VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog

VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog.

VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog

But do you know which VA loan option works for you in your situation? Can a Fannie or Freddie loan be refinanced as a VA mortgage, or can a conventional loan qualify for VA streamline refinancing?

There are several options for VA refinance loans. Borrowers who want to get cash back on the refinancing deal, regardless of the type of mortgage being refinanced must explore their VA Cash-Out Refinancing loan options. These loans are appraisal required and also require credit underwriting, which means you’ll be required to submit a credit application much like your original home loan.

Cash out for VA refinancing is not available for VA Streamline Loans, and the VA home loan program does not offer personal loans–borrowers who want cash back should apply for VA Cash-Out and expect the amount of the cash back to be calculated once the original mortgage has been paid off, plus the amount of any included/financed fees or points. VA loan rules permit any type of mortgage loan to be refinanced with a VA Cash-Out Refinance loan.

VA Streamline Refinancing, on the other hand, is aimed specifically at those who have existing VA loans. This type of VA refinance loan is meant to lower the payment and/or interest rate on the mortgage–in fact, there’s a requirement that this happens in most cases. Borrowers who include extras into the Streamline Loan such as the VA Energy Efficient Mortgage (EEM) Option may find their payments higher on the new loan. This can be allowed under the right circumstances, but if your payments increase by more than 20% you will be required to submit a credit application.

These options may or may not be right for you depending on your financial goals and needs. The best way to determine what’s right for you may include a chat with a loan officer about the VA EEM and the inclusion of the VA loan funding fee into the loan amount where applicable.

The VA Certificate Of Eligibility

 

One of

VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog

the first requirements in the VA loan application process is that the borrower must show he or she is eligible for a VA guaranteed home loan. This is done by presenting the lender with a VA certificate of eligibility (COE), or asking the lender’s help in obtaining one.

Borrowers are free to request their own VA COE, which can be done online. The VA official site says the following about getting your COE online:

“To get your Certificate of Eligibility (COE) online, please go to the eBenefits portal. If you already have login credentials, click the Login box, and if you need login credentials, please click the Register box and follow the directions on the screen.  If you need any assistance please call the eBenefits Help Desk at 1-800-983-0937.  Their hours are Monday-Friday, 8am to 8pm EST.”

Borrowers may need to attach electronic copies of their DD Form 214 or evidence of their current military service status as part of the application form.

If you prefer to get your VA COE with the help of a lender, be ready to show required proof of military service including current military orders or a copy of your DD Form 214 report of discharge. You may also need to provide Social Security data or a copy of your Social Security card and other information.

You can also apply for a COE by mail–you’ll need to submit VA Form 26-1880, Request for Certificate of Eligibility  and any required additional paperwork to theDepartment of Veterans Affairs. Call them at 1-800-827-1000 to get the current mailing address for COE requests. Some applicants–surviving spouses of military members who died from a service-connected disability, for example–are required to apply by mail.

VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog

Advertisements

9 thoughts on “VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog

  1. Pingback: Louisville Kentucky VA Refinance for Cashout, rate and term, and IRRL streamline VA refinance Mortgage | Kentucky VA Mortgage Home Lender

  2. Pingback: Kentucky VA Loan Limits for 2013 | Louisville Kentucky Mortgage Loans

  3. Pingback: Kentucky VA Loan Limits for 2013 | Kentucky VA Mortgage Home Lender

  4. Pingback: Kentucky VA Loan Limits for 2013 | Kentucky First Time Home Buyer Mortgage Loan

  5. Pingback: 4 Keys to VA Loan Approval | Military.com | Kentucky First Time Home Buyer Mortgage Loan

  6. Pingback: VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog | Louisville Kentucky Mortgage Loans

  7. Reblogged this on Kentucky First Time Home Buyer Programs for 2016 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky and commented:

    UNACCEPTABLE INCOME

    Income of less than 12 months in duration.
    Education benefits (including payments from the VA for this purpose).
    Per Diem income.
    Car allowance or mileage reimbursement (unless claimed on the borrower’s tax returns)
    Military hazardous duty pay.
    Any source of income that cannot be verified.
    Foreign employers.
    Any unstable sources of income (e.g. significant year-to-year decreases in income for self-employed borrowers).
    Illegal activities.
    Gambling income
    Foster care income (This income can only be used to justify excluding the foster child from the number of dependents and reducing residual income requirement)

  8. UNACCEPTABLE INCOME

    Income of less than 12 months in duration.
    Education benefits (including payments from the VA for this purpose).
    Per Diem income.
    Car allowance or mileage reimbursement (unless claimed on the borrower’s tax returns)
    Military hazardous duty pay.
    Any source of income that cannot be verified.
    Foreign employers.
    Any unstable sources of income (e.g. significant year-to-year decreases in income for self-employed borrowers).
    Illegal activities.
    Gambling income
    Foster care income (This income can only be used to justify excluding the foster child from the number of dependents and reducing residual income requirement)

  9. Pingback: VA Refinance Loans For Conventional, FHA, Sub-Prime and Existing VA Mortgages | VA Loan News Blog – Louisville Kentucky Mortgage Loans

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s