October 19th, 2009 — Mortgage Refinancing
The VA streamline refinancing or interest rate reduction loan is also called irrrl. It’s one of the best mortgage refinancing options available in the market. It’s very easy to qualify for. It’s a government backed mortgage loan for active duty and prior service veterans who already have an existing VA loan. Being government backed, it gets an edge over other types.
If you want to refinance your current VA home loan, VA streamline refinancing will provide you with hassle free and easiest options to get advantage of lower interest rates. Credit qualification won’t be a requirement, so even if you had bad credit, you can avail the opportunity. Well, credit qualification is not the issue, but you should not have more than one late mortgage payment in the last 12 months.
August 16th, 2009 — Mortgage Loans
According to Examiner.com, VA Loans are getting very popular in Bay Area, and most of the house purchases are being done with the help of these loans. Now why these loans are becoming so popular. Actually, there’re various reasons. The VA makes 100% financing achievable with entitlements for veterans. The entitlement acts as a veteran’s down payment and is available for all veterans or surviving spouses. Entitlements vary for each veteran with the average basic entitlement amount around $36,000.
In contrast with a conventional/FHA guaranteed loan, the VA loan allows veterans 100% financing without private mortgage insurance or a 20% second mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed.
In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI (private mortgage insurance), more of the mortgage payment goes directly towards qualifying for the loan amount. This allows for larger loans with the same payment.
VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28-35% for a conforming loan.
August 16th, 2009 — Mortgage Loans
According to a report by Baltimore sun, 75 percent of homes sold in the Baltimore metro area went to buyers with conventional mortgages,i.e. loans not insured by government agencies. Further, it says that 35% of the Baltimore-area buyers got conventional loans last month, 40% of Baltimore-area buyers went FHA in July, according to MRIS. The news report says that, the number of FHA-financed purchases jumped ninefold from four years ago, even though total home sales fell by almost half.
VA loans are not behind in this situation, and are popular too. Although not all buyers went for mortgages, and some of them had 100% down payment from other sources, but out of the mortgage bases home purchasing FHA and VA loans have got lead.
July 6th, 2009 — Mortgage Loans
Obtaining a mortgage loan is just like obtaining any other good form the market, where the prices can be negotiable. Shopping around for a home mortgage loan will give you the ability to choose from the best financial deal you’ve been offered. Same will be the criteria for obtaining VA loans and FHA loans.
You can get home loans from several lenders, banks and other mortgage offering institutions. Each lender may be offering you a different price and terms, it’s easy to choose once you have inspected many lenders, but how do you know you have made the right choice? This confusion is easily solved if you hire mortgage brokers to deal with your mortgage and help find you the best lender. Since, these are professionals in the industry and have several mortgage solutions in hand. Moreover, broker’s access to several lenders means a wide range of loan products and terms from which you can choose!
June 16th, 2009 — Mortgage Loans
A VA (Veterans Administration) loan provides low-cost insured home mortgage loans. Whether you’re buying a home or want or refinance your mortgage, a VA mortgage loan might help. However, to qualify for a VA loan, you must be a veteran, military-related individual or their spouse. VA mortgage loans offer many benefits and protections that other loans don’t, including:
- Credit Flexibility
- Great Interest Rates
- No Down Payment
- No Mortgage Insurance
- Low closing costs
