Refinancing Info

Refinancing Info for the VA Home Loan program

Refinancing Info for the VA Home LoanThe VA Home Loan program provides qualified homeowners with a simple way to take advantage of lower rates and decrease their monthly mortgage payment. Besides that, military homeowners can get cash back on a VA refinance and use the proceeds for a variety of needs, from paying off debt or making home improvements and much more. The current economic climate makes now a great time or many military homeowners to take advantage of the numerous benefits found in a VA refinance.

The neat feature on a VA Refinance, is the ability to borrow up to 100% of the appraised value. As an example, if the Veteran owes $300,000 on the home, and the appraised value is $400,000, then the Veteran can borrow up to $400,000, which leaves $100,000 for home repairs, debt consolidation, or any other purpose needed.

If the refinance is from a VA loan to a VA loan, and no cash out is desired, then there is a very simplistic loan program called a VA Streamline Refinance.  In this instance, there is no appraisal required.  VA does not care about the value, so if a homeowner owes more than the value of the home, it’s not a problem.  Not only are these easy loans to acquire, they are often close in a two to three week period.  Our company can help determine if the Streamline Refinance makes sense.

One unique feature our company offers are higher loan limits than most other VA lenders.  In some circumstances, our loan amounts may go up to $1,000,000.  Depending on the County in which the property exists, there are loan limits.  Please ask up about the loan limit for your County.

Two main programs help VA borrowers refinance to a lower rate The VA Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL) The VA Streamline Refinance