Pittsfield, MA -- (SBWIRE) -- 07/25/2013 -- Real-estate-yogi.com is here to provide some insight into qualifying for and accessing these loans, such as:
- Refinancing into a VA Loan
- VA Cash-Out Refinance
- Conventional to VA Loans
- G.I. Joe Perks
Refinance to a Veterans’ Affairs Loan
Recently, there has been an increase in the demand for Veteran Affairs loans due to their low interest rates. Advantages to refinancing are the original loan can be refinanced up to 100% of the home’s value and there’s no mortgage insurance. There are several refinancing options available for active duty members, veterans, reservists, and members of the National Guard, such as the Interest Rate Reduction Refinancing Loan, or IRRRL. This choice reduces the overall monthly payment and requires practically no documentation.
Veterans Affairs Loans With Low Monthly Installments, Apply Online!!
Cash-Out Refinance, VA Style
Veterans’ Affairs offers cash-out refinance for those who already have a Veterans’ Affairs loan and who have two mortgages and some equity. If a homeowner wants to merge his two mortgages into one loan, cash-out refinancing is the way for him to do it. A cash-out refinance is another mortgage for more than what is owed on the other two. A homeowner takes the left over cash to use as he sees fit.
Converting from Conventional to VA Loans
If a veteran who does not currently have a Veteran Affairs Loan but qualifies for one wishes to convert his regular loan into one from the VA, he can. Not only can veterans apply, bur spouses of active duty members killed in the line of duty can, too. Refinancing to a VA loan is considered a cash-out refinance by the VA, so the veteran will be charged the funding fee based on his eligibility. Generally, this fee is 2.15% of the whole amount of the loan, and it can be added to the balance of the loan.
Perks for G.I. Joes
For a long time post-active duty, honorably discharged veterans can qualify for Veterans Affairs loans. This means that they can borrow approximately $500,000 with no private mortgage insurance or down payment required. For a VA loan, a veteran’s credit must be in good standing for at least one year, unlike with private lenders, who look back much farther.
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