The VA mortgage loan was created to assist the US veterans be more likely to qualify for a loan. The guidelines change constantly, so in order to figure out if you are eligible for sure, you should consult an industry professional. There are some general rules however and if you meet one of the following scenarios, you are probably eligible: Served for ninety consecutive days of active duty during war time; served one hundred eighty one days of active duty during peace time; have more than six yrs service in the National Guard or Reserve; are the spouse of a service member who died in the line of duty or as a result of a disability that was service related.
You may use your veteran administration mortgage loan to buy a domicile. In some scenarios doing this will let the vet to purchase their chosen home with zero money as a down payment for one hundred percent financing. For example, if the home you have your heart set on costs $250,000, using a veteran administration loan you may be able to have your loan amount be for the entire $250,000. If you would compare this example vs a FHA loan or even a conventional loan, you would usually be required to come up with cash for a down payment.
Now, once you have your VA mortgage loan you may refinance it if you want to make changes and there are several typical ways of doing this. If you are currently in a fixed rate loan and want to lower your payments, you can refinance and replace your current loan with an adjustable rate mortgage that could potentially lower your payments. You may change your loan to a 15 year mortgage instead of a 30 year mortgage so that you can save money on cumulative interest. You may change from a 15 year loan to a 30 year loan so that you can save money on a monthly basis. Some of these refinances can be completed using the IRRRL refinance or Interest Rate Reduction Refinance Loan, which may save you money on the appraisal and funding fee!
The Cash Out Refinance is another highly effective way to utilize your VA mortgage loan and home owner's equity. Many home owners are using the Cash out refinance to pull equity out of their home to do things such as build a deck, remodel, or even add a room or have solar panels installed! Many home owners are also using their home equity to pay off high interest or revolving accounts such as credit cards, this may help you in your quest to become debt free.
The costs of a VA Mortgage Loan will vary, but are usually better than that of a conventional or even FHA loan at the end of the day. There is typically a VA funding fee, that is associated with a VA loan, however you may be eligible to have the funding fee waived if you have a qualifying scenario, consult your loan specialist, or mortgage broker today to find out which option is best for you.
You may use your veteran administration mortgage loan to buy a domicile. In some scenarios doing this will let the vet to purchase their chosen home with zero money as a down payment for one hundred percent financing. For example, if the home you have your heart set on costs $250,000, using a veteran administration loan you may be able to have your loan amount be for the entire $250,000. If you would compare this example vs a FHA loan or even a conventional loan, you would usually be required to come up with cash for a down payment.
Now, once you have your VA mortgage loan you may refinance it if you want to make changes and there are several typical ways of doing this. If you are currently in a fixed rate loan and want to lower your payments, you can refinance and replace your current loan with an adjustable rate mortgage that could potentially lower your payments. You may change your loan to a 15 year mortgage instead of a 30 year mortgage so that you can save money on cumulative interest. You may change from a 15 year loan to a 30 year loan so that you can save money on a monthly basis. Some of these refinances can be completed using the IRRRL refinance or Interest Rate Reduction Refinance Loan, which may save you money on the appraisal and funding fee!
The Cash Out Refinance is another highly effective way to utilize your VA mortgage loan and home owner's equity. Many home owners are using the Cash out refinance to pull equity out of their home to do things such as build a deck, remodel, or even add a room or have solar panels installed! Many home owners are also using their home equity to pay off high interest or revolving accounts such as credit cards, this may help you in your quest to become debt free.
The costs of a VA Mortgage Loan will vary, but are usually better than that of a conventional or even FHA loan at the end of the day. There is typically a VA funding fee, that is associated with a VA loan, however you may be eligible to have the funding fee waived if you have a qualifying scenario, consult your loan specialist, or mortgage broker today to find out which option is best for you.
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