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Do You Have a VA Loan on Your Home? Refinance is Now Allowed to Purchase Loan Limits!

By Mike Jones

Mortgage and Lending with SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) NMLS 223495

October 23, 2008 05:11 PM

Here's what it says today on the United States Department of Veteran Affairs website:

"On October 10, 2008, the President signed S 3023, the Veterans' Benefits Improvement Act of 2008.

The maximum guaranty for cash-out refinance loans has been made the same as purchase loans - they are no longer limited to $36,000. In addition, cash-out refinance loans may now be made up to 100% of the appraised value of the home."

If you thought that you were stuck, and that a cash-out refinance wasn't available to you, this is great news for you. Click my profile link below for my contact information, and call me to schedule some time to talk.

You'll be glad you did.

I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.

Think of me as your Tucson VA mortgage expert.
Subscribe to my blog.

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Dione Sage

Nova Home Loans - Gilbert, AZ

Excellent Information to share Mike! Great Job, I am really excited that this went through! VA loans are 1/3rd of what I have been seeing the last two weeks... Best of luck to you

Oct 23, 2008 06:15 PM

Mike Jones

SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ

Mike Jones NMLS 223495

Dione,

Thanks for stopping to comment. I'll be playing in Nova's fundraiser today at La Paloma, representing Tucson Mortgage. Hope to see you there. Thanks for stopping by to comment.

Mike in Tucson

Oct 23, 2008 11:43 PM

Susie Blackmon

Ocala, FL

Ocala, Horses, Western Wear, Horse Farms, Marketing

At least there's a bit of good news this morning! I'm reading about the Wall Street blood bath predictions. Ouch. At least I won't be the only one with nothing.

Oct 24, 2008 12:01 AM

Susie,

I haven't turned on the news yet. Now I have to go look. (November 8th is a Treat Em Right seminar in Scottsdale. How 'bout burning all the rest of what's left on a plane ticket?!) I'll be there, along with some of our Tucson team.

Oct 24, 2008 12:05 AM

Terry & Bonnie Westbrook

Westbrook Realty Broker-Owner - Grand Rapids, MI

Westbrook Realty - Grand Rapids Forest Hills MI Re

I sometime forget about VA loans what a great option for Vets. Thanks

Oct 24, 2008 12:07 AM

Terry,

VA insures 100% loans. I coach my realtor friends to ask the question right away: "Are you a veteran?"

Oct 24, 2008 12:12 AM

Tom Burris

NMLS# 335055 - Baton Rouge, LA

Texas/Louisiana Mortgage Pro - 13 YRS Experience

This will help a lot of Vets.... Good move in my opinion!!

Oct 24, 2008 12:56 PM

Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty

Leolinda Realty - Surprise, AZ

Sun City Grand in Surprise Arizona

I shall keep this information in mind when dealing with retirees who are financing (most have VA benefits). You are number one in my book!

Oct 26, 2008 05:26 PM

Leolinda,

It's so good to see you; thanks for taking the time to comment, and for the encouragement. I needed that right now.

Tom,

It's really useful to know this stuff. Thanks for commenting.

Oct 26, 2008 05:31 PM

Do You Have a VA Loan on Your Home? Refinance is Now Allowed to Purchase Loan Limits!

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