VA Refinance Home Loan Types

va loan typesVeterans who possess an adjustable rate mortgage (ARM) and owe more than they can afford have options. A VA Refinance Loan can enable qualified homeowners the ability to capitalize on lower rates, as well as getting cash back and using the money in a variety of ways. While not being able to make the…

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How Can I Find Current VA Loan Interest Rates?

A third party organization sponsored by the Department of Veterans Affairs; VA Home Loan Centers was established to assist active duty military members, and veterans attain affordable homeownership. From the loan application through funding, The VA loan process can be tricky. Because the Federal government insures the loan program, added documentation is needed, causing the process to take longer than conventional loan approval potentially….

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What is a Loan to Value (LTV)?

va home loan

In issuing a loan, lenders take on risk. This is why such stringent underwrtting requirements exist for traiditonal loans.  Lenders want to make money, thus they try to avoid giving loans to individuals who present a greater risk of mortgage default. Because VA home loans are insured by the Department of Veterans Affairs, the lender is guranteed…

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Short Sale

A short sale occurs because the seller owes more on their mortgage than the property is worth (current market value). Also known as a sales compromise, a short sale involves the lender and the homeowner agreeing to sell the property in order to avoid a foreclosure. Because the home is sold for less than the amount owed, the bank will agree in writing to take a loss on the sale. The VA…

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Loan Modification Administrative Law Update

Capitol HillVA Home Loan Centers Excerpt From The Federal Register / Vol. 76, No. 244 / Rules and Regulations

SUPPLEMENTARY INFORMATION:

VA Loans Statutory Background

Under 38 U.S.C. chapter 37, VA guarantees loans made by private lenders to veterans for the purchase, construction, and refinancing of homes owned and occupied by veterans.
Regulatory Background

On February 1, 2008, VA published…

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Extra Payment Savings VA Home Loan calculator

This calculator will allow you to see how much money you can save by increasing your monthly payment.

Many homeowners are not aware of the act that by increasing your payment by a few hundred dollars will actually pay your mortgage off years ahead of schedule. By adding extra to your payment each month, you will save thousands over the life of your loan.

This calculator can be used for refinance or purchase…

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VA Home Loan Centers Refinance Savings Calculator

This calculator will help you determine your new monthly VA loan mortgage payment.
That payment will be the new payment after your refinance.

The mortgage calculator does include property taxes and homeowners insurance.
– The amount you will pay for taxes and insurance will vary by the location of the property.

Principal and interest payments are based on a 30 year fixed VA mortgage.
-To calculate a shorter duration, select the term length you desire.
-Payments made,…

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Should you refinance before rates rise?

va-refinanceHome refinancing is a great option for people looking to lower their monthly payments, get money for home improvements, consolidate debt from high-interest credit cards, switch from an ARM to a fixed-rate mortgage, or even avoid foreclosure.

Have you thought about refinancing your home? Refinancing can save you a lot of money, but you need to know the facts before moving forward so…

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Can I state my income on a VA loan?

Yes. However, this is only true with certain VA refinances. All VA purchase home loans will require verification of income. In some cases a verification of employment will accompany the verification of income. Evidence of past income is usually requested in the form of tax returns, W2’s, bank statements, award letter, or other data as per the underwriters request.

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Receiving Cash Back on a VA Home Loan

Cash-back mortgagesCan I receive cash back at closing from a VA home loan? This is perhaps the most asked question we receive from first-time homebuyers, and for good reason. At some point or another, most of us need to navigate the waters of financial hardship. Whether this is your first or 10th home, quick cash-in-hand…

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