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Home Loan Refinancing Tailor Made For American Veterans
from:The US government offers VA home loan refinancing options for veterans who need refinancing help. Some of the qualifications for veteran home loan refinancing are:
• That you have served in World War II, Korean War, Viet Nam, or the Persian Gulf war.
• You served on active duty for at least 3 months
• You were not dismissed due to dishonorable conduct
• If your service was less than three months but you were discharged because of a disability you may still qualify for a VA loan.
Currently the Veteran Affairs Department is offering three types of home loan refinancing.
The first type of home loan refinancing is for veterans who currently have a VA loan.
VA Streamline Refinance – is designed for veterans who feel they cannot manage the higher interest rates. By choosing an Interest Rate Reduction Loan, or IRRL, they can lower their interest rates. This type of home loan refinancing plan will also save veterans from closing costs without having to take money from their own pockets to do it. Veterans do not have to obtain an appraisal on their home, pay monthly home insurance premiums, or worry about credit ratings and income qualifications. However, a .05 percent fee will apply to offset all reductions in interest.
The second type of home loan refinancing will provide you with much needed cash to pay bills, medical expenses, repairs on your home, or any other reason imaginable. With the Cash out or Debt Consolidation Refinance plan, you can take out as much as 90 percent of the equity accumulated on your home. You do not have to maintain monthly insurance on your home, nor do you have to pay any closing costs directly from your pocket. There is a ceiling of $417,000 on the loan and any loan of more than $250,000 will require a substantial amount of equity on your home. To qualify for your cash out or debt consolidation loan you must meet the income and credit standing requirements.
The third and final type of home loan refinancing is a conventional to VA Refinance plan; in this case you do not currently have a VA loan but want to switch over to one through refinancing. There is a 2.15 percent fee for opening this loan but it can be absorbed into the loan if you do not have the funds to cover it. Again, veterans do not have to worry about a mortgage insurance on your home, closing costs will not be expected to come out of your personal funds, veterans can borrow up to 90 percent of the total value of your home, and you can still qualify for lower interest rates without having a perfect credit rating.
Veterans are encouraged to check out the options in detail provided by a VA mortgage loan specialist.
Equity Home Loan Refinancing News
Obama proposes home loan refinancing plan
Obama proposes home loan refinancing plan
Read more...Obama proposes new home loan refinancing plan
The Obama administration on Wednesday detailed its latest plan to help millions of homeowners refinance their mortgages to today's historically-low rates.
Read more...To pay for your kid's college, HELOC or refi?
Dear Dr. Don,Is it better to finance my two children's college through a home refinance or by taking out an equity line of credit? What are the tax advantages/disadvantages of the two options? If I take ...
Read more...To pay kid's college, HELOC or refinance?
Dear Dr. Don, Is it better to finance my two children's college through a home refinance or by taking out an equity line of credit? What are the tax advantages/disadvantages of the two options?
Read more...Obama details home refinancing plan
FALLS CHURCH, Va. (AP) — President Barack Obama called on Congress Wednesday to make it easier for millions of additional homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth. He conceded that his administration's housing plans so far have not lived up to their promise. read more
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