Home Loans for Veterans

By
Mortgage and Lending with The Mortgage Market of Delaware

Home Loans for Veterans

If you are a Veteran with a mortgage at an interest rate of 4.5% or more, this information may be of great benefit to you.

You may be able to obtain a streamlined refinance loan to pay off your current loan without an appraisal. The loan to value ratio is based on the original loan balance. And, the loan to value can be 125% and higher with a credit score of 700+. Scores 660-700 can go to 100% loan to value.

Example- Streamline (VA to VA) Original balance of $250,000 is now down to $245,000 and you are now paying 5% interest. You could go from a principal and interest payment of $1342 down to $1117. This is a savings of $225 per month.

If your current home loan is not a VA loan and you have eligibility, you can refinance into a VA home loan. This type of refinance would require an appraisal. You can get cash out if you wish over and above the pay off amount.

Example-(Refinance from a non VA to VA) Original balance of $250,000 is now paid down to $240,000 and now paying 5.25%. This would reduce the payment from $1380 to $1094 per month. This is a savings of $286 per month.

Other notes- Manufactured homes are eligible for VA home loans but at higher interest rates.

When an appraisal is required, the fee is not collected until closing. This fee and the other closing costs can be added to your loan amount. So, there aren’t any up front, out of pocket costs. And, if calculated properly, no funds would need to be brought to closing.

Borrowers choose their own attorney to handle the title work and closing. And, they choose their own home owners insurance agent.     

It doesn’t hurt to check out your options. Call and speak with a mortgage professional and find out how your certificate of eligibility can help your financial well being.

Written by: JoAnn Moore, The Mortgage Market of Delaware, LLC., President and Owner, Licensed Mortgage Professional NMLS # 165477, Certified Military Housing Specialist. Georgetown, Delaware 19947. Office 302.855.1306 Cell 302.236.1229 MMODJoAnn @aol.com.

 

 

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JoAnn Moore

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Rainmaker
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Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Finding great loans for veterans is really a smart move, Joann Moore, and you seem to be really knowledgeable about how to save money for our veterans.  Thanks for a great and informative post!

Feb 26, 2015 09:55 AM #1
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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

This is a great option for our vets.  I will share this with my son.  He is a vet but has a 1rst and 2nd on his home and would like to streamline.  His loans are conventional.

Mar 01, 2015 05:03 AM #2
Rainmaker
446,008
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Hi Belinda,

Thank you for following me. Our son is a Veteran as well. 

It may make a lot sense for your son to refinance to a VA home loan. The rates are very low. If eh receives any military disabilty income, he will be exempt from the up front VA funding fee. We're only licensed in Delaware but I am sure there are lots of AR lenders there in Colorado to give you a good estimate of what he can save.      

Mar 01, 2015 05:10 AM #3
Rainmaker
1,522,884
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Vets would be wise to think about refinancing right now with options like this.

Apr 08, 2015 07:35 AM #4
Rainmaker
2,395,384
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Those sound like great rates! Is there a length of time required before they can refi?

Apr 20, 2015 12:47 PM #5
Rainmaker
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JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

There is no pre payment penalty so they can refinance at any time. 

Apr 21, 2015 02:15 AM #6
Rainmaker
2,293,360
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Great job describing these different VA loan options. Anything that we can do for the vets, is our responsibility.

Make it a great evening.

Apr 22, 2015 09:11 AM #7
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John DL Arendsen
CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS - Leucadia, CA
Crest Backyard Homes "ADU" dealer & Contractor

"Manufactured homes are eligible for VA home loans but at higher interest rates."

A little late to the party on this one but don't forget the mobile home or manufactured home must have been built prior to June 15, 1976 and never have been moved from its original situs.

May 30, 2015 01:05 AM #8
Rainmaker
690,941
Chuck Willman UtahHomes.me
Utah Homes - Alpine, UT
Utah Homes

As a person who is related to so many who have and are serving, I'm happy that there is a program to serve those who willingly serve us.

Jul 30, 2015 06:18 AM #9
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JoAnn Moore

Home Loans in Delaware
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