Veteran Administration Home Loans Above $417,000

September 15, 2010 by Leave a Comment

With recent changes,  it might make sense for a Veteran to consider using their VA Benefits when they are purchasing a home above $417,000!

Loans UP TO $417,000 are 100 percent, no money down loans with no monthly mortgage insurance. There’s a one time Guarantee Fee charged by the VA for insuring the loan (to see what your fee would be click here).

Now, for Veteran’s purchasing a home OVER $417,000 you might get better terms.  To Calculate the down payment VA Jumbo Loans:

Take the purchase price, which for example purposes is $600,000.  Subtract the maximum VA Guarantee amount of $417,000.  In this case, $600,000-$417,000 = $183,000.  The Veteran is required to make a down payment of 25% of the amount above the VA Guarantee (in this case $417,000).  $183,000 x .25 = $45,750 downpayment, or just over 7.5%!

On a $500,000 purchase price with everything else being the same, $500,000 -$417,000 =$83,000.   $83,000 x .25 = $20,750 Down payment, or just over a 4% down payment!

In addition, the Funding Fee is LOWER when you make a downpayment! 8o) Plus!  Veteran’s have cheaper closing costs!

With the housing market offering such great values, and mortgage interest rates at an all time low… this might be the perfect scenario! We are talking to tons of veterans who moved here with less cash in their pocket from the sale of  a previous home, and this is the perfect solution!

If you are considering a purchase in NC, and you want more information on VA Mortgage Loans, please call Steve and Eleanor Thorne 919-649-5058.  We have the best mortgage rates available, and the lowest fees!

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Time To Refinance Your VA Loan??

March 31, 2008 by 14 Comments

va mortgage loansThe Veteran’s Administration Provides you with Four Different Refinance Solutions

    Actually this headline is incorrect.  The VA does not “make” mortgage loans.  They set guidelines and approve lenders to originate VA loans – but the VA does not actually MAKE the VA HOME LOANS.
  • VA Streamline Refinance: Mortgage Lenders also refer to these as Interest Rate Reduction Loan (IRRL).  For refinancing this is possibly the veterans greatest mortgage tool. Qualified veterans can quickly refinance to a lower rate, switch from and adjustable rate to a fixed rate loan, or from a fixed rate to an adjustable rate loan.

A veteran does not have to re-qualify for a VA streamline and in most cases an appraisal in not required. Most importantly, there are rarely any out of pocket costs for the veteran.  So… you’re just lowering your monthly payment!  How cool is that?

  • VA Cash Out Refinance: For the veteran with equity in their home, a VA cash out may allow you to put some of that money to work as needed. You may be able to use these equity funds to to make costly home improvements, pay college tuition, or enjoy a cruise around the world. It is your choice.  Fortunately, in North Carolina most properties are continuing to appreciate and build equity.
  • VA Debt Consolidation: Credit card debt, car loans, and home equity lines of credit can all carry high interest rates and make it difficult to manage your monthly payments. Veterans can consolidate these expensive obligations and combine them into one low fixed rate loan with a VA debt consolidation refinance.
  • Conventional Loan To A VA Loan: Veterans who do not currently have a VA Mortgage loan, but meet the VA eligibility requirements, can refinance with a VA Mortgage loan. If this is the case, then you should be able to refinance your current conventional home loan into a VA loan and take advantage of the many options that the VA home loan offers.  With many of the Conventional guidelines changing and requiring “cream of the crop” credit - many Veterans are finding this to be a Great Option!

We have years of experience helping Veterans Refinance their homes!  For more information about VA Mortgage LOANS, contact Steve and Eleanor Thorne Mortgage Banker in Cary , 919-649-5058

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Va Loans and Co-Borrowers

March 31, 2008 by 7 Comments

va mortgage loans The marriied spouse of a military member or veteran can co-sign a VA loan. WHAT DOES THAT MEAN? In practical terms it means that if you are not married – and the other borrower is NOT a veteran, you will not be able to borrow the maximum allowable VA loan of $417,000.

Again, two unmarried military members are able to co-sign on a VA loan with full benefits. When a military member or veteran wants to bring an unrelated, non-military cosigner, the VA allows this with one major exception.

The VA Mortgage Loan guarantee is limited to the amount of the veteran’s interest in the property. Some companies won’t allow these types of “mixed” loans, so you are likely better off getting an FHA loan!

For more information about qualifying for a VA Mortgage Loan, please click here!

If you have questions about these and other homebuying options – contact Steve and Eleanor Thorne, Government Loan Experts at Corporate Investors Mortgage Group!

Call us at 919-649-5058 – we LOVE working with Veterans!

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