 |
Interest Rate Reduction VA Loan Program
The VA has created an Interest Rate Reduction Loan program called the Streamline Refinance.
This provides a way for current VA homeowners to lower their interest rate with little or no
out-of-pocket costs. These loans can also be made faster and with less documentation than a
typical loan.
An Interest Rate Reduction Loan or Streamline Refinance allows you to refinance your current
mortgage interest rate to a lower rate than you are currently paying. This is only available
to veterans who are refinancing their original VA mortgage and utilized their original
eligibility.
"No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses.
One option is to let the lender pay the costs in exchange for a higher interest rate.
Another option that lets you obtain market rates is to roll the closing costs into the
new loan.
| |
- No assumptions are allowed.
- The veteran cannot receive any cash back.
- VA does not require an appraisal, any income or employment verifications, no credit report and no termite report, yet the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing.
- Any other liens must be subordinated to the VA loan.
- This loan can be done with "no out of pocket money" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
|
FREQUENTLY ASKED QUESTION # 1 [ -more VA Loan questions- ]
- - - - - -
Q: Definition of a VA Loan - What is a VA loan?
A: The VA loan began in 1944 through the original Servicemen's Readjustment Act, also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
|
 |
|
VA Loan Rates
for 5/11/2008
30 year fixed
-----------------
0.000 points
6.000%
6.110% APR
15 year fixed
-----------------
0.000 points
6.000%
6.190% APR
Life Insurance for Military Members
|
- AIU Online
- Capella University
- DeVry University
- Kaplan University
- Westwood College
- Walden University
- Strayer University
- Virginia College
- Grand Canyon U.
- Grantham Univ.
- Jones Int'l Univ.
- South University
- Ellis College
- CTU Online
- Baker College
VALoans.com is a private company specializing in VA financing and is
not a government agency.
|
|
 
|
Get Started with a
VA Home Loan
|
Copyright © 1997- 2008
VALoans.com
All Rights Reserved
Web Design
Archimage
Houston, Texas
|
