VA refinance requirements Miami Fort Lauderdale Florida
You must have suitable credit, sufficient income, and a valid Certificate of Eligibility Miami Fort Lauderdale Florida (COE) to be eligible for a VA-guaranteed home loan refinance. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries. VA refinance requirements Miami Fort Lauderdale Florida
VA home loan refinances Miami Fort Lauderdale Florida can be used to:
- Buy a home, a condominium unit in a VA-approved project Miami Fort Lauderdale Florida
- Build a home Miami Fort Lauderdale Florida
- Simultaneously purchase and improve a home Miami Fort Lauderdale Florida
- Improve a home by installing energy-related features or making energy efficient improvements Miami Fort Lauderdale Florida
- Buy a manufactured home and/or lot. Miami Fort Lauderdale Florida
Spouses Miami Fort Lauderdale Florida
The spouse of a Veteran can also apply for home loan refinance eligibility under one of the following conditions:
- Unremarried spouse of a Veteran who died while in service or from a service-connected disability, or
- Spouse of a Service Member missing in action or a prisoner of war
- Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, Miami Fort Lauderdale Florida
(Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan refinance eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003, that are received after December 15, 2004.) VA refinance requirements Miami Fort Lauderdale Florida
- Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death
Other Eligible Beneficiaries Miami Fort Lauderdale Florida
You may also apply for eligibility if you fall into one of the following categories:
- Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II Miami Fort Lauderdale Florida
- Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others Miami Fort Lauderdale Florida
The U.S. Department of Veterans Affairs administers home loan refinances Miami Fort Lauderdale Florida to qualified individuals through its VA Loan Refinance Guaranty Service. According to the VA’s website Miami Fort Lauderdale Florida, more than 27 million veterans and service personnel are eligible for a home loan to refinance financing through the VA Miami Fort Lauderdale Florida. The program offers many benefits. Qualified veterans are eligible for loan refinances up to 100 percent of the purchase price of a home. After veterans buy homes with a VA loan refinance Miami Fort Lauderdale Florida, they have an opportunity to refinance their homes through the VA Streamline Refinance. There are requirements for these loan refinances, but the requirements are not as stringent as those required for regular VA loan refinances Miami Fort Lauderdale Florida.
General Requirements Miami Fort Lauderdale Florida
To obtain a VA guaranteed home loan refinance Miami Fort Lauderdale Florida or a VA refinance loan refinance, home buyers Miami Fort Lauderdale Florida must meet several requirements. Chiefly, homeowners Miami Fort Lauderdale Florida must reside in the home, and they must qualify as veterans. Under the regular VA loan refinance program Miami Fort Lauderdale Florida, though, the purchased home must be appraised, and home buyers must provide income verification. Lenders also require credit qualifying. With the VA’s mortgage refinance program Miami Fort Lauderdale Florida, there is no need for an appraisal, and there is no income verification or credit qualifying. As long as the homeowner has not had more than one 30-day-late mortgage payment in the past 12 months, the homeowner can qualify for the VA Streamline Refinance Loan refinance. The loan refinances program is available only to homeowners who already have regular VA loan refinances Miami Fort Lauderdale Florida. If someone qualifies as a veteran but has a conventional mortgage, the individual does not meet the requirements for a VA refinance loan refinance. VA refinance requirements Miami Fort Lauderdale Florida
Interest Rate Requirement Miami Fort Lauderdale Florida
A VA Streamline Refinance loan refinance often is used by homeowners to save money on interest paid on a mortgage, but some homeowners opt to refinance in an effort to borrow against their equity in a home. The VA Loan Refinance Guaranty Miami Fort Lauderdale Florida Service Miami Fort Lauderdale Florida does not allow homeowners to use any of the loans refinance proceeds for purposes other than the mortgage. The program also requires all refinanced fixed-rate loan refinances to result in a lower interest rate. The rule does not apply to adjustable-rate mortgage loan refinances. If an ARM’s Miami Fort Lauderdale Florida current interest rate is higher than a proposed fixed rate, the loan refinances refinancing meets with VA requirements.
Improvement Requirements Miami Fort Lauderdale Florida
While homeowners Miami Fort Lauderdale Florida are not allowed to cash out any portion of a refinanced VA home loan refinance, they are allowed to spend up to $6,000 of the loan refinance amount for certain upgrades. The upgrades must be for energy efficiency Miami Fort Lauderdale Florida. VA refinance requirements Miami Fort Lauderdale Florida
Qualified improvements include the addition of solar heating and cooling systems, weatherproofing, furnace efficiency improvements, new ceiling, attic, wall and floor insulation, storm windows and doors, heat pumps and vapor barriers Miami Fort Lauderdale Florida. To receive a cash payment Miami Fort Lauderdale Florida for the cost of the improvements, homeowners must provide a copy of a contractor’s bid showing the cost of the improvements. The money is held in escrow until the improvements are completed and an inspection is done verifying the work. VA refinance requirements Miami Fort Lauderdale Florida
Obtaining your Certificate of Eligibility (COE) Miami Fort Lauderdale Florida
While you don’t need your VA Certificate of Eligibility in hand to start the loan refinance process with Veterans United, this certificate is a very important part of your loan refinance application. Your COE verifies that your length and character of service make you eligible to use the VA home loan refinance benefit.
You can ask your Veterans United Loan Refinance Team to obtain your COE on your behalf. Speak with a VA Loan Refinance Specialist to get your COE today Miami Fort Lauderdale Florida. The process takes minutes to complete with proof of your military service and ensures your home financing moves forward without delays.
If you prefer to do the work yourself, VA Loan refinance applicants in Miami Fort Lauderdale Florida can contact the Veterans Administration directly and fill out a Certificate of Eligibility (VA Form 26-1880). VA refinance requirements Miami Fort Lauderdale Florida
VA Loan Refinance Income Requirements Miami Fort Lauderdale Florida
Homebuyers interested in the VA Loan refinance aren’t required to reach any kind of income threshold to use their home loan refinance benefits; however, borrowers are expected to have stable, reliable income that will cover monthly expenses – including their new mortgage payment.
Additionally, the VA requires Miami Fort Lauderdale Florida that borrowers maintain a certain amount of income left over each month after all major expenses are paid. The excess is meant to cover typical family needs, such as food, transportation and so forth and is referred to as residual income. Residual income is a large reason why the VA Loan refinance maintains one of the lowest foreclosure rates of all major lending options. VA refinance requirements Miami Fort Lauderdale Florida
By enforcing residual income requirements, the VA Miami Fort Lauderdale Florida increases the chances of its borrowers earning sufficient income to meet all financial obligations, and also ensures borrowers have a cushion in the event of an emergency.
Additional Eligibility Requirements Miami Fort Lauderdale Florida
Although the VA determines Miami Fort Lauderdale Florida the guidelines for those who are eligible for the VA Loan refinance benefit, private lenders who finance the home purchases have an additional set of criteria a potential borrower must satisfy, including debt, income, and credit requirements Miami Fort Lauderdale Florida.
When you apply for a VA Loan refinance, your Mortgage Specialist from Veterans United will pull your credit score from the three leading credit agencies, as well as examine your debt-to-income ratio. VA refinance requirements Miami Fort Lauderdale Florida
Finally, a veteran applying for a VA Loan refinance must not have been discharged under dishonorable conditions.
You are currently serving, or have completed your faithful service to this country. Now you wonder if you have earned your VA home loan refinance benefit Miami Fort Lauderdale Florida.
Eligibility can seem like a confusing thing to figure out, especially when you want to move forward with home-buying plans for you and your family. VA refinance requirements Miami Fort Lauderdale Florida
More than 320,000 current and former service members bought a home with a VA loan refinance in 2015, according to VA. It could be time for you to take advantage of this benefit too.
A VA mortgage offers 100% financing, low rates, and zero mortgage insurance.
So, we’ve put together a quick reference guide that can tell you if you are likely eligible for this benefit.
Current and former U.S. armed forces service members are typically eligible if they are currently serving, or have met service requirements with an honorable discharge. Eligibility can be earned by serving in the Army, Navy, Air Force, Marine Corps, Coast Guard, Reserves or National guard.
You are probably eligible if you’ve served:
90 days during wartime Miami Fort Lauderdale Florida
181 days during peacetime Miami Fort Lauderdale Florida
2 Years if enlisted in Post-Vietnam era Miami Fort Lauderdale Florida
6 years in the National Guard or Reserves Miami Fort Lauderdale Florida
Un-remarried surviving spouses are also eligible Miami Fort Lauderdale Florida
There are many ways in which you may be eligible for a VA home loan refinance:
If you enlisted and service began on or BEFORE September 7, 1980, or you were an officer and service began on or BEFORE October 16, 1980, you are eligible if you served honorably for:
90 days or more, any part of which occurred during wartime or 181 continuous days or more during peacetime If you enlisted and service began AFTER September 7, 1980, or you were an officer and service began on October 16, 1980, you may be eligible if you served honorably for:
24 continuous months Miami Fort Lauderdale Florida or more or the full period for which ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime) Member of the National Guard or Reserves for a minimum of 6 years (see below for more information)
The Vietnam Era begins on Feb 28, ’61 for individuals who served in the Republic of Vietnam
You may also be determined eligible if you:
- were discharged for a service-connected disability Miami Fort Lauderdale Florida, or
- were discharged for the convenience of the government after completing at least 20 months of a 2-year enlistment Miami Fort Lauderdale Florida, or
- completed not less than 90 days (any part during wartime) or 181 continuous days (peacetime) Miami Fort Lauderdale Florida, and
- were discharged because of a hardship, or
- were determined to have a service-connected disability Miami Fort Lauderdale Florida, or
- were discharged or released from active duty for a medical condition which preexisted service and has not been determined to be service-connected, or
- received an involuntary discharge or release from active duty for the convenience of the Government as a result of a reduction in force Miami Fort Lauderdale Florida, or
- were discharged or released from active duty for a physical or mental condition not characterized as a disability and not the result of misconduct but which did interfere with your performance of duty Miami Fort Lauderdale Florida
- are an un-remarried spouse of a veteran who died while in service or from a service-connected disability, or
- Is the spouse of a serviceperson missing in action or a prisoner of war? Miami Fort Lauderdale Florida
The above information does not cover every situation. To find out if you are eligible for a VA loan to refinance, contact us here to get a VA loan refinance rate quote and verify your eligibility.
Active Duty Service Personnel Miami Fort Lauderdale Florida
If you are now on active duty, you are eligible after having served on continuous active status for at least 90 days. When an ending date is established for Persian Gulf War service, a minimum of 181 days of continuous active duty will be required for persons who did not have wartime service Miami Fort Lauderdale Florida.
Members of the Selected Reserve Miami Fort Lauderdale Florida
“Selected Reserve” means the Selected Reserve of the Ready Reserve of any of the Reserve components which consist of units and individuals who participate actively in paid training periods and serve on paid active duty for training each year. This includes Army, Navy, Air Force, Marine Corps, and Coast Guard Reserves as well as Army National Guard and Air National Guard Miami Fort Lauderdale Florida. VA refinance requirements Miami Fort Lauderdale Florida
6-Year Requirement: A veteran, who is not otherwise eligible, who completes a total of 6 years as a member of the Selected Reserve Miami Fort Lauderdale Florida (need not be ordered to active duty) is eligible if he or she either:
- received an honorable discharge Miami Fort Lauderdale Florida
- was placed on the retired list Miami Fort Lauderdale Florida
- was transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service in the Selected Reserve characterized as honorable Miami Fort Lauderdale Florida
- Continues to serve in the Selected Reserve. VA refinance requirements Miami Fort Lauderdale Florida
The 6 years’ service need not be continuous nor in the same Reserve or National Guard unit. However, active duty regular military service cannot be combined with Reserve service to reach the 6-year requirement.
VA Home Loan Refinance Eligibility may also be established for:
- Certain United States citizens who served in the armed forces of a government allied with the United States in World War II. Miami Fort Lauderdale Florida
- Individuals with service as members in certain organizations, such as Public Health Service officers, cadets/midshipmen at service academies, officers of National Oceanic and Atmospheric Administration, merchant seamen with WWII service, and others. Miami Fort Lauderdale Florida
If you have any questions about your eligibility or qualifications for a VA loan refinance, call to speak with a licensed lender Miami Fort Lauderdale Florida who can help you with your specific needs. VA refinance requirements Miami Fort Lauderdale Florida
VA home loan refinance quotes are freely available Miami Fort Lauderdale Florida
The VA home loan refinance program is an excellent deal for active duty military personnel and non-active duty veterans. Take advantage of your benefits.
- Loan refinance Amounts Up to $417,000 and Higher in some
- 15, 25 or 30 Year Loan Refinance Terms
- Up to 4% Seller Paid Closing Cost Allowed
- No Mortgage Insurance
- Allowed to Finance Up to $6000 For Energy Improvements