Veterans have the benefit of the VA loan and its 100% financing. However, they are not exempt from foreclosure proceedings if they can’t make their payments. That’s where the SCRA or Service Member’s Civil Relief Act comes into play. This Act protects service members that are still active in the military as well as those in the Reserves that must report to duty for more than 30 days. Just how does … [Read more...]
Is it Possible to Cash-Out with a VA Streamline Refinance?
You invested in your home and now you want to take the cash out. You heard there is a VA Streamline Refinance, are you eligible? Unfortunately, in order to cash-out on a refinance, you cannot use the streamline program. It is strictly reserved for certain situations, none of which include taking cash out of the home. What is the Streamline Refinance? The VA Streamline Refinance is a simplified … [Read more...]
Is Title Insurance Required Again With a VA Streamline?
Closing costs really add up when you purchase a home. Even with the VA loan, which usually has lower closing costs, you can pay thousands of dollars. When you refinance, then, do you have to pay the same closing costs? In particular, do you have to pay title insurance again? It seems like an unnecessary purchase, especially when the insurance can cost you several thousand dollars. Unfortunately, … [Read more...]
Can You Get the VA Streamline Refinance With Late Payments?
The VA Streamline Refinance allows you to refinance your VA loan with very little work involved. You do not need a new appraisal or to verify your credit. You also do not have to disclose your income. Because of the very little verification required, the VA has strict requirements regarding your mortgage history. If you have too many late payments, you will not qualify for the loan. This is the … [Read more...]
What are the VA Jumbo Loan Requirements?
VA loans are available to many veterans who served adequate time in the military. Borrowers who served during wartime only need 90 days of consecutive service to qualify. Those serving after the war or during peacetime, must serve 181 days consecutive days and those in the Reserves need 6 years of service. in addition to the time served, veterans must have an honorable discharge. Once you know you … [Read more...]
