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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.
Refinancing A Home In Nj News
Push intensifies to pass home-loan refinancing bill - The Hill (blog)
Push intensifies to pass home-loan refinancing bill The Hill (blog) Mark Zandi, chief economist with Moody's Analytics, told a Senate panel Thursday that he supports a measure to eliminate hurdles for homeowners to refinance into lower interest rates under the Home Affordable Refinance Program (HARP), and suggested ... Real estate industry pushes Senate on refi bill How 7 REITs Could See A Buying Frenzy Soon |
Homeowner Refinance Bill Moves into Committee - C-SPAN
 C-SPAN | Homeowner Refinance Bill Moves into Committee C-SPAN The bill, co-sponsored by Senators Barbara Boxer of California and Bob Menendez of New Jersey, would apply to those who are current on their payments and whose loans are backed by Fannie Mae and Freddie Mac. The bill would also eliminate all up-front ... |
New Jersey Refinancing Expert Explains New Home Affordable Refinance Program - SBWire (press release)
 eNewsChannels | New Jersey Refinancing Expert Explains New Home Affordable Refinance Program SBWire (press release) New Jersey Refinancing Expert Tom Altieri explains all about the revamped government program that provides refinancing options to homeowners who owe more on their mortgage than their house it worth called HARP 2.0. Toms River, NJ -- (SBWIRE) ... Menendez, Boxer Introduce Bill To Help Responsible Homeowners Refinance |
The Homeowners Consumer Center Now Urges Any Homeowner in New Jersey Paying ... - Albany Times Union
The Homeowners Consumer Center Now Urges Any Homeowner in New Jersey Paying ... Albany Times Union The Homeowners Consumer Center is strongly encouraging New Jersey homeowners, who are paying 5% or more on their home loan to consider refinancing now. The Homeowners Consumer Center is also urging anyone in the process of buying a home in New Jersey ... The Homeowners Consumer Center Now Urges Any Utah Homeowner That Has a ... |
Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% - BusinessWeek
Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% BusinessWeek The Mortgage Bankers Association's index of refinancing applications gained 5.6 percent in the week ended May 18, while the gauge of purchases declined 3 percent, the Washington-based group said yesterday. US home prices jumped 2.7 percent in March ... |