If you are the wife of a deceased U.S. armed force official, you can avail home loan option through VA mortgage schemes. The VA home loan scheme is the perfect option for member of United States armed force officials. However, if you or anyone from your family is a member of U.S. Armed force, then only you can avail the VA home loan option. Wife of a deceased U.S. armed force official stands a strong chance of getting instant approval when applied for the VA loan.
The Benefits The VA home loan comes with a number of benefits. There is no mandatory down payment procedures involved with such a loan scheme. Also, the loan comes with a very low mortgage rate, much lower than conventional rates. There are also no penalty charges on prepayment of the entire loan amount repaying process. Refinance Schemes VA loan is not only available for the buyers. There is also VA loan refinance schemes available for those who want to refinance their present property with another VA mortgage loan option. In these cases too, the loan schemes don’t require any kind of appraisal or income documentation. The eligibility criteria for surviving spouse To become eligible for the loan, the deceased military individual must have:
Cash-Out Loan Scheme There is also a cash-out loan scheme available from VA department. This option is beneficial to those who would be trying to refinance a non-VA loan into VA loan. It would be great for those who want to raise cash for some other reasons, through tapping on their home equity. In fact, VA Cash Out Loan scheme is also beneficial for those homeowners who are dealing with FHA PMI removal.
0 Comments
There are bound to be cash crisis scenarios flaring up in life and even you military guys are not spared from such situations. At any moment you just might be staring at a scenario of crisis and short of cash. However, we would like to tell you that being someone associated with the US military your options are slightly better than the civilians. It is so because you can always apply for VA loans in Texas or just about anywhere. The VA loan is your best option of cash due to a military association. It is a military borrowing and that is just the reason why the rate of interest on this form of loan is the lowest. Moreover, one should note that it is not only you but even ex servicemen and spouses, who are eligible for this form of cash borrowings. Hence, it is lovely and with the Department of Veteran Affairs ready to put a guarantee stamp on the application papers, you just cannot ask for more. You will love to fill up the application papers, but we suggest that do not get over excited and rather look to approach the situation a bit carefully. We suggest that you fill up the papers but via a top qualified lender and that should allow you to get valuable updates on various aspects of the VA loan. Since it is a military borrowing not much information regarding this form of loan is available in public domain. You will certainly want to be updated on important matters such as VA loan rates for Texas and other important issues. That is just the reason why we suggest that you approach the scenario but via a top qualified lender because they update you extensively in this regard. You get an extensive insight into this form of borrowing and let me tell you that the processing for you loan is quick in such situations.
The VA Cash out Refinance Loan has found a tremendous popularity among the veterans as well as eligible active duty members of the United States Military. The reasons behind this popularity are not that hard to find – this loan allows you to get some money out of your existing home equity. Now, most of the money would be used to refinance your existing mortgage but the remaining part of the loan can be used for making other payments. Therefore, if you are finding it hard to make regular mortgage payments or you need to make some urgent payments, then getting a VA Cash out Refinance would be the right way to deal with it. However, before you apply for cash-out refinance loan, there are a few things, which you must know about.
There are some other details, which you should know before applying for it. Find a VA loan lender near you and get all the assistance that you need to get a VA Loan.
Most of the military veterans in the United States apply for the VA Loans, as it really makes the financially difficult task of home ownership much easier. However, there are aspects of the program that most veterans do not understand fully. One such aspect is the VA Loan Entitlement. Most veterans think that the VA Entitlements is the maximum amount of loan they would get from a lender. They look up for the figure, and find that the VA Entitlements are only $36,000. This is really heart breaking as you cannot possibly dream of buying a decent house with that money. However, is it really that way? In the following post, we would be looking at the VA Loan Entitlements and how they influence the amount of VA Home Loan you would get. Let’s start with the good news! The VA Loan Entitlement is not equal to the maximum amount of loan you would get. It only states the maximum amount of money the VA would pay to the lender. Depending on the lender and various other factors, you would get a much higher loan amount. Now, another thing that you must know is that an eligible veteran would get two entitlements –the VA Loan Basic Entitlement and the Bonus Entitlement.
The basic entitlement is $36000. In most cases, a lender would offer you a loan amount equal to four times that amount. Therefore, using your basic VA Entitlement alone, you would get a loan amount, which would be equal to $144,000. You would also get VA Loan Bonus Entitlement, which is equal to $68,250. However, you cannot use this entitlement if your loan amount is below $144,000. With the bonus entitlement, you can get a loan, which is equal to $417,000. In some counties, you can get even more. You can always get in touch with the help of the leading VA Loan Lender in your state and get more information. Get in touch with the experts and get the assistance you need to get a loan that makes it easy to get the home of your dreams. Paying heavy mortgage payments every month is something that can be pretty stressful for some. Even if you have a government backed loan like a VA Loan, paying the mortgage every month can be pretty frustrating. To help veterans out of these situations, the Department of Veteran Affairs (VA) also offers you the chance to refinance your loan. Now, the VA offers two refinancing options – The VA Streamline Refinance and the VA Cash Out Refinance. It is often seen that veterans often get confused about which loan they should take in a particular scenario. In the following post, we are going to take the look at the right refinancing option that you should take in case of a particular scenario. Which Refinance Loan Should You Take, If You Want to Reduce Your Interest – If you want to reduce the interest rate of your mortgage, then the best option for you would be the VA IRRRL, also known as the VA Streamline Refinance. Here you would be refinancing your existing VA Loan with a new loan that has a lower interest rate.
You Want to Get Some Money Out of Your Home Equity – If you are looking to get some cash at hand from your home equity, then the VA Loan Refinancing Option for you would be the VA Cash Out Refinance Loan. You Want to Move From ARM to Fixed Rate Mortgage – If you have an Adjustable Rate Mortgage (ARM) Loan then your mortgage rate would change over time. To protect yourself from such volatility, you can move to Fixed Rate Mortgage. To do that, you would need to apply for a VA IRRRL. You Don’t Reside in the Property – If you want to get a refinance for a property that is not your primary residence, then the only VA Refinancing Option that you have is the VA IRRRL. You can’t get a VA Cash Out Refinance for such a property. You need to get in touch with a VA Loan Expert so that you can look at your options in a better way. So, take the help of the leaders and make the right decision. It is natural for people to have a retirement plan once they near the close of their serving period in a place. The case is no different for people employed as military personnel and war veterans in the country. Florida, the ‘Sunshine State’, known for everything from Walt Disney World to the nightlife of Miami to the beaches of Tampa, is currently making news as one of the most favorable locations where veterans and serving military generals can enjoy home ownership through finance initiatives by the government in the form of VA loans. But, for people who have been contemplating shifting base to Florida they would probably want some concrete reasons before they can finally decide to start packing their bags. We would give you three very concrete reasons why should definitely consider it. Florida Housing Values Your first concern would always be to get an account of the housing market in the city. If you have already planned a budget, then we would like to tell you that housing prices have gone down considerably in the last few years. Earlier, houses whose prices were close to $1,000,000 can now be availed at around $500,000 or less. Thus, availing finances through home loans can really be easy and you might actually get a deal of your lifetime! |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
October 2016
Categories
All
|