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Archive for VA home loans

Getting approved for a VA mortgage after a bankruptcy or foreclosure can be challenging.  The VA mortgage loan program is essentially the last mortgage option in the United States that does not have a minimum credit score.  Even the Federal Housing Administration caved into pressures to implement a minimum credit score on the FHA mortgage loan.  After boasting of no minimum credit scores for nearly 76 years, FHA implemented a new credit policy in 2011 that mandates a minimum credit score of 500 for FHA mortgages.  It’s hard to believe that the US government has not increased the VA requirements for home buying or refinancing at a time when so many loans are delinquent.

Lock into an Affordable VA Mortgage that Guarantees a Fixed Interest Rate for 15 or 30-Years

As you may have started to realize, the VA mortgage loan is a special finance program for the military.  VA financing is the last of a dying breed of flexible and aggressive home loan programs. The VA home loan program requires no down-payment for home buying and no equity for rate and term refinancing.  VA interest rates are as low as any home mortgage rate on the planet, so if you are eligible for VA financing, we strongly suggest that you seize this opportunity now while the rates and loan guidelines are so appealing.  There is no guarantee that the Veteran’s Affairs won’t tighten guidelines for VA refinancing and home buying. In fact, it is more likely that VA loans will become less aggressive if you simply look at the current trends in the industry.

With significant rises in delinquencies, defaults and foreclosures, one of the ways banks and VA lenders protect themselves is to require more from the borrower. For now, VA refinancing with bad credit is still possible for loan applicants that have their VA loan eligibility and income documentation to demonstrate their ability to afford the proposed mortgage payment. If you are a VA borrower who recently had a foreclosure, you will not be eligible for a VA home mortgage for 24 months from the foreclosure date on the credit report. After two years, you will be eligible for home purchase or refinance with the VA program. The lenders will be looking for a clear demonstration from the VA borrower that they got back on track since the foreclosure and now have the ability and willingness to make their VA loan payment on time each month.  In most cases it will help if the VA borrower can reestablish credit with a credit card or an auto loan in which timely payments could be documented.

Take a minute and speak with one of our mortgage consultants so that they can help you estimate monthly payments and determine qualifying for a VA loan with bad credit.

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The VA mortgage program may be the last 100% home loan that requires no down-payment for military home buying. Unlike civilians that have access to regular news broadcasts, people returning from active service may not be readily aware of the different programs that exist in providing help to resolve the problem of how to get a home loan with bad credit and no money down. To ease this transition back in to a regular lifestyle, the VA offers a home loan with no down-payment required for vets regardless of credit. This can help expedite the process of reintegration into everyday existence. Quickly establishing a base for the family can help provide a sense of normalcy that allows stronger footing to complete personal goals.

VA Offers No Money Down Home Loans for People with Bad Credit

Some Veterans, like everyone else, may have made some poor decisions in the past. Regardless of credit problems that resulted because of these behaviors, the future doesn’t have to be limited. The introduction of programs that ease the problem of how to get a home loan with bad credit and no money down is the perfect treat level response in order to weather inclement conditions. Zero down loans are difficult to find in this day and age. Riding out the varying altitudes of the economic cycle in a stable home environment can lessen the damage from the outbreak of economic squalls. After providing service to protect the country from these unplanned threats, veterans can reap the benefits of response mechanisms.

 

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Categories : VA home loans
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Tens of millions of army veterans are eligible for VA loan benefits if they simply secure their eligibility and sign up.  The US government is in debt to the courageous men and women who have served for this country, so if you are a proud armed services veteran, there should be nothing stopping you from appreciating the low VA rates and many other benefits of this kind of mortgage.

Here are the Top 3 Benefits of VA Loans:

1. No Down-Payment Required on Home Loans

2. No Monthly Mortgage Insurance like FHA

3. Competitive Interest Rates on VA Mortgages

First, many veterans appreciate the fact that they can get into their new home after procuring one of these no money down loans.  Also known as a 100% mortgage, VA loans allow there to be no down-payment required because this large sum of money typically essential to securing a home is what prevents many prospective home buyers from being to see their dream come true.  People who have devoted at least four years of their lives to serving their country deserve this along with all the other VA mortgage benefits.

Next, VA home loans have very low rates considering that there is no down-payment required.  Low VA mortgage rates are comparable to those seen with conventional mortgage rates, but conventional mortgages require 10 to 20% down-payments.  With the ability to secure such good rates on no money down loans, why would veterans look elsewhere?

The VA loan benefits do not stop there.  Did you know that VA loans don’t have monthly insurance payments like FHA?  This means that the famously low rates associated with FHA mortgages still can be beat by low today’s VA mortgage rates because there is no additional insurance cost on top of the monthly mortgage payment.

Finally, you can experience rate protection with VA Streamline Refinance if rates drop.  This program has no down-payment required and can transform your 100% mortgage into one with lower monthly payments.  To qualify, the new interest rate must be lower than your current one, the principal and interest amounts must be reduced, and you need to have made the last year of payments on time.

A vast majority of veterans who could not find approval for conventional mortgages find that VA loan benefits are better than what is offered by other loan opportunities.  No down-payment required, rate protection with VA Streamline Refinance if rates drop, and the fact that VA loans don’t have monthly insurance payments like FHA are all fantastic benefits that can be yours today.

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VA home loans are designed to help veterans buy a house after their active service has ended, and if you are a veteran looking for a home then you can take advantage of several different types of no money down loans. One such type of home loan for veterans is the no money down loan. This 100% home loan requires no down-payment and they were designed to allow veterans to purchase homes without having to put down a deposit on the home. Here, we’ll go over some benefits of no money down loans, as well as some of their drawbacks. We will also touch on VA loan requirements.  Lenders across the country would agree that VA loan options are the most flexible in the mortgage industry.

Military Borrowers Can Buy a Home with No Down-Payment

The major benefit of no money down loans is that they do not require any starting capital. This means that a veteran can purchase a home directly after getting out of the service, regardless of whether they have any money saved up. Obviously, having a regular source of income is important, as there are monthly payments that need to be made in order to work towards paying off the loan. No money down home loans cover a varying amount, and depending on the particular lender and the type of home you want to buy, there are a few factors that come into play to determine how the loan will work.  The VA dept. has really automated the purchase loan process, making it easier for Veterans.

No money down home loans also varies by county, and the veteran’s current level of entitlement. A veteran with full entitlement will be eligible to have a full twenty-five percent of the loan guaranteed by the VA, while having less than full entitlement will reduce this percentage accordingly. This percentage is based on the maximum loan, which in turn varies by county and state. Knowing your level of entitlement is important when looking for a VA lender. The VA does not offer mobile home loans but they do allow private lenders to offer 2nd mortgages.

Get Approved for a No Money Down Loan Below 5%

VA rates remain at record levels, but most economists believe that interest rates will only go higher this year, so get locked into a mortgage today.  VA loan qualifications apply to a fair range of servicemen and servicewomen. Those eligible for a VA backed loan include veterans, active servicemen and servicewomen, reservists and members of the National Guard, and in some cases, the spouse of a surviving serviceman or servicewoman. To prove that you are eligible for a VA home loan, you can apply online, through a lender, or by mail. Surviving spouses must apply for a certificate by mail. A VA no money down home loan is the perfect solution for veterans who are looking to enter the housing market and purchase a home for themselves.

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Jan
11

Current VA Rates

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Even has the Federal Reserve committed to keeping the interest rates low, VA lenders reported that the current VA rates were up from the November 2010 record lows.  Yes the VA rates have crept up over the last month, but the reality is that they are still available at extremely low VA interest rates.

Many veterans fear that VA rates will rise significantly in 2011 and 2012, so the activity remains steady, as a high volume of vets have been applying for a “VA refinance“.  Even the home buying inquiries have risen dramatically and that is unusual for January.

Will VA Mortgage Rates Rise in 2011? Nobody really knows for sure, but since the VA interest rates fell to 50-year low last November, it’s more likely that the rates would rise rather than fall.

What does this mean for you? It means that if you are eligible for a VA loan and you want to buy a home, now is the time.  Waiting for rates to get lower is silly, because if you get a loan now and the VA rates do happen to drop, then you can always take advantage of the current VA mortgage rates with the streamline refinance.

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Oct
13

100% Home Loan

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Gone are the days in which every lender offers no money down mortgages or 100% home loans.  No money down home loans were all the rage 5 years ago before the housing bubble exploded.  Since the subprime mortgage debacle, you need to be a veteran, eligible for a VA home loan or get creative.  VA home mortgages are without a doubt, the best home financing options on the U.S. market today.  The VA loan program enables you to buy a home with no money down or refinance with no equity.  Aside from the USDA loan (agriculture mortgage), VA loans are the only home buying opportunity for Americans that requires no down-payment.  100% mortgage financing can be complicated if you are talking to a loan company that has not kept up with today’s guidelines.

Buy a Home with No Money Down

100% loans is a term used that refers to mortgages with zero down on a purchase or no equity needed to qualify for mortgage refinancing.  VA mortgage rates are available at phenomenally low interest.  For example, today a VA mortgage is available for 3.875% with a fixed interest rate on a 30-year term.

 

100% Home Loans with Fixed VA Rates starting at 3.875%

Today, even getting creative has its limits.  100% loans are hard to find unless you already have government loan under the VA or FHA loan program.  It’s called the streamline refinance and besides that you need to be current on your mortgage for the last 12 months.  Streamline loans enable homeowners to lower their mortgage rate quickly and cost-effectively as long they are not seeking cash out. The HARP 2.0 does not consider mortgage balance or property value, so borrowers can refinance beyond 100%.

Streamline Loan Highlights

  • 100% Refinancing with No Appraisal
  • Stated Income with No Income Documentation Required
  • Refinance with No Equity Needed
  • Flexible Guidelines with Low Credit Scores Accepted
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VA 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.  VA home loan rates continue to be attractive to lenders as well, because the rate are low, the program is aggressive and the people in the military are good, cooperative borrowers with steady income that can be verified.

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 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.

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