Understanding who qualifies to refinance a va loan
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![Page 1: Understanding who qualifies to refinance a va loan](https://reader033.fdocuments.net/reader033/viewer/2022052705/5790766b1a28ab6874b92fd3/html5/thumbnails/1.jpg)
Understanding Who Qualifies to Refinance a VA Loan
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The U.S. Veterans Affairs Administration has helped provide home loans for veterans since 1944.
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The program allows both veterans and active duty service members to get affordable mortgages that the VA guarantees to be repaid to lenders.
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The program has been expanded to include refinancing these loans, and certain qualifications apply.
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Use of VA Loan Eligibility
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In order to qualify for a refinance loan through the VA, you must have used your eligibility for the initial home.
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In other words, it must be a VA loan to VA refinance.
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A new Certificate of Eligibility is not required. Your previous Certificate of Eligibility serves as proof of the use of your entitlement.
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Loan Limits
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VA refinance loans are subject to certain loan limits as defined by the program.
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These limits cap the amount of liability for repayment required by the program. Each county determines the amount of loan limit.
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Generally, lenders will approve up to four times the basic entitlement amount of $36,000 for a home loan, without a down payment.
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Funding Fee
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A funding fee is required for all those who apply for loans through the VA Guaranteed Loan Program.
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Payment of the fee is required at closing on the loan. You can either pay the funding fee in cash or roll it into the financing of the property.
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Funding fees can range from 0.5 percent to 3.3 percent. Funding fees for the second use of your eligibility are generally higher than the first use.
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Certain veterans with disabilities and surviving spouses are not required to pay a funding fee.
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Interest Rate Reduction Refinance Loan
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The program allows refinancing up to 100 percent of the home’s value.
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Although credit checks and new appraisals are not required under the program, lenders may impose these requirements under their own rules.
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Unlike a VA Purchase Loan, you do not have to certify that you will occupy the home. You must only certify that you have previously occupied it.
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The IRRRL program cannot be used to pay off a second mortgage. Generally, the second mortgage must be approved.
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Your current mortgage payments must be up to date, with no more than one 30-day late payment within the past year.
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Cash-Out Refinance Loan
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If you wish to take cash out of your home for medical costs, children’s college or home improvement costs, the VA offers a Cash-Out Refinancing Program that allows you to use your equity to finance these major expenses.
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The above qualifications apply similarly for these loans.
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You may also refinance as much as 100 percent of the value of the property. Unlike the IRRL loan, a credit report, income verification and property appraisal are required.
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You must also certify that you will occupy the home being refinanced.
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Certain costs associated with refinancing can increase the cost of the loan to a greater amount than the fair market value of the property.
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These costs can include state and local taxes, discount points and other closing costs.
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Applicants for refinancing should always take these additional costs into account when determining if refinancing their VA loan is a favorable idea.
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He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership.
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Be a proud homeowner today.
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For more details call 480-351-5904 or visit the site
www.valoansforvets.com
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VA Loans for Vets7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]