The Benefits of Refinancing Your VA Loan

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The Benefits of Refinancing Your VA Loan
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• Many homeowners find themselves in possession of
  a home loan acquired several years ago that has a
  higher interest rate than those that are
  currently available.

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• These individuals may not be aware that the VA
  guaranteed home loan program also has a number of
  refinancing options to help them get a better
  interest rate.

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• Here are a few points to know about how the VA
  Guaranteed Home Loan Program that provides home
  loans for veterans can also help you refinance
  your mortgage.

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The Interest Rate Reduction Refinance Loan
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• This option, often called the IRRRL, is a
  convenient way for veterans, active duty service
  members and current National Guard and Reserve
  members to reduce their monthly mortgage payments.

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• Surviving spouses can also benefit from the
  program. Applicants for these loans should
  remember several important points

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• A Certificate of Eligibility proving your service
  record is not required. However, if you have the
  Certificate, it can be used to show the prior use
  of your entitlement.

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• No appraisal is required for an IRRRL.

No credit underwriting will be required to
qualify for an IRRRL.

• The IRRRL can be done with no money out of
  pocket, that is, the costs of acquiring the loan
  can be rolled into the loan amount.

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• Terms for an IRRRL can vary, so applicants are
  encouraged to try several different lenders.

• When changing from an adjustable loan to a fixed
  rate loan, a higher interest rate may apply.

• You cannot take cash out of your equity in the
  home with an IRRL.

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• You do not have to reside in the home when
  applying for an IRRL. However, you will have to
  prove you resided in it at an earlier time.

• A funding fee that helps to fund the IRRL program
  is required. This fee can be rolled into the loan.

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• The IRRL requires minimal documentation. No
  credit score or employment verification is needed.

• No loan limits are set by the VA. However, limits
  are placed on the amount the VA can guarantee to
  the lender. This amount is generally four times
  the entitlement figure.

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The Purchase and Cash-Out Refinance Loan
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• The VA home loan program also offers a cash-out
  refinance program that allows you to take money
  out of your home equity for expenses, such as
  paying credit card debt, paying for education or
  making improvements on the home.

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• A few important points to remember about the
  cash-out refinance option are

• Unlike the IRRL, a Cash-Out Refinance requires
  both employment verification and credit score.

• Generally, a minimum credit of 620 is needed to
  qualify. However, lenders may require a slightly
  higher score.

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• A few important points to remember about the
  cash-out refinance option are

• For a Cash-Out Refinance, no more than 100 of
  the propertys value can be borrowed.

• However, some lenders may only allow the loan to
  cover 90 of the homes value.

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• A few important points to remember about the
  cash-out refinance option are

• A new appraisal is required for a Cash-Out
  Refinance.

• You can roll the funding fee into the loan or pay
  it in cash.

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• Individuals with VA loans can benefit from either
  of these two options.

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• Jimmy Vercellino, VA Loan Specialist helps
  veterans obtain the loans they are entitled to.

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• He served in the United States Marine Corps, and
  now devotes himself to the Veteran home buyer in
  the Phoenix area, fulfilling a passion of his
  while at the same time helping others achieve
  home ownership.

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• Be a proud homeowner today. For more details call
  480-351-5904 or visit the site www.valoansforvets.
  com

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• For more details call 480-351-5904 or visit the
  site www.valoansforvets.com

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• VA Loans for Vets
• 7702 E. Doubletree Ranch Road, Suite 220
• Scottsdale, AZ 85258
• Phone [phone]
• Email jimmyv_at_fcbmtg.com