VA Home Loan Basics

Reblogger Mary Yonkers
Education & Training with Alan Kells School of Real Estate/Howard Hanna Real Estate

VA loans help our veterans and their families realize the American Dream of home ownership.  Thanks JoAnn Moore for VA Home Loan Basics post.

Original content by JoAnn Moore

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 has a 2.15% up front funding fee and 3.3 % after that. The upfront funding fee is reduced to 1.5% with down payments of 5% - 9.9% and down to 1.25% on down payments of 10% or more.

The streamlined VA refinance (VA loan to VA loan) has an upfront funding fee of .50%.

If you are a Veteran and have your DD-214 and/or Certificate of Eligibility, it would be a good idea to check further into what great loan programs are available to you.

Article written and submitted by:  JoAnn Moore, Licensed Mortgage Professional, NMLS # 165477. The Mortgage Market of Delaware P O Box 204 Georgetown, Delaware 19947. 302.855.1306, MMODJoAnn@aol.com           

 

JoAnn Moore

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Rainmaker
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James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Mary.  Hmm, did not know this so I'm going to bookmark this and also print it out for future reference.

Aug 18, 2016 08:43 PM #1
Rainmaker
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JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Thank you for the reblog Mary. So many Veterans do not know they have this wonderful benefit. Getting the word out is the least we can do.  

Aug 18, 2016 10:33 PM #2
Rainmaker
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Absolutely JoAnn Moore thanks for excellent post.

Aug 18, 2016 10:59 PM #3
Rainmaker
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Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great reblog...Have a wonderful weekend, hopefully you can enjoy it!

Aug 19, 2016 12:52 AM #4
Rainmaker
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Thanks Kristin Johnston, Waukesha County Realtor 414-254-6647 Same to you as well.

Aug 19, 2016 04:25 AM #5
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Rainmaker
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Mary Yonkers

Erie/PA Real Estate Instructor
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