Thursday, March 5, 2009

Like I Said... "VA Loans ROCK!"

Towards the end of last summer I noted "VA Loans ROCK!" and while I have been digging into the whole "Making Home Affordable" thing I was reminded they still do...

Purchase Loans:
  • No down payment may be required! *Depending on loan limits and entitlement 
  • Up to 4% of closing costs can be paid with seller concessions.
  • Funding fee from 1.25% (regular military with 10% down) to 3.3% for subsequent use.
VA Streamline or IRRRL (Interest Rate Reduction Refinance): VA to VA
  • Funding fee of only .5%
  • No credit report, appraisal, nor income verification is required.
  • The loan to value never comes into play.
  • Notes: The new loan amount must be less than the original plus "allowable" closing costs. There is an exception to this if your loan is delinquent so that late charges and/or legal fees can be included. Your payment is only allowed to increase if you are refinancing out of an ARM.
VA Cash-Out: Regardless if you are taking cash out or not, go figure.
  • Funding fee of 2.15%, 2.4% for Reserves/National Guard, or 3.3% for subsequent use.
  • Loan to value up to 100% allowed through 9/30/12, will reset back to 90% afterwards.
Other perks:
  • Never any MI (mortgage insurance).
  • Loan amounts up to $417,000, higher limits available in certain counties around the states.
  • Flexible underwriting, we will leave it at that, too many what ifs, ands, or buts.
  • All VA loans may be assumed by another qualified veteran with only a .5% funding fee.
  • Veterans with a service connected disability of 10% or more the funding fee is waived.
  • Jumbo, Construction, and Manufactured Home Loans are also available, other restrictions apply.
If you have already benefited from a VA Loan but are experiencing a hardship the "Home Affordable Modification" also includes VA loans. To learn more explore this link then contact your lender.