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Home Refinancing Article
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Home Loan Refinancing Tailor Made For American Veterans
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.
Home Refinancing News
Obama wants Congress to act on expanded home refinance plan - ABC News
The Obama administration's latest refinancing proposal could extend mortgage refinancing opportunities to millions of homeowners, but it faces plenty of opposition. The plan the president outlined Wednesday is intended to help qualifying borrowers ...
Is a cash-out home refinancing right for you? - Yahoo Finance
I have a question of whether to refinance. We have been in our home for 21 years and are not close to retirement. Our ages are 49 and 51, and we have a first and second mortgage. The first mortgage has a balance of $68,000, and the interest rate ...
Obama Plans Assistance for Rentals, Mortgage Refinancing - Businessweek
The president said his plan would make it easier for homeowners to refinance their mortgages into current low interest rates, which are now below 4 percent. Borrowers, even those who owe more than their homes are worth, would be able to ...
Susan Tompor: Revamped home refinance program removes barriers - Detroit Free Press
Nobody wants to dish out $300 or $400 for an appraisal on their home to see whether maybe they might qualify to refinance. What if you don't qualify because the house's value has sunk below sea level? You've lost a few hundred bucks in a process ...
Secretary Announces Refinancing Help for Rural USDA Home Loan Borrowers in Select States - Whitehouse.gov (press release)
Ed. note: This blog is cross-posted from the USDA Blog. Today, rural homeowners in 19 states across the nation are getting some much-needed and long-awaited help to cope with declining home values and a sluggish housing market. Secretary Vilsack ...
An Easier Path to Refinancing - New York Times
Interest rates are now at historically low levels, but banks refuse to let millions of homeowners refinance, because their credit is not stellar or because their homes are worth less than what they owe. High fees and intimidating red tape have ...