As a veteran, you are eligible to secure 100% financing for a home purchase or refinance. The loan has flexible guidelines, making it easy for many veterans to qualify for it. In exchange for the no down payment requirement and flexible guidelines, the VA requires the payment of a funding fee.Looking for Current Mortgage Interest Rates? Click Here.The fee applies to every VA loan, but the … [Read more...]
What’s the Highest DTI for VA Eligibility?
If there’s one thing any loan program has in common, it’s the need for a good DTI or debt-to-income ratio. However, the VA loan is in the minority on this one. Yes, they do look at your debt-to-income ratio, but not as much as other programs. Instead, the VA focuses on your disposable income, as they feel this is a better indication of your ability to afford the loan.Looking for Current … [Read more...]
Increasing Your Loan Amount on a VA IRRRL – Is it Possible?
You have a VA loan and want to refinance. You heard you could refinance without much work involved. That’s exciting news! Now you want to know if you can increase your loan amount. The answer is – it depends.You can’t take cash out of the home’s equity. That’s a VA rule. The VA IRRRL, which stands for Interest Rate Reduction Refinance Loan, is to help you lower your payments. The VA wants to … [Read more...]
How Your Type of Service and Loan Affect the Funding Fee
Most veterans pay a funding fee. It’s just a part of doing business with the VA. The fee you pay goes directly to the VA. It helps them continue to guarantee loans for veterans with no down payment. Without the fee, the loans would put a larger tax burden on citizens. It would also make it harder for the VA to have such lenient guidelines.The fee is a percentage of your loan amount. Just how … [Read more...]
Should You Pay Off Your VA Loan Early?
Prepayment penalties used to be common with any mortgage. Today, though, you can pay off most loans early, including the VA loan. The VA loan offers many benefits, such as no down payment and flexible guidelines, making it a great program for our veterans.Does it Make Sense to Pay Off Your VA Loan Early? Now that you know you won’t be penalized, you must determine if it makes sense to pay off … [Read more...]
