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VA Refinance

VA Refinance

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Are You Eligible For A VA Loan?

Service Member

- National Guard & Reserve Member - Currently on Active Duty - Special Circumstances

Minimum Active Duty Service Requirements

- 90 continuous days

Qualifying Active Duty Dates

- Any

Qualifying Wartime & Peacetime Periods

- Any

Service Member

- Reserve and National Guard Members

Qualifying Active Duty Dates

- August/2/1990 – Present

Peacetime Periods and Qualifying Wartime

- Gulf War

Minimum Active Duty Service Requirements

- 90 continuous days

Service Member

- Reserve and National Guard Members - Currently on Active Duty - Special Circumstances

Peacetime Periods and Qualifying Wartime

- Continue to serve in the Selected Reserve, OR - Were discharged honorably, OR - Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR - Were added to the retired list

Qualifying Active Duty Dates

- August/2/1990 – Present

Minimum Active Duty Service Requirements

- Served in the Selected Reserve or National Guard of 6 (six) years.

Gulf War August/2/1990 – Present

Minimum Active Duty Service Requirements - 24 continuous months, OR - The full period ( of at least 90 days) where you were ordered or called to active duty.

24-month rule September/8/1980 – September/1/1990 *The start date for officers is October/17/1981

Minimum Active Duty Service Requirements - 24 continuous months, OR - The full period (at least 181 days) where you were ordered or called to active duty.

Post-Vietnam War 5/8/1975 – 9/7/1980 *The ending date for officers is 10/16/1981

Minimum Active Duty Service Requirements - 181 continuous days

Vietnam War October/5/1964 – May/7/1975 *For Veterans who served in the Republic of Vietnam, the start date is February/28/1961

Minimum Active Duty Service Requirements - 90 total days

Post-Korean War February/1/1955 – August/4/1964

Minimum Active Duty Service Requirements - 181 continuous days

Post-WWII July/26/1947 – June/26/1950

Minimum Active Duty Service Requirements - 181 continuous days

WWII September/16/1940 – July/25/1947

Minimum Active Duty Service Requirements - 90 total days

Spouse of a Service Member who was a prisoner of war or missing in action missing.

Surviving spouse that gets remarried

Surviving spouse that gets remarried on or after becoming age 57, and on or after December 16, 2003 (Note: a surviving spouse that got remarried before December 16, 2003, and on or after becoming age 57, must have applied no later than December 15, 2004, to establish VA loan eligibility. VA must deny applications from surviving spouses who become remarried before December 6, 2003, that are received after December 15, 2004.)

Surviving Spouses of certain totally disabled veterans

Surviving Spouses of certain totally disabled veterans whose disability possibly did not lead to their cause of death

Unremarried spouse of a Veteran

Unremarried spouse of a Veteran whos Service Member died while in active service or from a service-connected disability.

*If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

Certain U.S. citizens that have served in the armed forces of a government allied with the United States in World War II

Individuals with service as members in certain organizations

Individuals with service as a member of certain organizations, such as Public Health Service officers, cadets in the Coast Guard Academy, the United States Military, or Air Force. This may also include officers of National Oceanic and Atmospheric Administration, midshipmen at the United States Naval Academy, merchant seaman with World War II service, and more.

*Don't meet the minimum service requirements? Don't sweat it, you may still have options. If you have been discharged because of the following: - Reduction-in-force, hardship, a service-connected disability, the convenience of the government or certain medical conditions.

58%

of homebuyers stated that price is most
important when considering a mortgage

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Refinancing for Retired and Active Service Members

As the interest rates change with market conditions, homeowners often get the opportunity to refinance an existing loan with a new lender that, without much change in the monthly payment, offer a significantly shorter term or have the ability to lower the payment significantly by lengthening the term.

  • For example, Suppose Clara got a 20-year mortgage five years ago, and she is looking to refinance. In such a case, she doesn’t have to start over with a 20-year repayment period all over again. She can ask to repay it in the shorter time period and adjust the apr or lengthen the term to lower the overall payments but the homeowner will be subject to interest charges by lengthening the term.

VA Refinance

VA Loans, in general, requires less money down than a conventional loan.

100% Financing

VA Loans will allow more money to be borrowed, up to 100% of the value can be financed.

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Understanding the concept of VA REFINANCE loan

VA REFINANCE loans are getting very popular these days due to various benefits they offer to the borrowers. Some of them are discussed below-

  • Lower down-payment requirements (as low as 3.5%)
  • Less rigorous lending standards
  • Insured/ backed by the Federal Housing Administration
  • Another reason for the popularity of the VA REFINANCE loans is the fact that under VA REFINANCE loan, the borrower is allowed to borrow up to 100% of the total value instead of 90% that is required by everyone else.
A POPULAR SUGGESTION

Why VA Refinancing is popular.

As the interest rates change with market conditions, homeowners often get the opportunity to refinance an existing loan with a new lender that, without much change in the monthly payment, offer a significantly shorter term or have the ability to lower the payment significantly by lengthening the term.

  • For example, Suppose Clara got a 20-year mortgage five years ago, and she is looking to refinance. In such a case, she doesn’t have to start over with a 20-year repayment period all over again. She can ask to repay it in the shorter time period and adjust the apr or lengthen the term to lower the overall payments but the homeowner will be subject to interest charges by lengthening the term.

NO HASSLES

NO UPFRONT FEES

JUST MORTGAGES

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Typical Qualifications for a VA Loan

Relaxed credit standards as compared to other loan instruments, is one of the main reasons a large number of borrowers are exploring the option of VA REFINANCE loans. The eligibility criteria for the VA REFINANCE loans work as below –

  • If the borrower is looking to get a mortgage with a down payment as low as 3.5 percent, the credit score of 580 or higher is needed
  • At least 10 percent of down payment is needed by the borrowers with credit scores between 500 and 579 to apply for VA REFINANCE loans
  • Anyone with a credit score below 500 is generally ineligible for VA REFINANCE loans but will still qualify to apply to many programs for assistance.

58%

of homebuyers stated that price is most
important when considering a mortgage

Get FREE personalized mortgage rates in Minutes

So is VA REFINANCE loan right for you?

When shopping for the home loans, going with the VA REFINANCE route is ideal if you want to avoid strict credit requirements that often come with other conventional mortgage options such as larger down payment, higher credit score, and a lower debt-to-income ratio. However, before deciding to go for a VA REFINANCE loan, weight all the pros and cons to take the right decision. There are thousands of lending establishments that will work with VA and have more freedom to offer better deals than the typical lending Giants.


For someone with some money in the bank but isn’t interested in parting with, it is a great relief to know that that you are still eligible for home loans under VA REFINANCE program. VA REFINANCE approval requirements are generally much less stringent as compared to the conventional loans. For e.g.:  the minimum credit point requirement for VA REFINANCE loan eligibility is only 500 points. Furthermore, if the borrowers’ credit score is 580 or above they are eligible for maximum financing Loan to Value is 100%.


In the conventional loan applications, one of the major factors taken into account by the lenders is the credit history. Both the loan amount eligibility and the interest rates charged are heavily dependent on the same. However, in case of the VA REFINANCE loans, interest rates are the same irrespective of credit and in most cases highly competitive.


Unlike the conventional mortgages that often require down payments anywhere between 5-10% of the purchase price of the home, VA REFINANCE loans are available at a much lower down payment (as low as 3.5% or nothing at all)


Generally, the monthly mortgage insurance fee paid on a VA REFINANCE loan is much lower as compared to the one paid on the conventional mortgage options. As a result, the overall monthly payment is much lower in case of the VA REFINANCE loans


Low debt to income ratio is one of the important criteria in case of the conventional loans. However, in case of VA REFINANCE loans, one can qualify with a higher total monthly debt as against the income.

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