A VA loan is meant to help veterans of the United States Military get easy access to home financing. You will of course need to consult a mortgage specialist in order to determine your eligibility, because guidelines do change often. However, you should be able to qualify for one if you meet one of the following conditions: You have served 90 consecutive days of active service during wartime; You have served 181 days of active service during peacetime; You have more than 6 years of service in the National Guard or Reserves; You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
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.
After you have obtained a VA mortgage loan, you can refinance it if you want to make changes. For example, if interest rates have dropped since getting the loan you may refinance it to lower the interest rate and keep the other features the same. You may also be able to change the term of the loan such as going from a 30 year to a 15 year to save money on interest or go from a 15 year to a 30 year to save money monthly. You may also be able to change from a fixed rate, to an adjustable hybrid ARM to save money monthly or switch from an ARM to a fixed rate to make sure you have consistent payments. You may qualify for the IRRRL refinance (some people refer to this as a streamline) which may reduce the costs associated with a refinance.
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.
After you have obtained a VA mortgage loan, you can refinance it if you want to make changes. For example, if interest rates have dropped since getting the loan you may refinance it to lower the interest rate and keep the other features the same. You may also be able to change the term of the loan such as going from a 30 year to a 15 year to save money on interest or go from a 15 year to a 30 year to save money monthly. You may also be able to change from a fixed rate, to an adjustable hybrid ARM to save money monthly or switch from an ARM to a fixed rate to make sure you have consistent payments. You may qualify for the IRRRL refinance (some people refer to this as a streamline) which may reduce the costs associated with a refinance.
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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