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VA refinance loan Miami Fort Lauderdale Florida

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VA refinance loan Miami Fort Lauderdale Florida

VA refinance loan Miami Fort Lauderdale Florida

VA refinance loan Miami Fort Lauderdale Florida

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. VA refinance loan Miami Fort Lauderdale Florida

The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. VA refinance loan Miami Fort Lauderdale Florida

The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities. VA refinance loan Miami Fort Lauderdale Florida

The VA loan allows veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for a VA Interest Rate Reduction Refinance.

VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills. VA refinance loan Miami Fort Lauderdale Florida

The maximum VA loan guarantee varies by county. As of 1 January 2012, the maximum VA loan amount with no down payment is usually $417,000, although this amount may rise to as much as $1,094,625 in certain specified “high-cost counties “The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities. VA refinance loan Miami Fort Lauderdale Florida

The VA loan allows veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for a VA Interest Rate Reduction Refinance. VA refinance loan Miami Fort Lauderdale Florida

VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.

The maximum VA loan guarantee varies by county. As of 1 January 2012, the maximum VA loan amount with no down payment is usually $417,000, although this amount may rise to as much as $1,094,625 in certain specified “high-cost counties”

The Benefits of Using Your VA Loan Privileges. Refinance loan Miami.

–       Buy a home with no down payment (a benefit almost no other loan can offer). VA refinance loan Miami Fort Lauderdale Florida

–       Refinance up to 120% of your home’s value. Refinance loan Miami.

–       Take advantage of your VA loan benefits even if you’ve used them in the past. Refinance loan Miami.

Why You Should Choose Quicken Loans

–       Our dedicated VA mortgage bankers are experts in the VA loan process. Refinance loan Miami.

–       Mortgages are all we do. Refinance loan Miami.

–       Online tools like MyQL let you track your mortgage process from start to finish, and our Mortgage Calculator app gives you rates right on your phone. Refinance loan Miami.

–       Want to be more confident in your credit and monitor your report and score throughout your home purchase process? Check out Loan.today. Creating an account is free and won’t affect your credit score. VA refinance loan Miami Fort Lauderdale Florida

How It Works. Refinance loan Miami.

VA Loan Features

–       30-, 20- and 15-year fixed rate loans and 5-year ARM loans available. Refinance loan Miami.

–       Jumbo VA loans available up to $1,500,000. Refinance loan Miami.

–       Buy a home with no money down. Refinance loan Miami.

–       Refinance up to 120% of your primary home’s value.VA refinance loan Miami Fort Lauderdale Florida

–       VA Streamline refinance, available for veterans currently in VA loans, has reduced funding fees and minimal documentation. Refinance loan Miami.

–       No monthly private mortgage insurance (PMI). Refinance loan Miami.

How VA loans work

–       Credit scores as low as 620 may qualify for VA loans

–       Use your basic allowance for housing toward your monthly mortgage costs

–       Prepay your mortgage at any time without penalties

–       Roll the funding fee into the loan amount to limit closing costs

A VA loan is an incredible benefit offered to men and women of the armed forces who meet certain eligibility criteria. Not only are the benefits exclusive to veterans, they provide opportunities that you can’t get with other loans, like the ability to refinance your home up to 100% of its worth, no down payments on a home purchase, and more. VA refinance loan Miami Fort Lauderdale Florida

But to take advantage of the benefits offered by a VA loan, you have to prove you are eligible. In order to do that, you must meet certain guidelines.

To qualify for a VA loan, you must have one of the following requirements:

  • Served 181 days during peacetime (Active Duty). Refinance loan Miami.
  • Served 90 days during war time (Active Duty). Refinance loan Miami.
  • Served 6 years in the Reserves or National Guard. Refinance loan Miami.
  • Surviving spouse of a service member who was killed in the line of duty. Refinance loan Miami.
VA refinance loan Miami Fort Lauderdale Florida

VA refinance loan Miami Fort Lauderdale Florida

But in addition to meeting one of the above criteria, you must request a Certificate of Eligibility (COE) from the Veterans Association.  The COE, or Form 26-1880, proves to your lender that you, on behalf of the government, are qualified to receive the loan. VA refinance loan Miami Fort Lauderdale Florida

This form will ask you for information about your current living situation and your dates of military service. It is recommended that you provide your proof of service form along with the COE. Loan. This is the DD Form 214 (that you can obtain online if you do not have a copy). For veterans who entered service after September 7, 1980, and were discharged after serving fewer than 2 years, proof of service is required. Loan.

You can print out a request for your Certificate of Eligibility online and submit it to the VA for approval; however, it’s important to note that it could take up to 6 weeks before you hear back from them. Loan.

Fortunately, a VA-approved lender, like Quicken Loans, can request this certificate for you. Loan. A majority of the time, we can get this for you in minutes. If you’re ready to move forward right away, having Quicken Loans get this for you can make sure that your mortgage process moves along as smoothly and quickly as possible.

Right now, 30-year fixed rates on VA Loans are incredibly low. It simply makes sense to apply for your VA loan today.

Did you know that as a disabled veteran, you may be eligible for special considerations when getting a VA loan? It’s true. There are additional benefits available based on your disability status that could help you save quite a bit. Check out some of the benefits on a VA loan that come with your disability status.

The VA Loan Funding Fee Is Waived. Refinance loan.

If you currently receive disability benefits and have not yet closed on your VA loan, your funding fee is waived and you do not have to pay it. (This is true regardless of your level of disability.) Loan. If you close on your loan prior to receiving benefits, the funding fee may be refundable. For example, if a first-time home buyer is purchasing a $200,000 home with a VA loan and qualifies for disability, the 2.15% funding fee will be waived, saving the homeowner $4,300. Loan. Once your disability benefits are approved, you must apply in writing to your state’s VA Regional Loan Center to initiate the funding fee refund. If you financed the funding fee, the refund amount will be removed from your principal amount due, and if you paid with cash, the VA will issue you a check. VA refinance loan Miami Fort Lauderdale Florida

It is important to remember that if you do not currently receive disability benefits, you must have a pending claim for disability prior to the closing date of the loan. Loan. If the application for disability is dated after closing, you may not receive a refund.

Specially Adapted Housing Grants Are Available Loan.

A disabled veteran may be able to purchase a home with a fee-free VA loan, but if the home also needs accessibility modifications, the Specially Adapted Housing (SAH) grant and the Special Housing Adaptation (SHA) grant are available to help. VA refinance loan Miami Fort Lauderdale Florida

The SAH helps qualified veterans with one of the following:

Build a home with special disability-related modifications. Loan.

Remodel and modify an existing home to meet adapted housing needs. VA refinance loan Miami Fort Lauderdale Florida.

Apply the grant against the principal mortgage balance of an adapted home that’s already. Loan.

Been purchased without VA grant assistance. Loan.

The SHA helps qualified veterans with one of the following:

Adapt an existing home that is already owned by the veteran. Loan.

Adapt a home that the veteran intends to purchase. VA refinance loan Miami Fort Lauderdale Florida

Help a veteran purchase a home that has already been adapted. Loan.

It’s important to note that if you’re considering a grant, the maximum amount allowed for the SAH is $64,960/yr. For the SHA, the maximum amount per year is $12,992. Loan.

Additionally, veterans must have their disability benefits approved prior to applying for housing grants. VA refinance loan Miami Fort Lauderdale Florida

Speak with a Home Loan Specialist today

Contact us: (888) 352-9005

service@iconicmortgage.com 

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