Military Veterans have an excellent opportunity to purchase a home with no down payment or to possibly refinance without an appraisal. Plus there is a cash out refinance available up to 90% of the appraised value.
Loans for a purchase allow the seller to pay all of the buyer’s closing costs and there is no monthly mortgage insurance. The monthly housing payment consists only of the principal, interest, property taxes and home owners insurance.
Veterans that receive at least 10% disability income are exempt from the up front funding fee.
Veterans with a credit score of at least 640 can most easily qualify for a home loan. Borrowers with no credit at all may also become approved with credit references.
Loans for a refinance may qualify for a streamline refinance which means an appraisal is not required. Your home may be valued less than your loan amount and still be able to obtain the new loan. It is for the pay off of the current loan, allowable closing costs and the VA up front funding fee.
A cash out refinance can be done up to 90% of the appraised value. You can use the funds to pay off the current home loan and use the remaining cash for debt repayment, housing repairs or upgrades, etc.
If you are a Veteran, it would be in your best interest to check out what benefits are available to you either for gaining or maintaining home ownership. The VA Home Loan is indeed the best home loan out there.
JoAnn Moore is a Certified Military Housing Specialist. She is a Licensed Mortgage Professional, NMLS #165477. Office 302.855.1306, Cell 302.236.1229, MMODJoAnn@aol.com, TheMortgageMarketofDelaware.com
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