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VA loans: The best mortgages, va loan.#Va #loan


VA loans: The best mortgages

If you can qualify for a home loan backed by the Department of Veterans Affairs, you’ve probably found the best mortgage available.

VA loans don’t require a down payment and have lenient qualification standards.

Yet they charge a lower interest rate than conventional loans and are widely available. Many lenders offer this type of mortgage, from big banks to VA mortgage specialists.

Millions of veterans, as well as anyone on active duty and those in the National Guard and reserve units, are eligible. (Find the full eligibility requirements on the VA website.)

There’s a key reason why this loan is so attractive to banks and mortgage companies. If you default, the government covers some of the lender’s losses, typically 25% of what you borrowed.

That gives lenders the same protection as if you had put 25% down on the home, so they can offer lower mortgage rates on a loan for which it’s easier to qualify.

What’s more, VA borrowers rarely default.

Here are 5 ways you can benefit from VA loans.

Benefit 1. Qualification requirements are relaxed.

The government guarantee means you can have a much lower credit score and carry more debt than lenders would typically allow.

That being said, the government doesn’t set minimum income or credit score standards. Each lender has its own qualification requirements.

For example, Veterans United Home Loans, the nation’s largest dedicated provider of VA loans, says you can qualify with a credit score as low as 620.

With a score that low, you’d never qualify for a conventional mortgage, which typically requires a credit score in the mid-700s.

But successful applicants buying a home with VA financing had an average credit score of 709 during September, according to Ellie Mae, a California-based mortgage technology firm whose software is used by many lenders.

You also can carry a lot of debt. Borrowers can spend up to 41% of their pretax income on debts, including student loans, credit card bills and auto loans (possibly more if you’re otherwise a low-risk borrower). Conventional loans have limits ranging from 36% to 45%, depending on your down payment and credit score.

VA guidelines will even consider borrowers who discharged a bankruptcy just two years prior to their application or who entered Chapter 13 bankruptcy just a year prior, as long as they can show a record of on-time payments over the last 12 months.

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What is a VA certificate of eligibility?

If you want to purchase a home using a VA loan, you must prove that you have the military service to qualify for this benefit. That proof of qualification is called a certificate of eligibility. You’ll also need a certificate to refinance from a conventional to a VA loan. Find out how to get your certificate.

Lenders are also allowed to “gross up” the applicant’s tax-free income, thereby lowering their debt-to-income ratio and making it easier to qualify for a loan.

Possible sources of tax-free income include military allowances like the basic allowance for housing and cost-of-living allowance, child support payments, workers’ compensation benefits, disability retirement payments and certain types of public assistance payments.

If, for example, you receive a $1,000 monthly housing allowance from the military, you’re in the 25% federal tax bracket and your state has no income tax, that $1,000 can be counted as $1,333 in pretax monthly income.

Benefit 2. The government protects borrowers from taking on too much debt.

The VA loan program does more than others to look out for borrowers’ best interests by making sure they have enough money left to live on once their bills are paid.

“Residual income,” as this is called, subtracts key expenses from your net income to make sure you can still afford to support your family after you buy a home. Outside of the monthly mortgage payment, these expenses include homeowners association fees, special assessments, home maintenance costs, utilities, debt payments, child support and alimony.

The VA also has loan specialists that can help you avoid foreclosure if you experience financial hardship.

Benefit 3. You don’t need money for a down payment.

The VA mortgage is one of only two major loan programs that still allow borrowers to finance 100% of a home’s purchase price (the other is the Department of Agriculture’s Rural Development mortgage). Even Federal Housing Administration loans require a 3.5% down payment.

However, there is a one-time VA funding fee. For most military borrowers — those taking out their first loan with no down payment — the fee is 2.15% of the loan. The funding fee is 0.25% higher for members of the reserves or National Guard.

The VA will reduce your funding fee if you make a down payment of at least 5%.

Surviving spouses and disabled service members typically don’t have to pay the VA funding fee.

If you are responsible for a funding fee, you can roll it into the amount you’re borrowing (you’ll pay interest on it, though).

VA loans also allow the seller to pay your closing costs, meaning you can move into a home having used no out-of-pocket cash.


Building a home with the VA home loan guarantee – VAntage Point, va loan.#Va #loan


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Official Blog of the U.S. Department of Veterans Affairs

Building a home with the VA home loan guarantee

Va loan

Va loan

The VA home loan and other housing programs help Veterans, Servicemembers and surviving spouses purchase, build, adapt and renovate homes. One of the most commonly used loans is the VA Purchase Loan, which specifically allows qualified Veterans to purchase a home without many of the requirements of traditional mortgages—there’s no down payment, no private mortgage insurance, competitive interest rates and easier qualifications.

The VA Purchase Loan isn’t a loan offered by VA itself. Rather, the loans are provided through private, approved lenders. The process for purchasing an existing home or new construction is fairly straightforward, including finding a VA-approved lender, getting a Certificate of Eligibility and, of course, selecting and purchasing the home.

But some people aren’t satisfied with the existing homes in the area in which they wish to live, while others have always dreamed of building their own homes. The VA home loan, traditionally used for mortgages, can also be used to build a new home—but it can be a tricky road to construction.

The Hurdles of New Construction and VA Home Loans

There are two types of loans in the financing of a new home: the construction loan and the residential mortgage loan. Many institutions offer construction-to-permanent financing, which rolls the construction loan over into the mortgage and requires only one closing.

VA allows the home loan guarantee to be used for construction loans. However, it is not common for VA-approved lenders to finance the construction loan with the same terms, as the lender takes on more risk for a construction loan. During the construction loan phase, the lender provides the funds for as the builders complete specified construction milestones. Many prospective homeowners looking to use the VA home loan guarantee on a construction loan find that they are asked to provide a down payment or agree to additional terms for the loan.

The type of home you want to build may also make things more complicated. Custom homes and homes built from purchased house plans may be more difficult to finance than modular homes, and manufactured homes are seen as high risk.

Some VA-approved lenders will assist with a certain type of construction-to-permanent loan. In this type of construction-to-permanent loan, the construction is first financed by the homeowner, often through a builder; this is later refinanced into a VA home loan with the help of the VA lender. Before this, many Servicemembers use the Certificate of Eligibility required for the VA home loan to negotiate a construction loan.

That is not to say that there are not VA lenders that will help with a construction loan—there are, but they can be difficult to locate. For hopeful homeowners that are set on a custom build and can’t find an approved lender to finance a construction loan under the VA home loan guarantee, it is possible to find a builder that offers special programs or discounts for Veterans.

Building Accessible Housing

VA’s housing programs are not limited to home loans. Disabled Veterans may be able to partially fund the construction of an adapted home, such as a wheelchair accessible home, with the help of a Specially Adapted Housing (SAH) Grant. The Special Housing Adaptation (SHA) Grant is used to adapt or purchase existing homes.

Through the SAH Grant, veterans can obtain funds up to the current maximum of $70,465 to construct a home adapted to their needs. Many of these disabled Veterans have spent a long time in VA medical centers, away from their homes—homes that may not be suitable for them once they return.

Using the SAH grant to help construct a home allows disabled Veterans to live comfortably and independently after a severe injury. For those looking to construct an accessible home, wheelchair accessible house plans are available, many of which allow modification to specific needs. The Plan Collection, which offers a selection of adaptable house plans, has donated a percentage of its sales to the Fisher House Foundation, a not-for-profit organization that provides safe and free temporary lodging while service members or Veterans receive care at military or VA medical centers.

Building a new home tailored is the dream of many Americans, including service members and Veterans. With the help of the VA home loan guarantee or grant, it can become a reality.

Author

— VAntage Point Contributors provide insight and perspective on a wide range of Veterans issues. If you’d like to contribute a story to VAntage Point, learn how you can submit a guest blog at http://www.blogs.va.gov/VAntage/how-to-submit-a-guest-post/

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Comments

I would like to Buy a house in Glenwood Utah very nice older home single level aprox 1 acer

I wrote you a detailed report on why to avoid the VA at all costs but it said, could not read the Capcha Code which is 4 letters and a snap. Instead of giving me a chance to put it back in the website ate my E-Mail. This website is an example of government efficiency. I m sure if I said VA loans were just wonderful, it would have posted. Short story, do not get back into any government maze. It is not a benefit, it is a recruiting tool and banks and RE agents won t touch them.

Paul Phil: Sure wish I could see what you re attempting to say.. I am involved in the early process of using the VA mortgage guarantee system for a home purchase. So far, so good..

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VA Loan Eligibility – Meeting Lender Requirements, va loan.#Va #loan


VA Loan Eligibility – Determining if You Qualify

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VA Home Loans offer eligible veterans, service members and surviving spouses the ability to purchase or refinance a home with $0 money down, competitive rates and no monthly mortgage insurance.

These benefits, in addition to flexible credit requirements, make the VA Loan a lifeline for homebuyers in a tight lending climate.

Below are the basic eligible requirements for the VA Loan program; however, it is always best to speak with a VA-approved lender to determine if you qualify.

Step 1. Review VA Loan Service Requirements

Homebuyers initially eligible for VA Loan benefits include those that are serving or have served in the United States military for only one the following time periods:

  • 90 consecutive days of service during war time
  • 181 consecutive days of service during peacetime
  • 6 years of service in the Reserves or National Guard

Spouses of service members may also apply if they are the not remarried spouse of a veteran who died in the line of duty, or due to a service connected disability; OR the spouse of a service member who is a prisoner of war or missing in action; OR the surviving spouse of a totally disabled veteran whose disability may or may not have been the cause of death.

Step 2. Find Out What You Qualify For

If you meet one of the basic service requirements, it is best to connect with a VA Loan specialists and prequalify for your home loan. Prequalifying is an important step that provides homebuyers with a broad estimate of how much you can afford or even if you qualify at all.

Prequalifying doesn’t cost you anything and there is no obligation. You will simply be connected to a VA Loan Specialist who will let you know how to maximize your VA benefits.

Other VA Loan Eligibility Considerations

Certificate of Eligibility

The certificate of eligibility is a formal document that assures mortgage lenders that the homebuyer meets the basic service requirements. Many times, homebuyers hear that they must have a Certificate of Eligibility (COE) before applying for their loan, which isn’t true.

The COE can be acquired by your VA-approved lender, like VA Mortgage Center, through the Department of Affairs web portal, known as Web LGY. Web LGY is the VA’s web-based loan guaranty system, and it’s not accessible to the public and is for authorized VA lenders only.

Using your VA-approved lender to acquire your COE is often the quickest method, saving you the legwork of applying online or through the postal service.

Employment Eligibility and VA Loans

When evaluating employment, lenders want to ensure that a homebuyer has stable, reliable employment and that it is likely to continue for the foreseeable future. This is usually displayed by having at least two years of steady employment.

However, it is important to note that two years of steady employment isn’t the end-all. VA Loans do not have an exact length requirement for employment history, and many applicants are examined on a case-by-case basis.

For example, consider a veteran who recently separated from the military. Underwriters will look at the current or pending job and any specialized training to determine if it is sufficient. But, be prepared, since employment histories of less than two years will draw additional scrutiny, which is because the VA likely won’t guarantee a loan if they feel a potential borrower’s income is unreliable.

Credit History

A large benefit of the VA Home Loan is the relaxed credit requirements meant to provide military homebuyers with an accessible mortgage option. As for credit score, there is no pass or fail number, due to the number of factors considered, including assets, debt-to-income ratio and residual income; however, most lender will prefer to see a credit score of at least 620.

A Deeper Look at Service Requirements

According to the VA, those that do not meet the minimum service requirements, may still be eligible if their discharge was due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

Getting Started is Easy

At this time, VAMortgageCenter cannot help with Home Refinancing.


Information on Using a VA Loan with Bad to Poor Credit #secured #loans #for #people #with #bad #credit


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VA Loans with Bad Credit

Can I still get a VA Loan with bad credit?

The VA does not have a minimum credit requirement. It simply requires that borrowers represent a satisfactory credit risk. But ultimately VA lenders issue the loans, and in the current economic climate these lenders are looking for solid credit scores. It’s up to them to determine whether or not your credit score meets the benchmark they set. If you find that your credit score falls short, there is still hope. There are a number of ways you can raise your credit score to meet a lender’s benchmark and receive the loan you deserve.

What if my spouse has bad credit?

First, remember that the only acceptable co-borrower on a loan is a spouse or another veteran. It’s important to note that if there is a co-borrower, such as your spouse on the loan, both parties on the mortgage will have to meet both VA and lender requirements.

For example, most married couples pursue a VA home loan together, with each obliged on the mortgage note. There are many different reasons why, but usually a husband or wife may not have enough income to purchase the home of their dreams on his or her own. Adding in that second income of a spouse can sometimes do wonders for your purchasing power and debt-to-income ratio. In the current state of the economy, lenders are often looking for a score of at least 620 from both parties involved.

You can approach this problem from a couple of different directions. The first is to see if you can get preapproved for the desired loan amount without your spouse’s income. Sometimes it can be a simple fix, but not all prospective borrowers will be so lucky. For other co-borrowers, combating the credit issue headfirst may be the best route to take.

We’re here to help raise your credit score

We have experts available who can help you boost your credit, but the process starts with you. Many times, a number of different factors collectively contribute to lower a credit score. Raising your score means fixing these issues. Some issues found in your credit report can be fixed quickly, while others may take some time. Either way, boosting your credit score requires sincere commitment and determination on your part. When you’re ready, your hard work and dedication will pay off.

This is where we come in. We have a dedicated team of professionals who help prospective borrowers who haven’t quite cleared the credit hurdle. Our Department of Secondary Approval is full of experts that work one-on-one with veterans and active military by providing simple, concrete steps to boosting their financial health. It is an absolutely free service that we offer for veterans and active service members alike.

All you have to do is take the first step. Fill out our no-obligation form below to speak with a VA Loan expert.

Take the first step in your VA Loan by getting in touch with a VA Specialist.

Property State: Loan Type: Home Purchase Home Refinance


Building a home with the VA home loan guarantee – VAntage Point #money #to #loan


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Building a home with the VA home loan guarantee

Posted on Thursday, November 5, 2015 3:02 pm November 5, 2015 Posted in Guest Posts by VAntage Point Contributor 18 comments 3 views Edit

The VA home loan and other housing programs help Veterans, Servicemembers and surviving spouses purchase, build, adapt and renovate homes. One of the most commonly used loans is the VA Purchase Loan. which specifically allows qualified Veterans to purchase a home without many of the requirements of traditional mortgages—there’s no down payment, no private mortgage insurance, competitive interest rates and easier qualifications.

The VA Purchase Loan isn’t a loan offered by VA itself. Rather, the loans are provided through private, approved lenders. The process for purchasing an existing home or new construction is fairly straightforward, including finding a VA-approved lender, getting a Certificate of Eligibility and, of course, selecting and purchasing the home.

But some people aren’t satisfied with the existing homes in the area in which they wish to live, while others have always dreamed of building their own homes. The VA home loan, traditionally used for mortgages, can also be used to build a new home—but it can be a tricky road to construction.

The Hurdles of New Construction and VA Home Loans

There are two types of loans in the financing of a new home: the construction loan and the residential mortgage loan. Many institutions offer construction-to-permanent financing, which rolls the construction loan over into the mortgage and requires only one closing.

VA allows the home loan guarantee to be used for construction loans. However, it is not common for VA-approved lenders to finance the construction loan with the same terms, as the lender takes on more risk for a construction loan. During the construction loan phase, the lender provides the funds for as the builders complete specified construction milestones. Many prospective homeowners looking to use the VA home loan guarantee on a construction loan find that they are asked to provide a down payment or agree to additional terms for the loan.

The type of home you want to build may also make things more complicated. Custom homes and homes built from purchased house plans may be more difficult to finance than modular homes, and manufactured homes are seen as high risk.

Can It Be Done?

Some VA-approved lenders will assist with a certain type of construction-to-permanent loan. In this type of construction-to-permanent loan, the construction is first financed by the homeowner, often through a builder; this is later refinanced into a VA home loan with the help of the VA lender. Before this, many Servicemembers use the Certificate of Eligibility required for the VA home loan to negotiate a construction loan.

That is not to say that there are not VA lenders that will help with a construction loan—there are, but they can be difficult to locate. For hopeful homeowners that are set on a custom build and can’t find an approved lender to finance a construction loan under the VA home loan guarantee, it is possible to find a builder that offers special programs or discounts for Veterans.

Building Accessible Housing

VA’s housing programs are not limited to home loans. Disabled Veterans may be able to partially fund the construction of an adapted home, such as a wheelchair accessible home, with the help of a Specially Adapted Housing (SAH) Grant. The Special Housing Adaptation (SHA) Grant is used to adapt or purchase existing homes.

Through the SAH Grant, veterans can obtain funds up to the current maximum of $70,465 to construct a home adapted to their needs. Many of these disabled Veterans have spent a long time in VA medical centers, away from their homes—homes that may not be suitable for them once they return.

Using the SAH grant to help construct a home allows disabled Veterans to live comfortably and independently after a severe injury. For those looking to construct an accessible home, wheelchair accessible house plans are available, many of which allow modification to specific needs. The Plan Collection, which offers a selection of adaptable house plans, has donated a percentage of its sales to the Fisher House Foundation, a not-for-profit organization that provides safe and free temporary lodging while service members or Veterans receive care at military or VA medical centers.

Building a new home tailored is the dream of many Americans, including service members and Veterans. With the help of the VA home loan guarantee or grant, it can become a reality.

This article was submitted by by The Plan Collection

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About: VA Streamline Refinance (IRRRL) – VA Refinance Rates #home #construction #loans


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Click To See Today’s Rates

Posted August 31, 2015

As Seen On

VA Streamline Refinance: About The VA IRRRL Mortgage Program VA Mortgage Rates (Updated For 2015)

Update (November 18, 2015). This VA Streamline Refinance information has been revised to include new information. Loan guidelines change constantly. If you get your VA Streamline Refinance information somewhere else on the internet, make sure it’s current and accurate.

What Is A VA Streamline Refinance/VA Loan?

VA loans are a special loan program designed specifically for veterans, issued by approved lenders and guaranteed by the federal government.

The VA Streamline Refinance is the most common loan type within the VA loan umbrella, and is officially known as an Interest Rate Reduction Refinance Loan (IRRRL) by the government.

The program is also known as a VA-to-VA Loan.

The VA loan’s definitive characteristic is that veterans with qualifying credit and income can purchase a home with no money down, which makes buying a home extremely attractive for those who have served in the military. In addition, VA loans also offer feature flexible requirements, no private mortgage insurance (PMI), and extremely competitive mortgage rates .

In order to qualify for a VA Loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. You may also qualify as the spouse of a service member who was killed in the line of duty.

Generally speaking, almost all active duty and/or honorably discharged service members are eligible for a VA purchase or streamline refinance loan.

The VA Streamline Refinance (IRRRL) Loan

The VA Streamline Refinance is also known as the Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying.

The Streamline loan is extremely popular because of its ease of use: once you have already been approved for your initial VA purchase loan, it is relatively simple to lower your interest rate and experience considerable savings. In most cases, a loan officer or lender with expertise in VA loans should be able to complete the loan within a month’s time in most cases.

VA loan closing costs can be rolled into the cost of the loan, allowing veterans to refinance with no out-of-pocket expenses. Sometimes it is also possible for the lender to take the brunt of the cost in exchange for a higher interest rate on your loan.

In order to qualify for a VA Streamline, you must meet the following requirements:

  • Be current on your mortgage with no more than one 30-day late payment within the past year.
  • Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment. (The only time this condition does not apply is if you refinance an ARM to a fixed rate mortgage.)
  • You must not receive any cash from the IRRRL.
  • You must certify that you previously occupied the property.
  • You must have previously used your VA Loan eligibility on the property you intend to refinance. (You may see this referred to as a VA to VA refinance.)

Click to see today s rates (Nov 18th, 2015)

The VA Cash-Out Refinance Loan

A secondary VA refinance loan type is the VA Cash-Out refinance loan. The Cash-Out refinance allows borrowers to refinance their conventional or VA loan into a lower rate while also taking cash from the home’s value.

Functionally, the VA Cash-Out refinance loan replaces your existing mortgage instead of functioning like a home equity loan, which it is often confused for. A qualified borrower can refinance up to 100 percent of their home’s value in some cases.

The Cash-Out refinance loan is a loan type available in any form – whether USDA, FHA, or conventional. Veterans generally choose to use the VA Cash-Out over other loan types because the period to pay off the loan is extended, and also, generally comes with a lower interest rate.

Just like the VA Streamline Refinance loan, the home must be used as a principal dwelling by the owner. There is no set period of time that you must have owned your home, however, you must have sufficient equity to qualify for the loan.

VA Streamline Refinance Frequently Asked Questions

Do I need my Certificate of Eligibility (COE) for a Streamline Refinance?

Since you used your Certificate of Eligibility to get your first VA loan, it isn’t needed to qualify for a streamline refinance of your existing VA mortgage.

Does the VA control mortgage interest rates for VA loan types?

No, they do not. Although the VA offers an easy, straightforward process for veterans, VA mortgage rates are set by the banks who buy and sell mortgages.

Do I have to use my current lender to refinance my VA loan?

No, you do not. In fact, it is encouraged that you shop around between various lenders, as each will offer various interest rates for you VA loan. All that matters is that the lender is VA-approved. Because so many lenders out there finance VA loans, it makes sense to shop around. You can use this form to compare VA mortgage rates .

Do I have to go through the credit check and appraisal process again when refinancing?

There is no requirement from the VA for another credit check or appraisal process, because you have already been approved for a loan. However, many lenders require a credit check and appraisal to guarantee that you are still financially stable enough to pay for your mortgage and also, that the house’s market value is still higher than their maximum loan amount.

Do I have to be eligible for a better interest rate to qualify for a Streamline Refinance?

Not if you meet certain conditions. If you are going from a fixed mortgage to another fixed mortgage, the VA requires that your IRRRL be of a lower interest rate, but if you are moving from an adjustable rate mortgage (ARM) to a fixed rate mortgage, the VA will allow you to refinance to a higher interest rate.

Can I receive cash-in-hand at my VA Streamline Refinance closing?

Yes, you may receive up to $6,000 cash-in-hand at your IRRRL closing. The cash, however, must be used for energy-efficiency improvements, and must be a reimbursement for improvements made within 90 days prior to closing. Some VA borrowers will receive a cash disbursement of “old” escrow funds, too.

What is the maximum allowable VA IRRRL loan size?

There is no maximum loan size limit for a VA loan. However, a VA Streamline Refinance will be limited to the existing loan balance plus any accrued late fees and late charges, plus typical loan costs and the cost of any energy efficiency improvements.

Can I change the borrower-of-record with a VA Streamline Refinance?

In general, the borrower(s) obligated on the original VA loan must be the same as borrower(s) obligated on the refinance. However, this is not always possible. As an example, assume that a veteran and spouse are obligated on an existing VA loan. An IRRRL is possible in all of the following scenarios: Divorced veteran alone; Veteran and different spouse; and, spouse alone because the veteran died. An IRRRL is not possible for a divorced spouse alone, or a different spouse alone because the veteran died.

Can I use the VA Streamline Refinance for an investment property?

Yes, you can use the VA Streamline Refinance for an investment property. You must only certify that you previously occupied the property as your home. The property does not have to be your primary residence.

Can I use the VA IRRRL if my loan is behind or delinquent?

Yes, you can VA Streamline Refinance a loan which is behind in payments or delinquent. Your lender will want to know that the cause of the delinquency has been resolved; and you must be willing and able to make the payments on the new VA loan. Lastly, you will be asked to provide a letter to explain the delinquency along with additional supporting documentation. The Department of Veterans Affairs will make a final determination whether the IRRRL should be approved.

Do VA loans qualify for the HARP 2.0 program?

No, the HARP 2.0 mortgage is separate from a VA loan, and HARP 2 loans must be currently backed by Fannie Mae or Freddie Mac.

Can I use VA loans for a no money down mortgage?

Yes. The VA loan allows for 100% financing with no downpayment.

Review Today’s Live VA Loan Mortgage Rates

The VA Streamline Refinance is one of the simplest and fastest mortgage products available for consumers today. Mortgage rates are low, so it’s a great time to take advantage of your veteran benefits.

Take a look at today’s real mortgage rates now. Your social security number is not required to get started, and all quotes come with instant access to your live credit scores.

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.


VA Guaranteed Home Loans #debt #consolidation #loans #for #bad #credit


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VA Guaranteed Home Loans

Is There a Program to Help Veterans Purchase a Home?

Yes. The U.S. Department of Veterans Affairs has a Guaranteed Home Loan program that can help veterans purchase a home.

Does this Program Provide Loans to Veterans?

No. The VA does not provide loans. This program provides loan guarantees. Veterans who wish to use this program will have to find a lender (i.e. bank, credit union, etc.) that is willing to provide them a mortgage.

What is a Loan Guarantee?

A loan guarantee is a commitment on behalf of the VA to purchase the property from the lender if the veteran defaults on the loan. A loan guarantee is attractive to lenders, as they know if the veteran defaults they will still receive payment on the loan.

What is the Primary Benefit of Using this Program?

The benefit of a VA Guaranteed Loan is that you can usually purchase a home without a down payment. There will still be closing costs and other fees due at signing, but you won t have to have the traditional 20% down payment. Without the VA guarantee, you would normally have to pay extra for mortgage insurance if you purchased a home without a down payment.

Does it Cost Anything to Use This Program?

Yes and No. Disabled veterans can use the VA Guaranteed Loan program for free. Veterans without disabilities, however, must pay a funding fee. The funding fee varies depending on the circumstances, but it can add thousands of dollars to the cost of the home. For example: a veteran purchasing a $200,000 home with no down payment would have to pay a 2.15% funding fee, which results in a charge of $4,300. This charge can be included in the mortgage payments, but these payments will be higher as a result.

Is a VA Guaranteed Loan Always the Best Option?

No. Veterans must weigh all the options to consider what is best for them and their family. This program gives veterans more options, not less. Veterans may find it is more economical to purchase a home without using this program.

How Do I Use This Program?

Purchasing a home can be hectic opportunities sometimes arise unexpectedly. Ideally, however, below are the traditional steps for using this program.

Apply for a Certificate of Eligibility

As soon as you think you may want to purchase a home, apply for a Certificate of Eligibility from the VA that shows you are eligible to use this program. You can request a Certificate of Eligibility directly from the VA, as it is one of their easiest applications. You can apply online, or call them and ask them to send you the forms. If you are eligible for the program, you can expect to receive your certificate in 2 – 3 weeks.

Find a Lender that Accepts VA Guaranteed Loans

After you have your Certificate of Eligibility , shop around for a lender you d like to use. Not all lenders will accept VA Guaranteed Loans, so ask them up front if they do. Pick whichever lender you are most comfortable with based on price and customer service. Remember you will likely have a long term relationship with this lending institution, so pick one that you ll be happy with.

Find a Property to Purchase

After you have the Certificate of Eligibility and a lender willing to work with you, start looking for a property to purchase. When you find one this is right for your family, work with your lender to finalize the deal.


VA Home Loans with Bad Credit #home #loan #eligibility #calculator


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VA Home Loans with Bad Credit

The Veterans Administration provides VA home loans with bad credit to all qualified veterans in order to help them secure home loans despite having less than desirable credit histories. As a thank you for their service, VA home loans with bad credit assist veterans by offering them lower monthly payments, down payment assistance, and more favorable terms than mortgages available to civilians with equally poor credit histories.

Who Qualifies for VA Home Loans with Bad Credit?

Veterans and active members of the Marine Corps, Army, Navy, and Air Force are eligible for the bad credit VA home loans program. Members of the Army Reserves, National Guard, and Coast Guard may also qualify for VA home loans with bad credit under different criteria. Spouses of deceased service personnel may qualify for the program as well.

Benefits of VA Home Loans with Bad Credit

VA home loans with bad credit are more advantageous than traditional mortgages in a number of ways, including:

• Lower Interest Rates – Since the federal government is guaranteeing the loan, VA home loans with bad credit typically have much lower interest rates than standard mortgages.

• No Mortgage Insurance – In the event that a veteran defaults or is unable to pay, the government guarantees payment to the lender, resulting in no need for mortgage insurance. This alone can greatly reduce the size of a monthly mortgage payment.

• Only a 12-Month Credit Review – While the majority of lenders examine someone’s last seven years of credit history when determining the terms of a mortgage, VA home loans with bad credit lenders only look back through the last 12 months of a person’s credit history.

Loan Application Process

VA home loans with bad credit are not issued by the government. Rather, they are private loans guaranteed by the government. Therefore, a borrower must first find a lender, which luckily is not a problem for most veterans.

Mortgage companies do however take a veteran’s debt ratio into consideration, so veterans with current credit card and loan debt may have difficulty qualifying for VA home loans with bad credit. Veterans interested in a bad credit VA loan should have no more than 40 percent of their income going to their mortgage, bills, and other financial obligations.

Tips on Finding VA Home Loans with Bad Credit

While VA home loans with bad credit are welcome news for most veterans, bad credit can occasionally make it difficult to qualify for a home loan. However, you can overcome this obstacle by understanding your credit and visiting the bank fully informed. If you do so, the dream of home ownership can be firmly within your grasp.

However, to begin hunting for VA home loans with bad credit, you must first examine your credit reports from the major bureaus, such as Experian and Equifax, in order to find the ways in which your credit is being negatively impacted. If there is a mistake on one of the reports, it is better to find it now and have it corrected then to leave it there affecting your score.

It is also advisable to save up for a down payment. A traditional VA loan may only require a 10 percent down payment, but veterans with bad credit may need to save up 20 percent or more. As is the case with civilian mortgages, the larger the down payment, the more likely it is that the loan will be approved.

When in doubt, pay the bank a personal visit and discus your options with a loan representative. In the end, you should walk away knowing exactly how much you can afford and never acquiesce to a monthly payment that is higher than you’d like.

Although the VA doesn’t have a minimum credit requirement for VA home loans with bad credit, it does require borrowers to maintain a satisfactory credit risk level. Ultimately, lenders issue the loans, and today’s lenders are only interested in candidates with solid credit scores. They are the ones that determine whether or not your credit score is up to par. However, if you fail to qualify for VA home loans with bad credit, there are still numerous ways to raise your credit score and receive the loan you need to secure the home of your dreams.

Sources:

http://www.benefits.va.gov/homeloans/


Wisconsin VA Loan, VA Lending Limits, VA Mortgage Rates in WI #car #loan #interest #rates


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Wisconsin VA Loans

Secure a VA Mortgage in Wisconsin

Veterans who live in the state of Wisconsin can qualify for a Wisconsin VA loan to fund their home purchase or refinance. VA loans are backed by the Department of Veteran Affairs (VA) and offer many benefits to veterans that traditional, conventional loans don t provide.

What is the VA Loan?

The VA loan program was created by the government as a way to reward or give back to the men and women who have served this nation by helping them transition into homeownership with a stable foundation and an affordable mortgage. The VA office does not fund the loans itself, though. All VA loans are provided by conventional mortgage lenders. But the backing that the VA offers gives lenders the ability to lower mortgage rates and offer better terms to veterans, making VA loans highly attractive.

VA Loan Benefits in Wisconsin

To explore the full range of benefits offered by a VA loan, contact a lender who has specialized in this loan type before. You can get started by filling out the form above. Some of the basic advantages of a VA loan are listed below.

  • VA loans can be taken out with no down payment attached.
  • You don t need to have high cash reserves on hand to purchase a home.
  • You don t need to pay for private mortgage insurance each month. The VA backing is sufficient.
  • You can roll the closing costs of the loan into the loan itself through a seller concession.
  • Credit and income requirements are fair and easy to meet.
  • There are no prepayment penalties attached.
  • You can select the loan term length that best meets your needs.

VA Loan Requirements and Eligibility

VA loans are available only to veterans, and while most veterans are able to purchase homes through the VA program, some are not. Speak with a VA loan specialist to determine the exact eligibility requirements you ll need to meet in order to qualify. A certificate of eligibility from the VA office is required. The basic qualification guidelines, however, are outlined below.

  • You must be an American citizen and a veteran of a branch of the US Armed Services.
  • You must have served for at least 90 consecutive days of active duty.
  • You must have been discharged under conditions other than dishonorable.
  • You should have a minimum credit score of 620.

VA Refinance

You can use a Wisconsin VA Streamline (IRRRL) refinance to replace your current mortgage with a refinance loan at a better rate. Many veterans are unaware that they can save significant money by pursuing the IRRRL refinance option. If interest rates have fallen lower than they were when you first took out your home loan, you can likely save significant money on your monthly payments and in reduced interest over the term length of your loan.

The VA Cash-Out refinance is an option which enables eligible borrowers to refinance into a VA mortgage, as well as take out as much as 100% of their current home equity as cash. The funds may be spent on medical expenses, college tuition, home improvements, and more.

Wisconsin VA Mortgage Rates

As with any mortgage types, you must perform some research in order to determine the best possible mortgage rates available to you when taking out a VA loan. Mortgage rates are volatile. They differ depending on where you live, the lender you choose to work with, and the state of the mortgage market. Check with several local lenders, more than just one, to get a feel for where rates currently rest. Don t simply select the first lender you contact. Do some research. This is the only way to uncover the lowest mortgage rates.

VA Lenders in Wisconsin

The form above will put you in touch with up to four different lenders in your part of Wisconsin who are experts in the mortgage profession. This is where the rubber meets the road. It s time to actually connect with professional and find out what the VA loan can do for you. Don t forget to check up on VA loan limits in your area before you start searching for a home. If you need additional information, contact the Department of Veteran Affairs.

Wisconsin Military Information

Currently, Wisconsin maintains one active military facility. This facility is Fort McCoy, which is located east of Sparta. This military base is home to many veterans in the state of Wisconsin. If you re one of them, consider a VA loan to help you purchase your home.


VA Home Loans, VA Mortgage Refinancing for Veterans #long #term #loans


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Real Client Testimonials

Throughout our lifetimes we have had to do business with several different mortgage providers. Each time was a nightmare to say the least- even at our own bank! No one was ever straight forward with us on the paperwork they still needed or what to expect and when to expect it. Due to all of the issues we’ve had in the past we were a bit skeptical of even trying to move forward with our VA Cash-Out Refi with any company. Things with other companies had been so stressful, we almost tossed out the whole idea. But, before we “threw the baby out with the bathwater” we found First Mariner and talked to Dennis.

He is honest, respectful, and REALLY knows what he is doing. Dennis has true integrity, which is so hard to find these days. Most importantly he always laid out the correct expectations for us and for the bank. Everything went EXACTLY as he said it would without a hitch. It went so well (compared to our other experiences), to be honest we feel a bit dumbfounded! In a good way of course. This is the way handling a transaction should work. You can’t change the past, but boy do we wish we could have used Dennis for all our other previous transactions. Moving forward we will never go anywhere else other than Dennis/First Mariner- and we’ll be referring anyone who needs a mortgage his way as well.

Thanks again for the great experience and helping us reach our goals!

BECKEY AND JEROMY, SEPTEMBER 2015

I have closed two loans with Joe. One was a refinancing and the most recent one was a home purchase. With both loans, Joe was great to work with. He was always available to answer questions and on my most recent loan, he gave me great advice on how to best structure the loan in order to give me the most benefit. I have given his name to several of my friends, and I know at least two that have used him or are using him. They have thanked me many times for recommending Joe because of how knowledgeable Joe is and how stress-free he makes the process of getting a loan to closing.

I will definitely keep recommending him to anyone I know who is refinancing or buying a home. He’s the best!

JACOB J. JUNE 2015

I am writing today to express how pleased my husband and I were to work with 1st Mariner Bank in refinancing our income property. Specifically Jon Zemarel and Mary Beth Norwood. They were friendly, professional, and got us through the whole process in less than a month. They were both patient with our questions and quick to respond to e-mails and phone calls. I wish I could say that all of my dealings with mortgage handlers were as pleasant as it was with these two!

Thank you, Jon and Mary Beth for taking such good care of us.

WHITNEY W. APRIL 2015

We just wanted to say thanks to you [Mary Beth Norwood] and the team at 1st Mariner for making our VA IRRRL go so smoothly. We had a difficult experience with another lender that left us a bit hesitant to pursue the refinance any further, but you quickly put us at ease. With a turn around of less than two weeks, we didn’t even have time to worry!

So, again, thank you so much for showing us that there is someone out there willing to put the Veteran first in this process. You and 1st Mariner have helped us to have an easy, positive experience that will save us money and give us peace of mind as homeowners.

It’s truly been a pleasure working with you.

STEVE & JENNIFER A. APRIL 2015

I am writing you to inform that Dennis did a great job with my loan. He was absolutely a pleasure to work with. I have worked with multiple loan officers and Dennis is by far the best I have ever worked with. He was very responsive and took care of all aspects of getting the loan closed. He understood what was needed and told me the first time, so I was not submitting the same information multiple times. He actually cared about customer service. I will do as many loans as I can through your bank because of Dennis.

WILL H. MARCH 2015

I recently refinanced a rental property for a lower mortgage rate. I had checked out several banks both online and through my financial institution. I filled out several inquiries and usually got bombarded with phone calls from overly aggressive loan officers, even though I specifically asked to be contacted via email. I received an email from Joe Scopel (1st Mariner Bank). He was very polite and courteous. Not pushy and aggressive. He asked what I would be interested in and we communicated via email. He happily informed me that I qualified for the interest rate reduction by almost 1%. After reading some of the reviews of 1st Mariner online, I was skeptical about going through with the process. Joe assured me that he had never experienced an upset customer and guaranteed that he would stand by me throughout the entire process.

I decided to go ahead with 1st Mariner. Joe was a tremendous help. He never missed an opportunity to contact me and make sure everything was going smoothly. It took me all of about 30 minutes (total) once the loan was approved. Joe arranged for a local notary to come to my house and sign the paperwork. He gave me all the necessary timelines and let me know every step of the process.

After the process was complete, Joe made sure I had all the necessary information to make my first payment. He still checks in about once a week just to make sure everything is good. As a representative of 1st Mariner Bank, Joe Scopel truly embodies the personal loan officer that everyone wishes for. He went above and beyond to make sure everything was done right. Additionally, he had NO aggressive behavior and took the time to fully explain every detail.

I appreciate 1st Mariner Bank and would HIGHLY recommend them for anyone doing a VA-refi!

WILLIAM Z. MARCH 2015

Working with Joe on my recent mortgage refinance was a walk in the park. He made it stress-free and simple to understand. Joe helped me make a sound financial decision, and took the time to explain all options regarding interest rates and how each [rate] would effect the short and long term payments of my new loan. [I] waited a year looking at different banks and their options and Joe was the only one that did not try to sell me something. He listened and came up with a plan that fit my needs and budget. Thanks again, Joe, it was a pleasure doing business with you and 1st Mariner Bank.

BOYCE F. DECEMBER 2014

I had expected tons of paperwork and weeks, if not months, of delays and back-and-forth clarifications to get a VA refinance for my Virginia condo. But after an initial clear and frank discussion, Dennis did all of the upfront work and made the process basically painless for me.

I still can’t believe how quickly and smoothly the process went — from the assembled papers ready for my review and signature, to the agent’s visit to my home to finalize the refinance. All friendly, but professional, clear and reality based. I’m pleased as punch, and give this transaction a ten out of ten.

DARIAN D. DECEMBER 2014

It was a pleasure working with Dennis from the beginning to the end of the loan refinancing. [. ] When I first called him and discussed that wanted to refinance, he did not try to talk me into doing it or use any high-pressure tactics to convince me. He carefully and meticulously spelled out all the pros and cons of refinancing a house that was “under water” and then gave me a few days to think about it and talk it over with my wife.

In retrospect, every single thing Dennis told me would happen – happened! There were several hoops we had to jump through to get everything done. It didn’t make it any easier that I am in Afghanistan with a 10.5 hour difference. [. ] My wife and I feel really relieved that we were finally able to take advantage of the low interest rates offered now and thanks to Dennis, our out of pocket expenses were much less than we originally thought we’d have to pay. I will definitely recommend Dennis to any of my friends or colleagues who are looking to refinance or purchase a home.

STEVE L. FEBRUARY 2015

[. ] My husband and I recently refinanced using your services. We worked with Dennis Waskiewicz who did an excellent job. From the moment I called he was professional and friendly and answered all of my questions. He explained everything clearly, making the process easier to understand by talking me through each step. Communication with Dennis was so convenient, he was always available by phone and email. Our refinance was done quickly and was a painless process. Thank you very much for everything! We are very happy with our new mortgage!

LINDSAY S. DECEMBER 2014