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VA Mortgage Loans, 100% VA Loan, No Money Down Loan Options & Financing from VA Lender – Welcome to Military Home-Buying and VA Home Loan Blog
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21 May 10 VA Mortgage Program Ensures 100% Loans

VA Home Mortgage Loans Co. is pleased to announce the 100% loan, under the VA loan program.  For first time home buyers and military veterans, this is a good sign.  For VA homeowners who just need a lower interest rate, the VA streamline refinance automates the refinancing process and does not require an appraisal.  This means that borrowers who have a mortgage that is greater than their home value may still have an option if they are eligible for a VA mortgage.  100% VA loans are not as accessible as they were a few years ago.  Take advantage of the current VA mortgage rates and lock into a 30-year fixed rate loan that is available for 4.875% for qualified borrowers.

If you are a veteran or active member in today’s military and you’re interested in a cash out or a VA streamline refinance, this VA loan program may be worth looking into.  Cash out refinancing is available to 90% and rate and term VA refinancing is available to 100%.

VA home loans offer veterans many financial benefits:

  • No Down Payment Required –
  • VA Guidelines allow bad credit
  • No Private Mortgage Insurance
  • VA assistance to veteran borrowers in default due to temporary financial difficulty
  • Disabled Veterans have the VA funding fee waived

100% financing means you may qualify for zero down financing that enables you to save some money.

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01 Dec 08 Can Obama Repair the Home Mortgage Lending Industry?

Here is the problem Mr. President Elect, the subprime meltdown and the foreclosure crisis problem is far more complicated than predatory lending from unscrupulous mortgage brokers. Banks do not like mortgage brokers and for years they fueled the fire that mortgage brokers caused the sub-prime meltdown. For the last decade, Banks have developed mortgage lending guidelines that created a housing boom. American homeowners prospered and what could go wrong. Lending guidelines in 2005 and 2006 went too far in allowing no money down home loans for borrowers with little, no or bad credit. The housing bubble bursted and jobs were lost. The home loan financing industry melted and banks tightened their guidelines to the point where average homeowners could not qualify to refinance into a fixed rate mortgage they could afford. FHA home mortgage loans have started to require certain credit scores and lenders like to play appraiser and reduce their appraised value to the point where everyone has been wasting their time. Home equity tanked and the foreclosure concerns became an epidemic.

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01 Dec 08 VA Mortgage Loan Update

Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. These new options are available as a result of the Veterans’ Benefits Improvement Act of 2008 (PL 110-389), which the President signed into law on Oct. 10, 2008. Veterans with financial hardships due to increasing high rate sub-prime mortgage loans are potentially the greatest beneficiaries. VA has never guaranteed sub-prime home loans. However, as a result of the new law, VA can now help many more veterans who currently have sub-prime mortgage loans.

The new law makes changes to VA home loan refinancing program. Veterans seeking to refinance their sub-prime or conforming mortgage loans may now do so for up to 100% of the value of the property. These types of mortgage loans were previously limited to 90 % of the value. Additionally, Congress raised VA’s maximum loan amount for these types of mortgage refinancing loans. Previously, these refinancing loans were capped at $144,000. With the new legislation, such loans may be made up to $729,750, depending on where the property is located.

Increasing the loan-to-value ratio and raising the maximum loan amount will allow more qualified veterans to refinance through VA, allowing for savings on interest costs or even potentially avoiding foreclosure. Originally set to expire at the end of this month, VA’s authority to guarantee Adjustable Rate Mortgages (ARMs) and Hybrid ARMs was also extended under this new law through Sept. 30, 2012. Unlike conventional ARMs and hybrid ARMs, VA loan imits interest rate increases on these loans from year to year, as well as over the life of the loans.

For more information, or for help from a VA loan specialist, call VA at 1-877-827-3702 or go to www.homeloans.va.gov.

01 Dec 08 100% VA Home Loans

The only true 100% home financing left is the VA home mortgage loans.  You need to be a veteran and the mortgage rates are low.  The VA funding fee is only .5% and borrowers can buy a new home with no money down.  like FHA underwriting, the credit scores with VA mortgage loans are not as important as income and job history.  Veterans who already have VA loans can do streamline refinancing up to 100% as long as they keep the new mortgage rate and term.  If Vets want cash out they can refinance up to 90%.

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01 Dec 08 Military Money Magazine Shows Families How to Detect and Avoid Financial Scams

Recent reports indicated that America’s military families may be the latest target of financial scams. Military personnel are often young and transient, but they earn a regular paycheck from Uncle Sam – making them prime mortgage targets for shady sales practices and financial scammers. The Winter 2008-09 issue of Military Money® magazine uncovers common scams aimed at the men and women who protect our country and offers helpful tips to help families detect and avoid them. Military home mortgages have many benefits so don’t lose out because of a few scams.

  • Unsuitable Insurance- Several unscrupulous agents have misrepresented their companies’ affiliation with the U.S. military. What you can do: (1) Max out your military insurance first. Service members’ Group Life Insurance (SGLI) costs only 6.5 cents per $1,000 of coverage per month. (2) Check out insurers and agents with your state insurance department. Ask about licensing, complaints and disciplinary actions.
  • High-Fee Investments- Sales people for companies pushing high-fee investments pounce on military personnel who receive a financial windfall, such as deployment pay. What you can do: (1) Take advantage of the military’s Savings Deposit Program. Members of the military deployed in certain regions can deposit up to $10,000 into a special account that pays up to 10% per year. (2) Check the broker’s record. Use FINRA’s Broker Check tool (www.finra.org) to obtain information on a broker’s licensing status and any disciplinary actions.
  • Affinity Fraud- Scammers will use any affiliation with the military, whether real or not, to gain a family’s trust. What you can do: (1) Check out the company or salesperson with the base community service office. Some offices maintain a database that cross-references complaints made to various on-base offices as well as the local Better Business Bureau. (2) Put an active-duty alert on your credit report. This free alert asks creditors to take extra precautions to verify the identity of an applicant before extending credit.
  • Predatory Mortgage lending- Advance-fee or payday lenders target cash-strapped military members, requiring loan payments of as much as $900 or even $1,800 up front. What you can do: (1) Get a 0% loan through a military emergency relief fund. Contact the community service office at your base for details. (2) Join a credit union. On-base credit unions often offer short-term loans at competitive interest rates. (See VA Home Loans )

Read complete article at www.MilitaryMoney.com and enjoy additional content, calculators, surveys and other interactive tools.

01 Dec 08 FDIC Loan Modification vs Mortgage Loan Relief Program

Once the homeowner’s modification is determined, the home loan lenders’ service company must perform a property valuation test between the cost of a loan modification and the estimated cost of foreclosure to provide modification results in a reduced cost solution to the investor. By providing an automated appraisal that compares the cost of restructuring the home loans and the estimated cost of foreclosure, the service company fulfills the terms of most home loan servicing agreements.

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