See how little red tape there really is in getting a VA loan through the VA Home Loan Program. A veteran mortgage often requires no downpayment and frequently offers lower interest rates than ordinarily available.
VA Home Loans
New WA VA Loan and the VA Jumbo Loan (VA Loan Maximum Guarantee Amounts for WA Purchases)
On October 10th, 2008, the President signed Public Law 110-389, the Veterans' Benefit Improvement Act of 2008. This law allows for $0 down payment loans in qualified Washington state counties to go up to $550,000 on loans closed through December 31st, 2011. Qualifying customers can now apply for a regular VA Loan with $0 down up to the $550,000 in qualified Washington state counties.
VA Refinance Loans
A VA refinance transaction involves repayment of your current real estate debt from the proceeds of your new VA mortgage that has the same borrower(s) using the same property.
This type of "Cash-Out Refinancing" is used for homes that are used as a principal residence by its owner. If you qualify, you can refinance for up to 90% of your home's appraised value plus all closing costs if the property can withstand the designated loan to value ratio. There is no minimum amount of time that you must own your home, yet your home must have sufficient equity to qualify for the loan.
This type of "Cash-Out Refinancing" is used for homes that are used as a principal residence by its owner. If you qualify, you can refinance for up to 90% of your home's appraised value plus all closing costs if the property can withstand the designated loan to value ratio. There is no minimum amount of time that you must own your home, yet your home must have sufficient equity to qualify for the loan.
VA Streamline Refinance: NO - Appraisal, Credit Underwriting, Qualifying Debt Ratio, Credit Check or Income Verification
An Interest Rate Reduction Loan or Streamline Refinance allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. This is only available to veterans who are refinancing their original VA mortgage and utilized their original eligibility.
"No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses. One option is to let the lender pay the costs in exchange for a higher interest rate. Another option that lets you obtain market rates is to roll the closing costs into the new loan.
"No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses. One option is to let the lender pay the costs in exchange for a higher interest rate. Another option that lets you obtain market rates is to roll the closing costs into the new loan.
We are not affiliated with any mortgage lender or broker nor are we claiming to be. We are a local Washington State consumer mortgage helper web site. We are based in the Marysville, WA area. This web page is subject to change with out notice do to variable changes in mortgage programs available with various companies.
