VA Home Loan Refinancing

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Home financing for Veterans through FHA Mortgage Programs, Refinance rates and Lending Guide updates from Mortgage Loan Place.

VA Home Loan Refinancing -

For veterans looking to refinance their VA Home Loan, their are three available options that are sure to work for any veteran.

The first type is that of the VA Streamline Refinance. This is for veterans who currently have a VA Loan, and would like to lower their rate. This type of loan is also known as a VA IRRRL, or VA Interest Rate Reduction Refinancing Loan. Benefits of this the IRRRL include no out-of-pocket costs, no required appraisal, and no income or credit check. There is no maximum loan amount for an IRRRL, and there in no monthly mortgage insurance. The funding fee of all interest reductions in only 5% on this type of refinancing.

The second type is a Cash-Out Refinance. For veterans who currently have a VA Loan, and have built up a little equity, this option allows them to take out cash or pay off their debts. If a veteran has some equity in their home, they may use their VA benefits to refinance their home, and get cash for up to 90% of the value of their home. This money can be used for anything by the veteran: to pay off debts, to make home improvements, etc.

The third type is a Conventional to VA Refinance. This is for veterans who do not currently have a VA Home Loan. This allows veterans to refinance into a VA Mortgage from a conventional mortgage. This type refinancing option does include a funding fee. This amount is 2.2% for Veterans that are first time users, and can be financed so that they don't have to pay anything out of pocket. Veterans will save money every month with this option because their is no monthly Mortgage Insurance required. No matter what the credit history of the veteran, with this type of refinancing, those with less than perfect credit may still be able to get the same low interest rates available to those with great credit.
It is important to note that for both a traditional mortgage and a refinance, the VA Home Loan Program is only backed by the government, the government does not originate or service the loans.

We are not associated with the Department of Veterans Affairs or any governmental agency.
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