% or higher.  There is a little more flexibility with loan to value amount and it is possible to refinance with 1 late payment in the last 12 months.  The obvious drawback is that you are not able to get cash out of your refinance, but this is the refinance to look at if you want to lower your interest rate without a lot of hassle.

A VA Cash-Out Refinance is more difficult than a Streamline to acquire, but you can get money back from your home to pay for outstanding debts, immediate financial needs or even something fun.  This refinance requires an appraisal of the home and it must be occupied by you.  Your credit and income must qualify and you must not show any late payments in the past 12 months.  As with the Streamline there is a maximum loan amount of $417,000 and a maximum loan to value amount of 90%.  If you do have a 1st and 2nd mortgage, you can combine them with a Cash-Out refinance unlike a Streamline refinance.  There is a VA funding fee of 3%, which can be waived if you show a disability ranking of 10% or more.  While this is a little more detailed than a VA Streamline, it does show more immediate financial rewards with the cash-out option.

Both refinances carry better interest rates than those available to non-veterans.  Even if you are currently in a conventional loan, you are able to refinance into a VA loan if you qualify through the VA.  VA loans carry a guarantee by the government, as well as no need for private mortgage insurance.  Taking advantage of the options available to you, as a veteran, is a great way to save monthly on your house payment, as well as saving over the life of your loan.   Contacting a loan officer today will help you understand the differences each loan options can make in your life.  They are able to run the numbers and get you real quotes in a matter of minutes.  Homeownership is something you have worked hard for.  Taking advantage of the government offerings is the easiest thing you can do.  And most rewarding.