The program allows both veterans
and active duty service members to
get affordable mortgages that the
VA guarantees to be repaid to
lenders.
In order to qualify for a
refinance loan through the
VA, you must have used
your eligibility for the initial
home.
A new Certificate of Eligibility is
not required. Your previous
Certificate of Eligibility serves as
proof of the use of your
entitlement.
These limits cap the amount of
liability for repayment required by
the program. Each county
determines the amount of loan
limit.
Generally, lenders will approve up
to four times the basic entitlement
amount of $36,000 for a home
loan, without a down payment.
Payment of the fee is required at
closing on the loan. You can
either pay the funding fee in cash
or roll it into the financing of the
property.
Funding fees can range from 0.5
percent to 3.3 percent. Funding fees
for the second use of your eligibility
are generally higher than the first
use.
Although credit checks and new
appraisals are not required under
the program, lenders may impose
these requirements under their
own rules.
Unlike a VA Purchase Loan, you
do not have to certify that you will
occupy the home. You must only
certify that you have previously
occupied it.
The IRRRL program cannot be
used to pay off a second
mortgage. Generally, the second
mortgage must be approved.
Your current mortgage payments
must be up to date, with no more
than one 30-day late payment
within the past year.
If you wish to take cash out of
your home for medical costs,
children’s college or home
improvement costs, the VA offers
a Cash-Out Refinancing Program
that allows you to use your equity
to finance these major expenses.
You may also refinance as much
as 100 percent of the value of the
property. Unlike the IRRL loan, a
credit report, income verification
and property appraisal are
required.
Certain costs associated with
refinancing can increase the
cost of the loan to a greater
amount than the fair market
value of the property.
Applicants for refinancing
should always take these
additional costs into account
when determining if
refinancing their VA loan is a
favorable idea.
He served in the United States
Marine Corps, and now devotes
himself to the Veteran home buyer
in the Phoenix area, fulfilling a
passion of his while at the same
time helping others achieve home
ownership.
For more details call
480-351-5904 or visit the site
www.valoansforvets.co
m
VA Loans for Vets
7702 E. Doubletree Ranch Road,
Suite 220
Scottsdale, AZ 85258
Phone: (480) 351-5904
Email: [email protected]