Refinancing Your Home with the VA IRRRL Program

The Interest Rate Reduction Refinance Loan or the IRRRL program of the United States Department of Veteran Affairs has helped millions of military home owners reduce the burden of loan repayments. The VA IRRRL, also called VA Streamline Refinance, helps you to reduce the interest rate of your existing VA Loan and thereby reduce the monthly payments. In this post, we would be looking at some of the important facts that you should know as that would help you plan about getting a VA Streamline Refinance.

• You can get the benefits of the VA IRRRL Program, only if you have an existing VA Loan. Unlike the VA Cash-Out Refinance Program, you cannot use it to refinance your FHA Loan or Conventional Home Loan.

• You can use the VA Streamline Refinance Option to lower the interest rate of your VA Loan. You can even use it to move from an ARM to Fixed Rate Mortgage Loan.

• You don’t need to get your Certificate of Eligibility to get a VA IRRRL. Your lender can use the e-mail confirmation process of the VA in lieu of the COE.

• Try to compare the VA refinance rates offered by different lenders. Different lenders would offer different rates and you can save big by getting the cheapest loan.

• You can roll the closing cost of the existing loan into the VA IRRRL. This way, you can get your home refinanced without giving anything out of your pocket.

• You need to pay a funding fee to get a VA home loan refinance. The funding fee would 0.50% of the total loan amount.

• You must NOT receive any cash from the refinance loan.

• You can take additional amount of money to make energy efficient home improvements.

So these are some of the facts that one should know before planning to go for a VA home loan refinance. Get in touch with a professional and VA approved lender and reduce the burden of repaying your VA Home Loan.

What Should Be Done to Get a VA Loan Post Bankruptcy

To begin, the VA loan process is much less complicated than what people think it is. It is very common for VA loan applicants in states like Hawaii, to get stuck somewhere in the process where they wish they had someone who could guide them properly. The basis of guidance is proper information. One of the most common queries that people have is regarding getting a VA loan after bankruptcy. Yes, foreclosure does affect a person’s ability to get a loan, but just because a person is facing bankruptcy, does not necessarily mean that he is out of the league of prospective loan borrowers.

 VA Loan process for bankrupt borrowers

There is no denying the fact that the VA home loans Hawaii process for individuals with a history in bankruptcy is difficult. But there are certain tools and clauses that can help people in recovering from the situation. Chapter 7 and chapter 13 bankruptcy filing protection are the first steps that one needs to take in order to get sanctioned for a VA loan later. In general cases, VA approved lenders generally wait for a minimum of two years, beyond the date of discharge, in case of chapter 7 filing.

In cases where borrowers file chapter 13 bankruptcy protection, are eligible for a VA loan just after 12 months from the date of filing. The chief determining factors for Hawaii VA loans, in such cases would be timely payments and satisfactory credit scores.

Bankruptcy with foreclosure

Depending on the financial position you are holding, an existing homeowner might even choose to give back his home during the entire process of bankruptcy filing. Borrowers of VA home loan Hawaii, in general, have to wait two years before obtaining a home loan post foreclosure. It is thus the concern that veterans might have to wait four years or more for it. This is untrue.

Taking care of your credit

One of the greatest obstacles that people need to face while getting a VA loan post-bankruptcy is his inadequate credit score. Hence, it is advisable that after two years of discharge, a person should work on improving his credit score. Once you manage to repair your credit, you would be able to prepare yourself for pre-qualification.

VA Loans Arizona : Your Way to Successful Homeownership

A loan for house construction is the best thing that can happen to a person who has been looking for a big investment. You might be lucky to get a loan, but it is the repayment of the same and sustenance of the property that has to be planned and thought about. This might be a lot difficult for a conventional loan, but it is not the case with a VA loan.

A VA loan or a Veteran Affairs loan is one where a military veteran or a serving personnel in the United States gets to enjoy monetary benefit for home purchase, on low interest rates. This loan has grown very popular over the years and today there are millions of Americans getting the VA loan sanctioned with the help of lenders from private institutions located in their city.

What really works to convince military people in states like Arizona is the fact that VA loans are beneficial than conventional loans. When a person qualifies the eligibility criteria, he/she has to get in touch with a VA approved consultant or lender who has got experience in the field and would be able to guide him/her properly.

VA is a secure means of home loan procure, not only because one does not need offering any amount as down payment or that the interest rates are less, but also because the borrower as well as the lender has got the government backing them in case of defaults. It also does not require the borrower to have mortgage insurance. Sometimes in case of certain VA loans there are some percentage of funding fees associated. The payment is generally 2.15 percent of the lending amount. Reservists and National Guard Members pay a quarter of the percentage more than what active-duty members pay. However, finding your perfect VA loan can be quite an ordeal as mortgage rates Arizona keep on fluctuating with the market. Borrowers should be aware about keeping their credit scores in good condition if they wish to be considered by the top lenders in the city. The better the score, the lower the interest rates.

For someone who is willing to shift to Arizona and wishes to look for a VA loan for home purchase information about the best mortgage rates in Arizona could be received from several online portals. You may receive information from several consultants as well, but before you actually go down to planning about the furniture and curtains of your home, getting a mortgage calculation done is imperative. There are several online calculators that you can take help from once you have the mortgage rate, the desired amount as well as your monthly expenses counted. So, know your mortgage rates today Arizona and start with home planning like never before.

VA IRRRL and Cash out Refinance: The Two Effective Ways to Ease the Burden of High Interest

The Department of Veteran Affairs of the Federal Government of the United States is the department that looks after the benefit and the welfare of the members of the United States Military. One of the popular programs of the department, also known simply is the VA, is the Home Loan Guaranty Scheme under which the department provides the guarantee for the home loans taken by veterans and active duty members of the Armed Forces. The Interest rates of the VA Loans are often cheaper than the market rates, but still sometimes we see people finding it hard to repay the loan. In such a case, the best option would be to take a VA Refinance Loan. Yes, the VA does offer refinance options as well. In this post we would be taking a look at the VA Interest Rate Reduction Refinance Loan and the VA Cash Out Refinance, which are the two ways you can refinance your loan.

VA Interest Rate Reduction Refinance Loan – The VA Interest Rate Reduction Refinance Loan, also known as the VA IRRRL or VA Streamline Refinance is one of the easiest way to refinance your existing VA Loan. This loan gives you the opportunity to lower your interest rate and also move from an ARM Loan to a Fixed Rate Loan. This makes it a great option to Refinance VA Home Loan as you would be able to lower your monthly repayment amount.

VA Cash Out Refinance Loan – With the help of this loan you can tap into your home equity and get cash.  You can get this VA Refinance Loan and finance as much as 100% of your loan to value and get the money for home improvement and remodeling.

If you want to get the most out of these VA Loan Refinance Options, just get in touch with a professional VA Loan Lender like VALoansFinance.com and their team of VA Loan experts would help you get the best deal. So get in touch with the experts and ease the burden of your VA Home Loan.

3 Must Know Facts about VA Loans in Hawaii

The Home Loan Guaranty program of the Department of Veteran Affairs, known simply as VA Loans, has helped millions of military personnel, both current and from the past, to buy a home in their dream locations. The island state of Hawaii is one such location which is highly coveted by military veterans when it comes to buying a home. However, the high real estate prices in Hawaii have often deterred people from buying a home in this exotic tropical paradise. But if you are a military veteran or a current member of the defense forces of America, then you can make the process easier by getting a VA Loan in Hawaii. In this post we would be taking a look at some of the things that you need to know when it comes to getting a VA Loan.

 1.       The advantages of VA Loan

There are a number of advantages of getting a VA Loan. For example, VA Loans are less risky to the lenders and hence, the lenders charge a lower interest rate. If you are in Hawaii, then it is possible that you would get a VA Loan with a much lower interest rate than the Bank of Hawaii mortgage rates for Conventional Loans or any other such sources. Another big advantage of getting a VA Loan is that you don’t have to pay for any mortgage insurance.

 2.       You can refinance your existing VA Loan with a VA IRRRL

If you feel that VA Loan interest rate is a bit too steep and that is putting pressure on your pocket, then you can always refinance your existing loan with a VA Interest Rate Reduction Refinance Loan or VA IRRRL. These types of loans, also known as VA streamline refinance come with cheap Mortgage Refinance Rates thereby making it easier for you to make the loan payments

3.       The Department of VA doesn’t offer the loan themselves

The department of Veteran Affairs (VA) do not provide the loan themselves, they only provide the guarantee. In order to get a VA Loan in Hawaii, you need to get in touch with a VA approved lender in Hawaii. Some of the leading names in the business would help you get cheap VA mortgage rates and also help you throughout the process of application making it easier for you.

So take the help of the leading VA Loan Lenders in Hawaii and get a VA Loan that buys your dream home in this paradise on earth.

VA loans Offering a New Life to Honorably Discharged Veterans

We all hear about the accounts of bravery that military men and women all over the world project. They are definitely what the security of a particular nation sums up to. But, often the question arises that are these people rewarded well for their selfless services? Well, the Government of the United States have got a host of facilities lined out for veterans and serving military people to ensure their comfort and security, in return for their respectable service. One of the most acclaimed facilities among them are facilities for home purchase. If you have seen any of your military veteran relatives or friends gearing up for home purchase, you have surely heard about the VA loan scheme.

What is a VA loan?

VA stands for Veteran Affairs and thus we understand that the VA loan scheme aims to change the lives of retired military people as well as veterans suffering from service-related disability, find a decent home for themselves as well as their family through a loan scheme that calls for very little hassles of documentation and low rates of interest. This scheme has been etched out by the Department of Veteran Affairs that has given permission to certain banks, cooperatives, private financial organizations as well as individual lenders, the right to offer ex-army officers, serving military men and women as well as family members of deceased officers, loans at low rates. This makes it easier for them to get a loan sanctioned easily and find a suitable home in any part of the country that they desire.

Where to take loan from?

Though the scheme has opened gates of opportunities for these respectable individuals to lead a life of peace post retirement, it also necessary for them to have knowledge about a few things. There is an eligibility criteria which prospective loan borrowers need to qualify for in order to be considered as the rightful candidate for the loan. Once qualified the veteran has to get in touch with VA home loan lenders, who have got government validation. Even though there is no mention of maintaining a decent credit score for loan sanctioning, borrowers are expected to maintain a certain score for the sake of getting a higher benefit from a lender. Another very important that borrowers should know and understand is the need to calculate the VA monthly mortgage. One can use an online home loan calculator depending on the interest rates that lenders offer. This will enable him to have an idea of the minimum monthly income that he would need to maintain in order to repay for a home loan as well as carry out daily life expenses. Hiring a consultant service can be of great help in getting the entire job carried out professionally and methodically.

How Can You Reduce the Interest Rate on Your VA Loan?

The Home Loan Guaranty Program of the U.S Department of Veteran Affairs has helped military home-buyers in America to buy their own home with ease. Although current and past members of the U.S. Military might be eligible for other loan programs like FHA Loans and Conventional Loans, it is seen that most members of the Armed Forces try to get a VA Loan for buying a property. Although VA Loan Interest Rates are low compared to some other loans, sometimes it might happen that people might find it difficult to make their monthly payments based on the interest rate. So what should you do in such a situation?

Well, the VA allows you to Refinance Home Mortgage with the VA Interest Rate Reduction Refinance Loan or VA IRRRL. The VA IRRRL is also known as the VA Streamline refinance. You can reduce the rate of interest on your VA Loan, thereby making it easier to make the repayment. You can get a VA IRRRL only if you have an existing VA Loan. This means that you cannot Refinance FHA Mortgage with a VA IRRRL. You cannot even get any monetary proceeds from the refinance loan. You can refinance your ARM VA Loan into a fixed rate VA Loan with the help of VA Streamline Refinance. Therefore, getting a VA streamline refinance might help you make the repayments of your VA Loan with ease.  To get a VA Refinance Loan, all you need to do is to get in touch with the leading VA Loan Lenders in America, like VALoansFinance.com and they would handle the rest. They have a team of professionals who would help you in every stage of the process and make it easier for you to Refinance Mortgage Rate. So, get in touch with such experts and make home ownership easier.

Florida Mortgage - Calculate it at the Earliest to Avoid Repayment Troubles Later

Florida is one of the best places to live - both before and after retirement. But, if you are a person who has given many valuable years of his life to the country being an army man, you have got to find more reasons that just the city life amenities and topographical structure of the place. The best part, there is a good enough reason and that is the real estate industry in the state. Besides the fact that they have swanky new apartments and spacious houses coming up at crucial city locations, the state also opens up opportunities for veterans and serving military men and women to take home loans and make their life easier. Yes, over the years, the type of loan schemes available have multiplied but when you have a VA loan designed for you, you would barely spare a thought about the conventional schemes offered by banks and co-operatives!

A little about Florida mortgages

The state of Florida is of great attraction to both citizens as well as outsiders. It has not only got the Universal Studios, World Disney World, Tampa Bay and Miami, but also some commendable facilities for veteran and their families. The top military bases that Florida has got include the Tyndall Air Force Base, ISC Miami and NAS Pensacola. There are more than a 100,000 military men present in Florida along with their families and they are boosting the economy in a number of ways. Florida mortgages are an additional reason to get attracted to the flourishing state economy. Not only are the rates attractive, people are not even made to offer a down payment if one is in touch with a VA approved lender. However, there are certain compulsions relating to maintenance of a decent credit score. If a veteran is willing to get a mortgage in Florida, it would be necessary for him to calculate his savings and income, before he can actually hope to take the loan. Though, refinance options are available, it is always better to stay within safety limits when home purchases are in question.

Calculate your mortgage amount

The mortgage amount that you should impose on yourself has to be calculated well beforehand, in order to continue with the planning. This is the reason several lenders facilitate veterans with Florida mortgage calculator service. This is important because, one does not simply have his monthly mortgage repayments to make. Household expenses, insurance, food and education eat a large sum of our savings and income. That often leaves people with very little amount to repay the loan. In such cases, lenders are skeptical to give you preference and would naturally opt for a person who is more financially stable. If you consider prior planning to be important, you can also calculate your monthly mortgages through online services. Providing details of loan amount, loan, term and loan percentage would make it easy for them to calculate your monthly repay amount. This would help you to decide whether you would want to go for it, or consider other options. First-timers can take the help of VA consultants in the field to weigh their chances of having a home loan.

Home Financing Benefits Available to Military Veterans in Texas

The lone star state of Texas has always produced a strong lineage of warriors who have played an important role in shaping American history. Even today, the state of Texas is home to a large number of brave men and women who have served or are still serving in the U.S. Military Forces. Now, if you are a current and past member of the United States Armed Forces then, you can make homeownership a lot easier by getting a Texas Veteran Home Loan. Here in this post we would be looking at the various options that you have available when you want to buy a home in Texas.

The VA Loan Program

The Department of Veteran Affairs (VA) of the United States Federal Government guarantees the home loan taken by veterans and such loans are often called VA Loans. VA Loans are available to any veteran who has served for more than 90 days during wartime or more than 180 days during peacetime. It is also available to members of the National Guard and the Reserves who has served for more than six years. If you are a disabled veteran or the surviving spouse of a P.O.W, M.I.A or a veteran killed on the battlefield, even then you can apply for a loan.

The Texas Veteran Land Board Program

The Texas Veteran Land Board (VLB) also offers veterans in Texas assistance in home financing.  It has the Texas veterans land loan program which helps Veterans to buy land in Texas. The VLB also offers financial assistance in form of loans to veterans to help them buy a property in Texas.

Which is the best option for you?

If you weigh all the pros and cons, then the VA Loans in Texas slightly edges out the Texas Veteran Land Benefits offered by the VLB. For one thing, VA Loans doesn't require you to pay for any mortgage insurance and you can even refinance your existing loan with a VA Streamline Refinance. There are several other benefits as well. Therefore, if you are a veteran who is looking for an easy way to buy a home in Texas, then Texas VA Loans might just prove to be a better option for you when compared to the Texas land grant for veterans. To get a VA Loan, all you need is to get in touch with a professional VA Loan Lender in Texas and get the best deals on VA Loans. Get a VA Backed Loan in Texas and settle down in this state which takes pride in being the home to over a million veterans.

A Few Things That You Need to Know About Texas VA Loans

VA Loans, or the loans guaranteed by the United States Department of Veteran Affairs, are perhaps one of the most beneficial federal programs for our military veterans. Now, the lone star state of Texas which has over a million veterans is a state which, quite unexpectedly, has one of the largest numbers of VA Loan Applications in the country. If you are a veteran residing in the state of Texas, then there are a few things that you should know before applying for a VA Loan in Texas. Here, we would be taking a look at some of the facts that you should know before applying for a VA Loan.

VA Loan Rates are generally lower than conventional loans

VA Loans are guaranteed by a government authority and hence the risk to the lender offering you the loan is lower than in case of conventional loans. Therefore, the interest rates for VA Loans are less compared to conventional loans. For example, the VA Land Loan Rates in Texas is almost fifty basis points or 0.50% lower than conventional mortgages. However, you should note that the VA Land Loans are not available for buying land and they are only available for buying property.

Although the VA does not have a minimum credit requirement, lenders would still want to see your credit score

The Department of Veteran Affairs does not have a minimum credit score requirement for veterans, but individual lenders might still ask for your credit score before they give you the loan. However, the credit requirement is much low compared to any other loan. Leading VA Loan Lenders in Texas, would offer you Land Loans for Veterans even if you have a low credit score.

You Can Refinance Your Existing VA Loans with a VA IRRRL

VA Loans have one big advantage that other loan programs like the loan program by the Texas Veterans Land Program by the Texas Veteran Land Board. That is the fact that, you can refinance your existing VA loan Texas with a VA interest rate reduction refinance loan or VA IRRRL. This way you can reduce the interest rate and make the loan easier on your pocket.

So what you are waiting for? If you are a proud military veteran residing in the state of Texas, then get in touch with a professional VA Loan Lender in Texas and give life to your dreams.