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23 May 10 California VA Loan Incentives

Military veterans in California are being offered unique lending incentives on VA mortgage loans. On Friday the VA Home Mortgage Loan Co. announced a new VA loan program with discounts for military veterans residing in California.  The VA mortgage incentives are in an effort to honor California military appreciation.  At that time, military personnel and veterans are being honored for their courageous service and contributions to the history of the California military.  The VA loan incentives should help military families save thousands of dollars with reduced closing costs for VA refinance and purchase mortgages.  The discounts will also be extended on the VA streamline refinance program.

Any California VA home loan closed by California military personnel and veterans during the military appreciation promotion will have underwriting and processing fees waived. This reduced cost VA loan offer should save borrowers at least $1,500. This VA mortgage promotion is only available to military personnel and veterans of the U.S. Armed Forces.  Underwriting and processing fees are standard lending costs for most refinance loan transactions, but for the next 30 days, California military families can save by not having to pay for these traditional closing costs.

VA Home Mortgage Loan Co.com wants to show his gratitude for the military and their service, particularly those in California.  According to California VA lender, “We have always had great VA borrowers in California,” Tom Howard said. “This offer should save California military families money and hopefully present a new opportunity to purchase a home or refinance during these difficult times.”  VA mortgage rates have been at record lows in 2010, but these incentives won’t last much longer.

In San Diego there are close to 50,000 active troops stationed on military bases.  California homeowners can take advantage of the offer by visiting VA Home Mortgage Loan Co. online.  “Our goal is to give a little back to the troops by providing them a new opportunity to purchase a house or refinance their existing mortgage into a more affordable home loan.”

10 Nov 09 VA Streamline Mortgage Refinance

VA home mortgage loans have many benefits for military veterans.  VA streamline loans are a unique refinancing opportunity for borrowers that already have a VA loan. VA streamline refinance loans enable a borrower to refinance their loan quickly if they can reduce their interest rate and save money.  VA streamline mortgages do not allow cash back, debt consolidation or the combining of 1st and 2nd mortgage loans.  If you have a VA mortgage and the interest rate is above 5.5%, we recommend a VA streamline because VA mortgage interest rates start at 4.5%.  Take advantage of the VA home loan benefits and streamline your mortgage today. Learn more about the VA home loan process online today.

14 Sep 09 Military Avoids Private Mortgage Insurance with a VA Mortgage Financing

Getting a VA home loan could greatly save veterans money by avoiding PMI. VA mortgage rates are affordable and the biggest attraction for VA mortgages is the fact that you do not need to put any money down unlike conventional loans. With traditional conventional mortgages borrowers are required to pay PMI if they cannot put down at least 3%. With a VA loan, you will not only avoid the down payment but you will also avoid private mortgage insurance also known as PMI.

VA loans are getting more and more popular for Veterans in this struggling economy because Veterans can save money in multiple ways. As stated earlier, by getting a VA loan borrowers can avoid any down payment which will also help them avoid PMI. Read the complete article VA online.

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03 Jun 09 Home Loan Modifications for Veterans

Unfortunately many VA homeowners run into obstacles with incomes issues that affect their ability to make their VA loan payments on time and loan modification plans and mortgage refinancing must be considered. Many Military Veterans got themselves in to unfavorable loan terms with adjustable rate mortgages from subprime lenders. Many of these Vets also live in areas that have significantly depreciated and over the last few years, they lost their home equity.

Borrowers who paid their mortgage on time or have equity or at least are not upside-down, can do a VA refinance up to 100% with rate and term. Rate and term refinancing means that no cash out is taken in the new refinance transaction. VA borrowers who already have a VA home loan can do a VA streamline and that will ensure them a low fixed interest rate for up to thirty years. Vets who have no equity and who have been late on the mortgage payments for the last few years may have found themselves in a pickle… Many of these VA borrowers find themselves desperately seeking a reduced payment solutions and refinancing may not be an option.

The VA mortgage lenders have significant financing opportunities but many Vets who can’t afford their mortgage and do not qualify for traditional or VA refinancing should consider a loan modification because many mortgage lenders are reconsidering the value of REO properties and the cost of the foreclosure process. VA lenders are saying that offering the distressed veteran borrowers may not be such a bad option.

Obama and his administration have followed Bush in idea that the Federal Reserve and government incentives are key components in reviving the housing sectors nationwide. Unfortunately when veterans attempt to modify their home mortgages they are met with resistance from poorly informed “loss mitigation departments.” There are now thousands of Veterans with mortgages whose monthly payments are scheduled to increase over the next year, so a new wave of foreclosure and loan modifications is visible on the horizon. Remember, VA lenders will agree to VA loan modification plans only if they believe that the borrower has the ability and willingness to repay the loan.

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03 Jun 09 VA Streamline Refinance Loans for Veterans

In a recent VA mortgage article, Tom Kelly highlights the opportunity that military veterans and their families have financing and refinancing with VA home mortgages. He points out that one of the simplest ways for homeowners who have a VA mortgage is with the VA streamline refinance. The VA continues to offer the low rate streamline refinance programs to consumers who presently have a mortgage guaranteed by the U.S. Department of Veterans Affairs. The underwriters for VA loans typically like to see one year of consistent mortgage history before approving a streamline refinance.


In addition to the VA streamline refinance, mortgage insiders and VA loan officers like the Interest Rate Reduction Loan that has no “seasoning” requirement. In the mortgage industry, this type of seasoning refers to borrowers who recently completed a mortgage refinance transaction. In addition, these VA home loans (www.homeloans.va.gov) entail very little documentation and usually do not require an appraisal. In order to qualify, borrowers must have a VA home loan that is not delinquent. The VA mortgage rates vary on the type of loan (some thirty-year fixed rate loans are now less than five percent) and the length of the loan cannot exceed 360 months. Payments are due monthly. No more than two points may be rolled into this loan plus the allowable closing costs. A funding fee of approximately 0.5 percent is typically collected before closing and can be financed into the loan. Funding fee exemption is possible upon proper verification of disability.


VA mortgage lenders will assess that veteran borrowers meet basic program requirements including:

· The new monthly mortgage loan payment must be for less than the original loan.

· The VA mortgage rate must be for less than the original loan (unless refinancing from an adjustable interest rate).

· The term cannot exceed thirty years or ten years more than the original mortgage term (up to a max of 360 months).

VA home loans are guaranteed by the Department of Veterans Affairs and can be used to purchase a single family home, including a townhouse or condominium unit in a VA approved project, to build a home, and purchase and improve a home. Loans are assumable under certain conditions and do not have a prepayment penalty. The Veteran loan program began in 1944 when President Franklin D. Roosevelt signed the Servicemen’s Readjustment Act into law. This bill, which eventually became known as the GI Bill, allowed veterans to purchase homes without making a down-payment. VA offers the last known 100% no money down purchase loan.  The VA fixed rate mortgage enables borrowers the option of amortizing their home loan over 15-, 20-, 25- or 30-year terms.

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