Archive for VA home loans
Why VA Mortgage Loans Are Best Bet for Military Home Financing
Posted by: | CommentsVA home loans for refinancing and home buying have been the talk of the mortgage industry for most of 2010. While most mortgage lending programs have been tightened this year, the VA mortgage programs remain aggressive and VA mortgage rates have hit record lows this year as well. The only problem most borrowers have with VA loans is the eligibility, because you need to be in the military, a retired veteran or married to either of the two.
Fixed VA Mortgage Rates Starting at 4.25%
As far as military home loans go, nothing beats the VA mortgages for flexibility and affordability. VA home loans enable a borrower to finance the purchase of the home with no money down. VA loans also enable military borrowers to refinance their home with no equity. With the exception of the USDA loan, there is no other zero down home loan than the VA mortgage available on the retail or wholesale mortgage market today. If you are active in the military or a veteran financing a home has never been easier.
Zero Down Home Loans and 100% Mortgage Refinancing with VA Home Loans
The 100% refinance programs enable rate and term refinancing with no equity. The VA streamline mortgage is unique because it often requires no appraisal and no income documentation. The VA streamline refinance really is amazing because with 100% mortgage refinancing and no appraisal, the loan to value could be more like 115 or 125% in this depressed housing market. VA mortgage lenders like originating VA loans because the underwriting is flexible with credit and the borrowers typically have income that can be easily documented. According to a spokesman for the VA Home Mortgage Loan Company, “VA mortgage loans ensure affordability with low VA rates and the loan guidelines make it a no brainer for the borrower.” The VA loan programs requires no money down and enable borrowers with less than perfect credit get a second chance with their military home financing benefits. The VA mortgage loans have also been performing better on the secondary market as less VA loans have defaulted or been foreclosed upon. Talk to a loan officer today and see if you meet the VA loan eligibility requirements.
Government Mortgage Solutions with FHA and VA Home Loans
Posted by: | CommentsJust a few years ago, conventional home mortgages dominated the mortgage industry for both refinance and purchase transactions. Since the mortgage market crash in 2006, the government products like the FHA home loan and VA mortgage lending have taken a good portion of the market-share. Today borrowers are looking to FHA and VA for fixed rate refinancing and affordable home buying.
FHA mortgage loans are insured by the Federal Housing Administration and borrowers can get qualified for home buying for as little as 3.5% down. Homeowners that are seeking FHA refinancing may qualify for a rate and term or streamline refinance that also only needs 3.5% home equity. Today, FHA mortgage rates are available at 4.5% on the 15-year fixed rate option and 4.75% on the 30-year fixed rate mortgage.
VA home loans are guaranteed by the Department of Veterans Affairs. The VA mortgage is a unique option for first time home buyers, because it has a no-down-payment required for eligible veteran home buying. VA mortgage rates are available at 4.375 on the 15-year fixed rate option and 4.625% on the 30-year fixed rate loan. VA refinancing is also available at 100% with both rate and term and streamline refinance options.
First Time Home Buyer Loans
Posted by: | Comments2010 has been a good year for Americans to get a first time home buyer loan for several reasons. First the silver lining of the housing crisis is that new home buyers were suddenly in a position to purchase a home at a discounted price. For the most part, 1st time home loans have been more affordable in 2010 than it had been in the previous five years. The other good news for first time home buyer loans has been that home mortgage rates were at all time lows.
Several government home financing programs enabled borrowers to finance a home with hardly any money down. The FHA first time home buyer loans were available to borrowers who could come up with a 3.5% down-payment. The VA home loan requires no money down, but borrowers need a militray backgroud for VA loan eligibility. The other bright spot for new homebuyers was the $7,500 tax credit for first time home buyers. Most industy insiders anticipate that low rat home financing will continue in 2010, but many are forecasting higher interest rates and tighter home loan guidelines in 2011, so if you are considering buying a home there could not be a better time!
No Cost Mortgage Refinancing
Posted by: | CommentsIf you have good credit, home equity and your interest rate is above 5%, chances are that you will benefit from no cost refinancing. Qualifying for a no cost mortgage is not as easy as it was a few years ago. For conforming, FHA and VA home loans you will need to document your income if you plan on qualifying for no cost mortgage refinancing. Fannie Mae and Freddie Mac no longer allow no income mortgage refinancing so you will need to document your income if you want to qualify for a no cost mortgage. For most of the conventional mortgage products you will need over a 700 fico score if you want to be eligible for the no cost mortgage refinancing incentives.
FHA and VA have never allowed stated or no income mortgage options, so nothing has changed for income documentation requirements with government home mortgages. FHA guidelines changed recently, so you will need good credit scores (0ver 640) if you work with a lender like Nationwide who offer no cost refinance options with the FHA loan program.
We continue to offer no point mortgage loans with most of our refinance programs. With no point refinancing, a borrower will have no origination fees, but the 3rd-party lending fees like title, escrow and appraisal will be the borrower’s responsibility. In most cases we can offer home refinancing with no closing costs out of pocket. With mortgage refinance rates so low and no cost refinancing incentives, we strongly recommend taking advantage of our discounted loan refinance.
VA Streamline Refinance the Cure for No Equity Refinancing
Posted by: | CommentsWith 100% refinance and no money down loan options, the VA mortgage loan has become one of the most sought after home loans in the United States. If you are active in the military or a veteran, you may qualify for the best home mortgage loans online.
VA Streamline Offers 100% Refinancing… While the traditional loan programs and the FHA guidelines have tightened, the VA loan programs continue to offer aggressive 100% home financing with no money down loan options for purchase and refinance.
No Home Equity? VA borrowers who have no equity can still take advantage of low VA mortgage rates with the VA streamline program. The VA streamline refinance is a rate and term refinance program that is only available for VA borrowers who do not want cash out but are looking for better interest rates or a fixed rate amortization. In most cases the VA streamline loan does not require an appraisal, so consumers that lost the equity in their home can still qualify to refinance into a low rate mortgage.
Which Mortgage Refinance Loan is the Best for You?
Posted by: | CommentsThere are many important determining factors in choosing the best refinance loan for you and your family. The first question you need to ask yourself is which refinance programs do you qualify for. The second question to consider…What is the purpose for refinancing the home loan? What are the various options for refinance loan programs?
| • | Rate and Term Refinancing for Lower Payments |
| • | Cash Out Refinancing for Debt Consolidation |
| • | Save Money by Refinancing Home Equity Credit Lines |
| • | FHA 203k Loans to Finance Cash for Home Remodeling |
| • | 30-Year Fixed Rate Home Loans |
| • | 100% VA Mortgage Refinance |
| • | FHA Streamline Loans for FHA Borrowers |
| • | Combine 1st & 2nd Mortgage Loans for 1 Lower Payment |
Our mortgage refinance team offers a free consultation that usually reveals the best solution based your financial needs, goals and lending qualifications. Our experienced loan professionals can help you understand the details and differences between conventional and FHA mortgage loans. If you are considering a cash out or FHA streamline refinance, we will help you review the FHA requirements for mortgage refinancing.
Fed Committed to Low Mortgage Rates for Refinancing
Posted by: | CommentsToday the Federal Reserve renewed their commitment to low mortgage rates in an effort to help the housing sectors rebound across the nation. Just a few months after the Obama loan relief rolled out the Home Affordable Refinance Program that enabled borrowers who were upside down refinance into a fixed mortgage up to 125% of the property’s value. The federal government continues their push for rate and term refinancing and it appears they will not let something petty like equity get in the way of qualifying for a refinance loan.
FHA mortgage rates remained below 5% on 15 and 30-year home loans again this week. While conforming and VA mortgage rates continued to hover the 5% realm for mortgage refinancing and new home purchase loans.