California has one of the largest populations of veterans and active duty soldiers serving the US Defense Forces. After service with dedication and showing a great deal of valor on the battlefield, they separate from the service and they dream of settling down in the state by buying their own home. Buying a home is relatively easier for a member of the military as they have certain benefits entitled to them by the US Government. The US Department of Veteran Affairs (VA) has the loan guaranty scheme under which it provides the guaranty for the VA loan California taken by eligible veterans.
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The Home Loan Guaranty Program of the Department of Veteran Affairs of the United States Federal Government is aimed at helping veterans of the United States Military to get a home purchase loan. Now, a large number of veterans often have doubts about the impact their credit score would have on their chances of getting a VA Loan. Well, the Department of Veteran Affairs has no minimum credit score requirements. This means that, in theory, you would get a Florida VA Loan even if you have a low credit score. But, the loan would be provided by a private lender and that lender might have their credit score requirements. However, since the loan is backed by the government, you can rest assured that the credit score requirements would not be as high as for conventional loans. In fact, there are a few reputed VA approved lenders in Florida who would offer you a VA Home Loan Florida even if you have a less-than-impressive credit score. So, get in touch with such a reputed VA Loan Lender in Florida and fulfill your dream of having a home in sunny Florida.
Making mortgage payments every month can turn out to be quite burdensome for many, especially in the long run. Now, if you are a veteran of the United States Military and if you already have a VA Home Loan, then you can always reduce your monthly mortgage payments by getting a VA streamline refinance. The Interest Rate Reduction Refinance Loan program of the VA, also known as VA streamline refinance, reduces the interest rate of your existing VA loan and thereby easing the pressure of high mortgage payments. In the following post, we would be looking at some of the facts that you should know before considering to apply for a VA Loan.
You Don’t Need to Get Your COE for getting a VA IRRL
The process of getting a VA IRRRL is much less tedious than getting a VA purchase loan. This is because the paperwork is much less. For example, you don’t need to get your Certificate of Eligibility (COE) in order to get a VA streamline refinance loan. All you need to do is get in touch with a VA approved lender and they would take care of the rest. You can change from ARM to Fixed Rate Mortgage Adjustable Rate Mortgage goes up and down based on market trends. Over the past few years, the mortgage rates has only increased which casted an additional burden on the borrower. However, you can change from an ARM loan to a fixed mortgage with an IRRRL VA thereby bringing in a much needed stability.
The VA Funding Fee for Streamline Refinance is the same for all
You would need to pay a funding fee for a VA Streamline Refinance Loan as well. However, unlike VA purchase loans, the funding fee for VA IRRRL is based on a flat rate. The funding fee for a VA IRRL loan is 0.5% of the total loan amount. These were some of the basic yet highly useful facts that you should know about the VA Streamline Refinance Loan. So, get in touch with the leading VA approved lenders in the country and reduce the burden of high mortgage payments with VA streamline refinance. |
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