VA home loan rates have once again fallen though the floor where they are breaking record loans again. So if you haven’t yet it could be a great chance to take a look a VA loan refinance to lower your payment and dramatically lower the amount of interest you pay on your mortgage per year. Here’s a look at some of the different types of VA loan refinance options:
VA IRRRL Streamline Refinance
- This loan is for VA borrowers who already have a VA loan and want to reduce their interest rate
- Income documentation is not required
- In many cases no appraisal required for a VA streamline
- Reduced VA funding fee of .5% (and of course no VA funding fee if you receive VA disability pay)
VA Standard Refinance
- This VA refinance is for all VA borrowers who are in a VA currently but want to pull cash out, or are not in a VA loan and want to refinance into a VA loan
- So if you have a FHA loan or conventional loan and want to refinance into a VA loan, you would do a standard VA refinance loan
- The standard VA refinance loan requires full income documentation & credit qualification and appraisal
- A full VA funding fee is charged (and of course no VA funding fee if you receive VA disability pay)
- You can go up to 100% loan-to-value of your property
So those are some of the different VA refinance options available for you. If you have any questions don’t hesitate to call at 858-922-7899 or email me at homeloan8@gmail.com.
Below are some very current up-to-date highlights of VA home loans in California right now:
- VA loan limits in California go up to $625,000 in San Jose, San Francisco, Oakland and most of the Bay Area. VA loan limits in Los Angeles are $621,000. VA loan limits in Orange County, Anaheim, and Santa Ana are $621,000. VA loan limits in San Diego are $477,000. Most of the rest of the state including Riverside, San Bernardino, Redding, Fresno, Bakersfield, and Sacramento have VA loan limits of $417,000.
- VA loans are zero down without any monthly mortgage insurance
- VA home loan requirements only require two years after a short sale, foreclosure or bankruptcy to apply for a VA home loan
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
Related posts:
- Get a VA Loan Two Years After Short Sale in California Short sales have been very common throughout the state of California the...
- State of California Extends & Improves $10,000 Home Buyer Tax Credit – Great For First Time Home Buyers Looking to Get a VA Loan In California The state of California has extended and improved the $10,000 tax...
- VA Cash Out Loan Refinance to 100% of Property Value VA is the only loan type that allows a cash...
- The Best of VA home loans in California This post outlines some of the best highlights of VA...
- Some Changes in the VA Streamline Refinance IRRRL Loan VA still offers a great way for borrowers who have...
Comments on this entry are closed.