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USDA, FHA, FHA Streamline, Jumbo and Conventional Loans Available As Well
Go with a trusted bank from the midwest with national lending capabilities. You won't be disappointed! Our VA mortgage rates are some of the lowest in the country. All of our VA Streamline Refinance Loans come with NO LENDER FEES!
Go with a trusted bank from the midwest with national lending capabilities. You won't be disappointed! Our VA mortgage rates are some of the lowest in the country. All of our VA Streamline Refinance Loans come with NO LENDER FEES!
In these troubled times you need to be able to trust a lender that can help you with your VA loan needs. We have some of the most reasonably priced VA loans in the country. We do this by keeping our overhead low and processing all of our loans here in house and not shipping them out like a mortgage brokerage company. This is the benefit of getting a loan directly through a bank and not having to go out to a mortgage broker or mortgage company. This also allows us to lend in all 50 states. Call or email today for a free quote on what your rate would be should you refinance today.
There are 3 diferent types of VA loans available today. You can either purchase a home with $0 down payment and no Private Mortgage Insurance, pull cash out on the home up to 100% of the home's value or do a va streamline refinance loan or interest rate reduction refinancing loan (IRRRL). These loans were created to help those who served our country be able to finance their home at the best terms available. In these current times where decreasing property values coupled with tighter lending guidelines are making mortgages more difficult than ever the VA home loan gives a veteran an excellent option for their home loan needs.
Veterans can also increase their cash flow by lowering their interest rate and their monthly payment with no appraisal or income documentation. This program the VA created is an Interest Rate Reduction Refinancing Loan program called an IRRRL. This is an excellent loan option for veterans to lower their interest rate with very little to no out-of-pocket costs. These types of loans can be easily done with no hassle and are an excellent way to put cash back in your pocket.
When doing an IRRRL (Interest Rate Reduction Refinancing Loan), or VA streamline refinance, it enables you to be able to refinance your loan to a lower market rate with little to no expense out of pocket. This is available to veterans who took out a VA loan when they initially purchased the home or currently have VA loan now as a result of a refinance that was done at a later date. There are 2 types of NO COST streamline loans that are possible when doing an IRRRL (Interest Rate Reduction Refinancing Loan). You can either roll the costs of the loan in with the principal balance or take a higher interest rate and have the lender pay the costs on your behalf. Basically we will have to determine which makes more mathematical sense based on how long you plan on keeping the loan and when will the fees have paid for themselves.
Another great loan option for veterans is the 100% cash out loan. Again you can increase your cash flow by lowering your monthly payment and also by paying off your revolving debts. This can be done without having PMI, or Private Mortgage Insurance, added onto the monthly payment like you would with a conventional loan. You can also use this loan to payoff your 80/20 loan you may have taken out when you purchased the home or combine 2 mortgages that were taken out at separate times.
One last great option is getting a VA loan when your purchase a new home. You can get into the home with $0 down and no PMI! The VA will allow the seller to pay up to 6% of the closing costs. The VA loan also has a very wide credit score allowance so you don't have to have perfect credit!
Advantages of an IRRRL (VA Streamline Refinance)
You will not have to have an appraisal
You will not have to supply any income or asset documentaion
You can have all of your expenses rolled into the new loan without having to bring any cash to the closing table
Typical Conditions of an IRRRL (VA Streamline Refinance)
You must be current on your existing VA home loan
You can’t receive any cash back at the closing table
Additional Benefits of an IRRRL (VA Streamline Refinance)
You can skip up to two monthly payments
You will receive your current escrow balance back from your old lender
You also can now finance any energy efficient improvements
Additional Loan Products
We also can help you with all your other home loan needs!
We have many available mortgage products including FHA, Conventional and Jumbo loans.
Ask about our 100% VA cash out loan or 100% VA purchase loan with no PMI!
Another great loan option for veterans is the 100% cash out loan. Again you can increase your cash flow by lowering your monthly payment and also by paying off your revolving debts. This can be done without having PMI, or Private Mortgage Insurance, added onto the monthly payment like you would with a conventional loan. You can also use this loan to payoff your 80/20 loan you may have taken out when you purchased the home or combine 2 mortgages that were taken out at separate times.
One last great option is getting a VA loan when your purchase a new home. You can get into the home with $0 down and no PMI! The VA will allow the seller to pay up to 6% of the closing costs. The VA loan also has a very wide credit score allowance so you don't have to have perfect credit!
Advantages of an IRRRL (VA Streamline Refinance)
You will not have to have an appraisal
You will not have to supply any income or asset documentaion
You can have all of your expenses rolled into the new loan without having to bring any cash to the closing table
Typical Conditions of an IRRRL (VA Streamline Refinance)
You must be current on your existing VA home loan
You can’t receive any cash back at the closing table
Additional Benefits of an IRRRL (VA Streamline Refinance)
You can skip up to two monthly payments
You will receive your current escrow balance back from your old lender
You also can now finance any energy efficient improvements
Additional Loan Products
We also can help you with all your other home loan needs!
We have many available mortgage products including FHA, Conventional and Jumbo loans.
Ask about our 100% VA cash out loan or 100% VA purchase loan with no PMI!
Things To Think About
Tips and things to think about to determine if refinancing is right for you
1. What are your plans with this property? Are they short term or long term?
2. What is difference in the interest on your current loan compared to your new loan?
3. Are you currently paying private mortgage insurance (PMI) on the loan?
4. What are the total closing costs of the new loan?
5. How much equity have you built up in the home?
6. Do you need any cash out to pay off any higher interest revolving debt?
7. Don't rely on published rates. No one advertises their worst product.
8. Be very specific about what you want and want to accomplish with the new loan.
9. Always ask for the reissue rate on your title work that is being done. It will always save you alot of money.
1. What are your plans with this property? Are they short term or long term?
2. What is difference in the interest on your current loan compared to your new loan?
3. Are you currently paying private mortgage insurance (PMI) on the loan?
4. What are the total closing costs of the new loan?
5. How much equity have you built up in the home?
6. Do you need any cash out to pay off any higher interest revolving debt?
7. Don't rely on published rates. No one advertises their worst product.
8. Be very specific about what you want and want to accomplish with the new loan.
9. Always ask for the reissue rate on your title work that is being done. It will always save you alot of money.
Use Your VA Eligibility To Purchase A Home As Well
Now more than ever banks are requiring large down payments, many loan programs require 10-20% down, putting home ownership out of reach for many prospective home buyers. A VA Loan is perfect for young families and first time home buyers because the borrower can finance 100% of the home's value and purchase with $0 down. The VA is one of the only loan programs that can offer this same benefit. Because the loan is backed by the government, banks do not require PMI (private mortgage insurance) which is an added monthly expense. Interest rates for VA Loans are typically 0.5%-1% lower than conventional loans.
These two advantages add up to big monthly savings.The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first time buyers who purchase a home in 2009. A VA Loan Specialist will be able to help you determine your eligibility for this tax credit.It's no secret, getting approved for a conventional home loan these days can be difficult, particularly for young families and first time home buyers. Because the government backs a VA Loan, the credit and income standards are not as strict making the loan qualification process easier.
Buying a new home can be a very rewarding experience. As a new home buyer, there is a lot you need to know and selecting the right loan is definitely one of them.It's no secret, getting approved for a conventional home loan these days can be difficult, particularly for young families and first time home buyers. Because the government backs a VA Loan, the credit and income standards are not as strict making the loan qualification process easier.
Now more than ever banks are requiring large down payments, many loan programs require 10-20% down, putting home ownership out of reach for many prospective home buyers. A VA Loan is perfect for young families and first time home buyers because the borrower can finance 100% of the home's value and purchase with $0 down. The VA is one of the only loan programs that can offer this same benefit. Because the loan is backed by the government, banks do not require PMI (private mortgage insurance) which is an added monthly expense. Interest rates for VA Loans are typically 0.5%-1% lower than conventional loans.
These two advantages add up to big monthly savings.The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first time buyers who purchase a home in 2009. A VA Loan Specialist will be able to help you determine your eligibility for this tax credit.It's no secret, getting approved for a conventional home loan these days can be difficult, particularly for young families and first time home buyers. Because the government backs a VA Loan, the credit and income standards are not as strict making the loan qualification process easier.
Buying a new home can be a very rewarding experience. As a new home buyer, there is a lot you need to know and selecting the right loan is definitely one of them.It's no secret, getting approved for a conventional home loan these days can be difficult, particularly for young families and first time home buyers. Because the government backs a VA Loan, the credit and income standards are not as strict making the loan qualification process easier.
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VA LOAN FAQ
Q: What is a VA Streamline Refinance Home Loan?
A: VA guaranteed home loans are made banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty is substituted in place of a down payment which a lender would normally require to get a great rate.
Q: Does my VA eligibility guarantee I will get a new home loan?
A: No, VA cannot make a lender do a loan that would violate their own policies. Lenders must abide by VA credit and income standards as well as their own. If a lender is unwilling to make a loan to you, we can only suggest that you try other lenders.
Q: How much is my VA entitlement?
A: Your basic entitlement is $36,000. For any of the loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the VA county loan limit for a single family home may be available. This loan limit can change yearly. The conforming loan limit for 2008 is $417,000 ($625,500 for Hawaii, Alaska, Guam and U.S. Virgin Islands). This means that qualified veterans could get a no down payment purchase loan for those amounts.
Q: How do I get a Certificate of Eligibility?
A: It may be possible to obtain a Certificate of Eligibility from your lender. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.
Q: How do I get a VA Home Loan?
A: Here are the steps:Find a home and discuss the purchase with the seller or selling agent. Get a signed purchase contract conditioned on approval of your VA home loan. Then you select a lender, present them with your Certificate of Eligibility if available, and complete a loan application. The lender can also obtain a Certificate of Eligibility on your behalf.The lender will develop all credit and income information. They will also request VA to assign a licensed appraiser to determine the reasonable value for the property. A Certificate of Reasonable Value will be issued. The lender will let you know the decision on the loan. You (and spouse) attend the loan closing. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers.
Q: What are the benefits of a VA Home loan?
A: There are many benefits of a VA Home loan:
1. Equal opportunity.
2. No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
3. Buyer informed of reasonable value.
4. Negotiable interest rate.
5. Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
6. Closing costs are comparable with other financing types (and may be lower).
7. No mortgage insurance premiums.
8. An assumable mortgage.
9. Right to prepay without penalty.
10. For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
11. VA assistance to veteran borrowers in default due to temporary financial difficulty.
Q: What can the VA not do?
A: Guarantee that a home is free of defects. The VA can only guarantee the loan. It is your responsibility to assure that you are satisfied with the property being purchased. The VA appraisal is not intended to be an "inspection" of the property. You should seek expert advice (a qualified residential inspection service), as necessary, BEFORE legally committing to a purchase agreement.If you have a home built, VA cannot compel the builder to correct construction defects although VA does have the authority to suspend a builder from further participation in the home loan program.VA cannot guarantee that you are making a good investment. VA cannot provide you with legal services.
Q: Can I get a VA loan if I have had a bankruptcy in the last few years?
A: The fact you and/or your spouse have been adjudicated bankrupt does not in itself disqualify you for a VA refinance home loan. The following rules apply:If the bankruptcy was discharged more than 2 years ago, it may be disregardedIf the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met:you and/or your spouse have reestablished satisfactory credit, andthe bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.
Q: Why do I have to pay a fee for a VA home loan? Since I paid a fee for my first loan, why is there a larger fee for my second loan?
A: The VA funding fee is required by law. The fee is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The funding fee for second time users who do not make a down payment is slightly higher. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users have had time to accumulate equity or save money towards a down payment. First and second time users who make a down payment of at least 5 percent pay a reduced funding fee of 1.5 percent, the same as first time users making the same down payment. For a 10 percent down payment, the fee drops to 1.25 percent. The effect of the funding fee on a veteran's financial situation is minimized since the fee may be financed in the loan. National Guard and Reservist veterans pay a slightly higher funding fee percentage. To determine the exact funding fee percentage, please review the funding fee table.
Q: I want to buy a house with a VA loan. Do I need to occupy the property?
A: The law requires that you certify that you intend to occupy the property as your home. This requirement is considered satisfied if you actually intend to occupy the property as your home and in fact so occupy it when the loan is closed or within a reasonable time afterward.
Q: I am a single veteran stationed overseas and want to buy a home in my home town. My friends who are married can do this with their spouses occupying the property in their place, but VA says I can't do this with my parents or other relatives occupying on my behalf. Isn't this discrimination against single veterans?
A: The law specifically provides that occupancy by the veteran's spouse satisfies the personal occupancy requirement. The law makes no provision for occupancy by any other relatives as a substitute for personal occupancy by the veteran.
Q: May a veteran join with a non veteran who is not his or her spouse in obtaining a VA loan?
A: Yes, but the guaranty is based only on the veteran's portion of the loan. The guaranty cannot cover the nonveteran's part of the loan. Consult lenders to determine whether they would be willing to accept applications for joint loans of this type. Lenders that are willing to make these types of loans will likely require a down payment to cover risk on the unguaranteed, nonveteran's portion of the loan. Unlike other loans, the lender must submit joint loans to VA for approval before they are made.
Both incomes can be used to qualify for the loan. However, the veteran's income must be sufficient to repay at least that portion of the loan related to the veteran's interest in (portion of) the property and the nonveteran's income must be adequate to cover the rest.
Q: If a veteran dies before the loan is paid off, will the VA guaranty pay off the balance of the loan?
A: No. The surviving spouse or other co-borrower must continue to make the payments. If there is no CO-borrower, the loan becomes the obligation of the veteran's estate. Mortgage life insurance is available but must be purchased from private insurance sources.
A: VA guaranteed home loans are made banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty is substituted in place of a down payment which a lender would normally require to get a great rate.
Q: Does my VA eligibility guarantee I will get a new home loan?
A: No, VA cannot make a lender do a loan that would violate their own policies. Lenders must abide by VA credit and income standards as well as their own. If a lender is unwilling to make a loan to you, we can only suggest that you try other lenders.
Q: How much is my VA entitlement?
A: Your basic entitlement is $36,000. For any of the loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the VA county loan limit for a single family home may be available. This loan limit can change yearly. The conforming loan limit for 2008 is $417,000 ($625,500 for Hawaii, Alaska, Guam and U.S. Virgin Islands). This means that qualified veterans could get a no down payment purchase loan for those amounts.
Q: How do I get a Certificate of Eligibility?
A: It may be possible to obtain a Certificate of Eligibility from your lender. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.
Q: How do I get a VA Home Loan?
A: Here are the steps:Find a home and discuss the purchase with the seller or selling agent. Get a signed purchase contract conditioned on approval of your VA home loan. Then you select a lender, present them with your Certificate of Eligibility if available, and complete a loan application. The lender can also obtain a Certificate of Eligibility on your behalf.The lender will develop all credit and income information. They will also request VA to assign a licensed appraiser to determine the reasonable value for the property. A Certificate of Reasonable Value will be issued. The lender will let you know the decision on the loan. You (and spouse) attend the loan closing. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers.
Q: What are the benefits of a VA Home loan?
A: There are many benefits of a VA Home loan:
1. Equal opportunity.
2. No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
3. Buyer informed of reasonable value.
4. Negotiable interest rate.
5. Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
6. Closing costs are comparable with other financing types (and may be lower).
7. No mortgage insurance premiums.
8. An assumable mortgage.
9. Right to prepay without penalty.
10. For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
11. VA assistance to veteran borrowers in default due to temporary financial difficulty.
Q: What can the VA not do?
A: Guarantee that a home is free of defects. The VA can only guarantee the loan. It is your responsibility to assure that you are satisfied with the property being purchased. The VA appraisal is not intended to be an "inspection" of the property. You should seek expert advice (a qualified residential inspection service), as necessary, BEFORE legally committing to a purchase agreement.If you have a home built, VA cannot compel the builder to correct construction defects although VA does have the authority to suspend a builder from further participation in the home loan program.VA cannot guarantee that you are making a good investment. VA cannot provide you with legal services.
Q: Can I get a VA loan if I have had a bankruptcy in the last few years?
A: The fact you and/or your spouse have been adjudicated bankrupt does not in itself disqualify you for a VA refinance home loan. The following rules apply:If the bankruptcy was discharged more than 2 years ago, it may be disregardedIf the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met:you and/or your spouse have reestablished satisfactory credit, andthe bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.
Q: Why do I have to pay a fee for a VA home loan? Since I paid a fee for my first loan, why is there a larger fee for my second loan?
A: The VA funding fee is required by law. The fee is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The funding fee for second time users who do not make a down payment is slightly higher. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users have had time to accumulate equity or save money towards a down payment. First and second time users who make a down payment of at least 5 percent pay a reduced funding fee of 1.5 percent, the same as first time users making the same down payment. For a 10 percent down payment, the fee drops to 1.25 percent. The effect of the funding fee on a veteran's financial situation is minimized since the fee may be financed in the loan. National Guard and Reservist veterans pay a slightly higher funding fee percentage. To determine the exact funding fee percentage, please review the funding fee table.
Q: I want to buy a house with a VA loan. Do I need to occupy the property?
A: The law requires that you certify that you intend to occupy the property as your home. This requirement is considered satisfied if you actually intend to occupy the property as your home and in fact so occupy it when the loan is closed or within a reasonable time afterward.
Q: I am a single veteran stationed overseas and want to buy a home in my home town. My friends who are married can do this with their spouses occupying the property in their place, but VA says I can't do this with my parents or other relatives occupying on my behalf. Isn't this discrimination against single veterans?
A: The law specifically provides that occupancy by the veteran's spouse satisfies the personal occupancy requirement. The law makes no provision for occupancy by any other relatives as a substitute for personal occupancy by the veteran.
Q: May a veteran join with a non veteran who is not his or her spouse in obtaining a VA loan?
A: Yes, but the guaranty is based only on the veteran's portion of the loan. The guaranty cannot cover the nonveteran's part of the loan. Consult lenders to determine whether they would be willing to accept applications for joint loans of this type. Lenders that are willing to make these types of loans will likely require a down payment to cover risk on the unguaranteed, nonveteran's portion of the loan. Unlike other loans, the lender must submit joint loans to VA for approval before they are made.
Both incomes can be used to qualify for the loan. However, the veteran's income must be sufficient to repay at least that portion of the loan related to the veteran's interest in (portion of) the property and the nonveteran's income must be adequate to cover the rest.
Q: If a veteran dies before the loan is paid off, will the VA guaranty pay off the balance of the loan?
A: No. The surviving spouse or other co-borrower must continue to make the payments. If there is no CO-borrower, the loan becomes the obligation of the veteran's estate. Mortgage life insurance is available but must be purchased from private insurance sources.
You can email for more information at Info@MyVaRefinance.net