Archive for March 29, 2010
Are You Looking Into VA Loans?
March 29, 2010 | 
Author Were you in the armed forces? Are you looking to buy a house? Veterans will qualify for special loans. Here are some things to consider about VA loans.
Buying or refinancing
You can buy a house with a VA mortgage loan. Did you know that you can refinance your current VA mortgage? You can get ninety percent of your original loan amount.
Streamline
You can get a fast and simple refinance with a streamline loan. There may not be many papers to sign. Things like credit checks and appraisals may not be needed. This will lower your current VA mortgage interest. You can also take equity out.
VA ARM loans
VA adjustable rate loans are available. They have an interest cap of five percent. The first few years, there will be no interest raises.
How do these loans work?
Service people and ex service people may qualify for a special loan program. The U. S. Government will guarantee part of your home loan. This part is called an entitlement. The entitlement amount cannot exceed $60,000. This is for homes in excess of $144,000. For homes under that amount, the entitlement is $36,000. This amount will vary, according the loan value. An entitlement is not money paid to the veteran. Also do not forget your certificate of eligibility. You get this from the VA office. You lender may be able to get it for you.