Any California VA 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.”

Why are VA home loans so unique?   VA loans are the last home financing vehicle that allows 100% financing with no down-payment required.  The VA loan program does not require a minimum credit score, and it allows a qualified borrower to buy a home with no down payment. Further, VA loans require no private mortgage insurance (PMI). PMI is a special type of insurance that most homebuyers have to pay if their home is worth less than 80% of the loan amount. With a VA loan, the traditional borrower lending costs like private mortgage insurance are waived.

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.

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.

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.

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.

Texas Attorney General Greg Abbott in December introduced a unique proposal that would place new restrictions on foreclosure prevention consultants — something that other states, including California, are considering putting into place as well.  “At a time when regulators, policy makers and stakeholders are working to help struggling families, unscrupulous operators are scheming to profiteer at homeowners’ expense,” Abbott said. “Too many scam artists attempt to target homeowners with large fees and the false promise that they could help Texans avoid foreclosure on their homes.”  Abbott, who proposed the Foreclosure Rescue Fraud Prevention Act alongside state Senator Craig Estes, R-Wichita Falls, says states need more power to crack down on bad actors in the foreclosure prevention space.  Professional guidance yielding loan modification plans are definitely in demand, but some form of disclosures would minimize predatory lending.

The Act would require foreclosure prevention consultants to provide customers a written, plain language contract memorializing their services agreement. It would also require that these consultants obtain their customers’ written consent, in the form of a signature, before beginning any services or accepting any fees. An additional requirement mandates a written disclosure statement instructing homeowners to contact an attorney or a housing counselor before signing mortgage rescue agreements.  “While most homeowners may never feel the threat of home foreclosure, it is an issue that can impact all of us when it strikes our neighbors, friends, and family,” Estes said. “This issue has impacted constituents in my district and across the state, we are here today to send a very clear signal that these actions by unscrupulous mortgage foreclosure consultants will not be tolerated.”

The written agreements mandated by the proposed law would apply to both foreclosure prevention consulting and equity purchase contracts. Both types of agreements would have to include plain language cancellation procedures.  In addition to new disclosure requirements, the proposal would place new limits on equity purchase agreements. To protect Texans’ interest in their homes, the law would require equity purchase agreement buyers to pay at least 82 percent of the property’s fair market value.  Read Complete Texas Foreclosure Article >