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VA Loans: Refinancing From Conventional Loans To VA Mortgages

Reblogger
Mortgage and Lending with US Mortgages - David Shamansky NMLS#392126

I just saw this and wanted to reblog as it is very good info and likely some are not aware of. This can likely help homeowners looking to qualify for these low fixed rates have an additional option to review and see if they can qualify for.

 

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Original content by Bruce Reichstein

In October of 2008, the President signed the Veterans’ Benefits Improvement Act into law. The act provided a variety of changes in benefits for military veterans, including the ability to apply for VA refinancing from conventional home loans into VA mortgages.

According to a VA press release, the program is designed for both conventional and subprime loans. According to the VA, “The new law makes changes to VA’s home loan refinancing program.

Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property. These types of loans were previously limited to 90 percent of the value.”

There are other changes–the maximum loan amount has been raised for these refinancing loans. “Previously, these refinancing loans were capped at $144,000. With the new legislation, such loans may be made up to $729,750 depending on where the property is located” according to a VA press release.

The higher loan-to-value ratio combined with a higher maximum loan amount gives qualified borrowers a better chance at VA refinancing. The Secretary of Veterans Affairs was quoted in the press release saying, “These changes will allow VA to assist a substantial number of veterans with subprime mortgages refinance into a safer, more affordable, VA guaranteed loan…Veterans in financial distress due to high rate subprime mortgages are potentially the greatest beneficiaries.”

While those with subprime loans are given more attention in this particular press release, conventional borrowers should not hesitate to apply for VA refinancing–any veteran interested in VA refinancing from conventional loans should call 1-877-827-3702 or visit www.homeloans.va.gov to get more information on the program, who is eligible and how to apply.

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araward

Colorado 1st Time buyers, if you are ready to stop renting, get the many benefits from home ownership, or maybe your a current homeowner looking to move up or maybe looking into what it takes to become an investor in this incredible market, that WILL create millionaires, and you are looking for a strategy, answers and direction, please feel free to call or email me. My 22yrs in mortgage lending and 30+ years in finance gives me an in depth knowledge, critical to helping others and making their dreams go from dream to reality!

David Shamansky
"Positive reinforcer, promoter, success coach, entrepreneur, team builder, wealth builder, blessed individual, business leader and professional lender"

US Mortgages
6855 S Havana St Ste 520
Centennial CO 80112
720-524-8020
NMLS#392126
Equal Housing Lender

*photos used may come from my personal pictures or www.freedigitalphotos.net

 

Comments (1)

John Pusa
Glendale, CA

David - New higher VA loan limit can help many homeowners to refinance to lower rate. Thanks for the information.

Jul 27, 2011 12:43 PM