Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
VA Home Loan Basics
VA Home Loan Information for Veterans
Veterans, did you know you can refinance your current VA home loan with very little paperwork? Plus you can do it without an appraisal.
For example: A Veteran can obtain a refinance of $300,000 to pay off a current VA home loan. The loan to value is unlimited as no appraisal is required. You can actually owe more on your loan than your home is valued and still get the loan.
Current low interest rates allow for 3.25% fixed rate interest for a thirty year term and 780 credit score. This equates to an estimated $1312 principal and interest payment. Plus, no mortgage insurance is required on VA home loans.
Veterans with other types of loans can also obtain VA home loans but these would need an appraisal. The loan to value ratio can be up to 100%. Plus, again, no private mortgage insurance.
Veterans can qualify for VA home loans with credit scores as low as 580 on regular stick built homes and Class C double wide manufactured homes.
The upfront VA Funding fee is waived if the Veteran receives any military disability income on at least 10% disability.
First time use of the VA eligibility ... more
Are you on The Rain? Grow Your Network!