http://www.articlearmies.com Articles posted by AccessNational. en-us Copyright (c) 2005 ArticleTime.com http://www.articlearmies.com/articles/Finance/how-can-a-va-home-loan-refinance-help-me.html Want to use your eligibility as a veteran to get yourself into a better home situation? A VA home loan refinance might be a good program for you, saving you money and giving you all of the benefits of a first VA home mortgage. Eligibility for VA Refinance. OK, you want a VA home loan refinance, but need to know how to quality. Here is what a veteran must have in order to qualify for a VA home loan refinance: • Obtain a Certificate of Eligibility through the Department of Veteran Affairs or through an approve VA lender via the VA’s ACE system • Show the ability to pay the loan through a good income and have credit worthiness with a good credit score A VA refinance is a good way to take your regular mortgage and transform it under the VA home loan program with favorable terms, protections and the other benefits you earned as a veteran serving our country. Explaining a VA Home Loan Refinance Having a VA refinance works very similar to any other type of refinance program. But through the VA home loan refinance, you are able to take your existing loan and transform it a loan with more benefits. The way a VA refinance works is you get a new loan to pay off your existing mortgage. The VA refinance program requires that you take the new mortgage for the new VA mortgage for the same home and that the home serve as your primary residence. VA loans are only given for home residences. A VA home loan refinance is a cash out refinance, even if you are only seeking a better term or refinance rate, because there is access to more cash if you need it. That’s why you should look at your other debts and bills to decide whether or not you should use your equity to get more money through the VA home loan refinance process. With a VA refinance you can finance up to 90 percent of your home’s value, as well as financing the closing costs. You can also convert the loan with little or no money down, and take cash out for other obligations, as long as your home holds onto its equity. However, not all states allow VA home loan refinances due to local lending laws. But the advantages are so good that you should look into the programs offered by lenders like Access National Mortgage to see if they are available to you. VA Refinance Advantages. There are many advantages that come with the VA loan program and VA home loan refinance programs. Here are some benefits you get and more reasons to look into the VA home loan refinance programs: • Get access to cash while also getting the security of an insured VA refinance loan •Refinancing at no money down, with lower payments and reduced interest rates and terms • Savings on closing costs and fees. Why? Because the VA refinance limits fees and charges to veterans using this VA home loan refinance program. • Better loan to value ratios All of these benefits are for you because of your service to the country. These programs want veterans to have very advantage available to them. For those vets not in a VA loan program, refinancing is worth considering in order to access the benefits you’ve earned. This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions such as Alaska FHA home loan programs, Oregon VA home loan programs, debt consolidation loans, information about Washington FHA Refinance Benefits, and whole host of other mortgage product all across the United States. http://www.articlearmies.com/articles/Finance/va-loan-program-guideline-basics-.html VA loan programs have help many veterans get housing financing with little or no money down. While VA loan programs don’t give the direct funding, they do insure loans for veterans, so they can tap into loans without down payments, even on larger loans. Without the security of these VA programs, many veterans would have a hard time – if not an impossible one – buying a home. Many VA loan programs, with their own guidelines, give the security and protection a potential veteran home buyer needs. VA Loan Programs: What Type of Home You Can Buy VA loan program give veterans access to many types of properties. The one restriction is that the property must be used as a primary residence, since the programs were made to give vets access to home ownership. VA loan program guidelines let veterans buy: • Single family homes •Condos and townhouses in approved projects •Houses needed fixing up. The financing can be taken on both the purchase and the improvements • Manufactured homes on lots Plus VA loan programs are there for refinancing existing loans and for home improvements, including improvements of energy efficiency. What are the basics of the VA Loan Program Guidelines? In order to start on your way to a VA Loan, one must first get eligibility. That eligibility must be obtained by getting a Certificate from the VA, with the help of a VA-approved lender, such as Access National Mortgage. Once you have your eligibility, you will move on to the financial end of the qualification process. The most important factor is a good credit rating. If the qualification gets the veteran borrower a loan offer, then the following VA loan program guidelines apply: • Maximum guarantee of 25% of the loan—up to $104,250 (in most states); maximum VA loan amount is $417,000 • Hawaii and Alaska—max guarantee of 25%—up to $156,375, loan max of $625,500 (to accommodate for higher cost of living) • For joint spousal eligibility—maximum loan guarantee of the lesser of 40% of the loan or $36,000 (alternative figure of $104,250 applies to some loans over 144,000) VA Loan Program Protections VA Loan Programs offer great buyer protections for veterans, who can take advantage of the many benefits, including: •No Private Mortgage Insurance costs, which can grow your mortgage payment • Good inspections to make sure that properties meet HUD housing standards • Protection from discrimination and predatory lenders •Warranties on new homes and compensation for the structural defects on inspected construction • Caps on fees to lenders and other charges on VA borrowers The VA also wants lenders to work with veterans who may become temporarily unable to meet their loan payments. This adds a layer of protection against foreclosure and credit problems that may happen to veterans under some circumstances. The government has developed and improved its VA loan programs, building in flexibility and security in the VA Loan program guidelines, since the program began in 1944. The VA loan programs give financing advantages to veterans. Qualified veterans should talk to VA lenders to see how the VA loan program guidelines can help them. http://www.articlearmies.com/articles/Finance/how-to-be-helped-by-the-alaska-va-home-loan-programs-.html Qualified veterans are eligible for no-money down federally insured mortgages through the GI Bill and Alaska VA Home Loan Programs. And, with help from an Alaska VA Mortgage lender, veterans can get access to these programs and take the first steps to their new homes. The world of Alaska VA Home Loan Programs For veterans, Alaska VA home loan programs open up the opportunity to buy the house they want. Nearly any type of home is available with the help of an Alaska VA Mortgage lender such as Access National Mortgage, as long as the veteran meets one obligation -- which the home purchased will be lived in by the veteran buying it. If the home meets that qualification, then there are a variety of home options available through the Alaska VA Home loan programs. Alaska VA home loan programs can help a veteran to buy a single family home; buy a townhouse or condo unit in approved projects; build a home or improve an existing one; make a home more energy efficient; buy a lot of a manufactured home (subject to standards); purchase a farm (if the property has a house that will be used as a primary home) or to refinance. Getting your Alaska VA Home Loan Programs There is a right for all qualified veterans to have access to a VA loan, but veterans should not have the assumption that the qualification through an Alaska VA mortgage lender is automatic. Like other mortgage applicants, veterans must meet the qualifications set out by the Veteran’s Administration when they apply through their Alaska VA mortgage lender. To get a guaranteed mortgage through an Alaska VA mortgage lender, a veteran needs to have a good credit rating, income to support their loan and a Certificate of Eligibility from the VA, proving qualified service. There are two ways to get a Certificate of Eligibility, first is through the online Automated Certificate of Eligibility which can be done through an approved Alaska VA mortgage lender or you can get it through the mail from the VA using Form 22-1880. Once your Alaska VA mortgage lender has your Certificate, the process for obtaining a loan can begin. Your Alaska VA mortgage lender will put together your loan and find out your eligibility and have you fill out an application. With all of this information, your Alaska VA mortgage lender will look at the Alaska VA home loan programs and find the best one for you. From there, the terms of the loan will be whichever you’re Alaska VA mortgage lender can secure. With these Alaska VA home loan programs, veterans find all sorts of benefits: they are able to get into homes with little or no savings, thanks to the no-money down part of the Alaska VA home loan programs; and vets can also get into bigger homes because of the down-payment allowances. Also through these Alaska VA home loan programs and with the help of a good Alaska VA mortgage lender, veterans can get good and affordable terms and the home they are looking for. http://www.articlearmies.com/articles/mortgage/what-you-need-to-know-about-va-home-loan-programs-and-fha-home-loan-programs.html When you look at the VA home loan programs and their close cousin,FHA home loan programs, you’ll find a lot of similarities. Both of these programs are trying to get many people access to affording mortgages with good terms. The big difference are the targets. The VA home loan programs are made to benefit people who have served in the military. But between the two programs, there are federal benefits available for home financing and each fill in the others’ gaps. About VA Home Loan Programs VA home loan programs are made for qualified veterans as part of the benefits extended after serving in the military. But in order to qualify for a VA home loan programs, a veteran must meet specific criteria • A veteran must have a Certificate of Eligibility from the Department of Veterans Affairs •A veteran must have good credit (usually for the past two years) and an adequate credit score • A veteran must have enough income to repay the loan • A veteran must meet debt-to-income requirements as outlined by the VA home loan programs • The home must be used as a residence after closing or renovations are complete Some other individuals also have VA home loan programs available to them, including: • National Guard or Reserve members who meet specific requirements. •Widowed spouses of servicemen who died in duty, who have not remarried. •U.S. citizens and their spouses who served with an Allied country during World War II. Benefits of the VA home loan programs include: •No down payment loans • Good fixed and adjustable interest rates, regardless of credit history • Lengthened and flexible terms of 15-30 years or more •No prepayment penalty • Assistance during financial hardship •Protection and warranty against discrimination and poor buildings But some who have just limited time in the armed forces or who cannot qualify for VA home loan programs may still be able to work with the FHA home loan programs. Also, those with no military experience can work with the FHA home loan programs. About FHA Home Loan Programs For those who can’t take advantage of the VA home loan programs, there are FHA home loan programs available. While the FHA home loan programs do not have many advantages over the VA process, there are some. With the FHA programs, more than half of the loan is insured, a benefit not available in the VA, which should be considered by veterans. FHA home loan programs are similar to VA loans in many other ways, aside from the insured benefit. FHA home loan programs also offer • Low down payment •Federal security, which can mean better terms from lenders •Flexible terms •Adjustable payment options • Good interest rates and affordable payments • Refinance options for existing loans Qualifying borrowers can benefit from either the VA home loan programs or the FHA home loan programs. By meeting the requirements of each program, borrowers can make their home ownership goals a reality with good terms and through these good programs. http://www.articlearmies.com/articles/Finance/finding-out-about-kentucky-fha-home-loan-programs.html If you are looking for a mortgage program to benefit you, there may be one among the Kentucky FHA home loan programs, which are available to qualifying borrowers. The scope of these Kentucky FHA home loan programs is broad, with different loans available for many circumstances. Different types of Kentucky FHA Home Loan Programs If there is a type of mortgage loan for a would-be borrower, then there is part of the Kentucky FHA home loan programs to go with it, whether for new purchases, mortgage refinancing or even investment properties. There will be a program under the Kentucky FHA home loan programs available for you if you are seeking to buy a single family home for themselves, buy a two-, three-, or four-unit rental, buy a condo or rehab an old property into something new. Here are some of the loan programs that cover those circumstances: The Home Mortgage Insurance Program – Section 203b If a home meets HUD standards, then this program can be used to buy a family home, new or existing. This is the most popular of the Kentucky FHA home loan programs for buying single-family FHA homes in the state. The Condominium Purchase Program – Section 234c If someone is looking to finance a condo, this piece of the Kentucky FHA home loan programs will help, as long as the complex is approve by HUD. HUD will want at least 51 percent of the units in the complex to be owner-occupied before it says yes to a Kentucky FHA loan application. Fees, though, are kept apart from the financing which comes from the FHA loan application through this program. The Home Rehabilitation Program- Section 203k People looking to get into a home and fix it up will fall under this part of the Kentucky FHA home loan programs. People interested should make a Kentucky FHA loan application. The home has to be at least a year old to qualify. This part of the Kentucky FHA home loan programs will take care of the cost of the home as well as the cost of improvement. The Kentucky FHA loan application under 203k can also cover refinancing of existing loans of a rehabbed home. Terms of the Kentucky FHA Loan Application Like other mortgage programs, the terms of the Kentucky FHA loan application can change depending on different information from and investment by the buyer – from the amount of down payment to the buy’s credit fitness. Terms which can change include the number of years for the Kentucky FHA loan application, which range from 10 to 30-year terms to the interest rates. Interest rates can include fixed, graduated, equity-growth and adjustable rates. Other changes in the terms can be made by lender fees, points paid and closing costs. The best way to look into this is by talking to lenders when looking for a Kentucky FHA home loan with the best terms. Kentucky FHA Loan Application Procedures To access the Kentucky FHA home loan program, submit an application through a qualified FHA lender, which can be found through on the Internet through the FHA/HUD website. A trusted lender of Kentucky FHA home loan programs will talk to you about your creditworthiness and the options which will help you for a successful application. They will also guide you in the process of getting the best Kentucky FHA loan application terms and the best loan products or refinance products for you. http://www.articlearmies.com/articles/Finance/home-financing-101-the-fha-streamline-loan.html An FHA Streamline Loan is an easier, quicker way to refinance an existing FHA loan. Here, you will find basic FHA Streamline Loan information and information regarding how to submit an FHA Streamline Loan application. FHA Streamline Loan Information - What Is It? The FHA Streamline Loan is used for refinancing a home. The Federal Housing Administration created the streamline loan so that people could refinance their loans. The term "streamline" simply refers to the kind of refinancing plan you are using. With an FHA Streamline Loan, information requirements are simplified which results in reduced paperwork, underwriting, and documentation. The trade off with an FHA streamline refinance is higher restrictions, but if your aim is simply to reduce your terms and/or payments, you should give serious consideration to an FHA Streamline Loan. Information on qualifications and restrictions are included below. You can talk to an FHA lender for more specific FHA Streamline Loan application information that will speak specifically to your situation. FHA Streamline Loan Information - Will My Costs Go Down? With a successful FHA Streamline Loan application, your monthly costs and/or overall mortgage costs over the life of the loan will reduce, but a Streamline FHA loan is not cost free - closing costs either need to be: - Paid out-of-pocket - Included in the loan amount, or - Exchanged for a higher interest rate (yet one that is still lower than the current rate) Depending on the details of your situation and your FHA Streamline Loan application, you may be able to obtain a streamline refinance without paying any out-of-pocket fees. FHA Streamline Loan Information - Who Qualifies? The requirements for an FHA Streamline Loan application are: - The mortgage to be currently insured by the FHA - The mortgage to be current—not in default, no late payments - The refinanced loan to result in lower monthly payments (principal and interest) for the borrower - Subject loan to be more than 6 months old In addition, the FHA Streamline Loan application is subject to other restrictions. For example, cash-out is not an option and there are limits on the term lengths relative to the current situation. Basically, the new loan cannot greatly increase the life of the loan for loans that have been paid down a lot, and a 15 year mortgage cannot be refinanced into a 30 year term. Clarifying what you are able to accomplish will require more specific consideration of your specific FHA Streamline Loan information with the aid of a qualified FHA lender. FHA Streamline Loan Information - How Do I Apply? In order to process an FHA Streamline Loan Application, you will need the help of a qualified FHA lender. If you feel you meet the requirements as previously listed, you should contact an FHA lender for more terms and assistance. You will have a short FHA Streamline Loan Application to fill out, and the lender will give you more FHA Streamline Loan information regarding the process, your options, and what to do to move forward. The focus of the FHA Streamline Loan Application is to make your home's mortgage more affordable and more manageable for you. If you have held your current loan for a reasonable amount of time, improved your credit standing, or increased equity in your home, it may be a good time to contact your FHA lender for more information and to complete an FHA Streamline Loan application. This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions like a New Mexico FHA Loan Application, a Wyoming FHA Mortgage Calculator, debt consolidation loans, information about California FHA refinance benefits and whole host of other mortgage products all across the United States.