Archive for VA home loans
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.
Streamline Refinance with Low Mortgage Rates
Posted by: | CommentsFreddie Mac reported that interest rate averages for home mortgage loans dipped to 4.86% for thirty-year terms. Streamline refinance activity is on the riise because this is the lowest mortgage rates reported by FHA and VA mortgage lenders in quite a while. Fifteen year mortgage rates declined to record levels at 4.36%. Borrowers are scrambling to refinance their adjustable rate mortgages because many will save hundreds of dollars each month simply by refinancing and locking into a new fixed rate mortgage.
FHA streamline possibilities look great for borrowers who already have existing FHA home loans. If you are a veteran that has a VA home loan above 5.25%, we strongly recommend talking with a VA lender about refinancing into a great VA mortgage that will save you money every month. Mortgage rates can’t get much lower, so wake up and talk to a loan officer about refinancing today!
