VA Mortgage Rates » Military Finance News

VA Mortgage Offers Military Home Finance Opportunities

admin — Tue, 20 Jul 2010 15:21:48 +0000

Nationwide mortgage lender posted a great article that highlighted the benefits of militray home finance opportunities with the VA mortgage. While in the past military borrowers used to have to jump through hoops to qualify for VA mortgages, today the VA loan process has been streamlined and VA mortgage rates are lower than ever. In the article, Nationwide stresses that VA home purchase loans are the last commercial loan in the United States that enable no down-payment for primary residence financing. According to Nationwide Mortgage Lender, VA home mortgages are one of the rare opportunities for homeowners to qualify for no equity home refinancing. This VA program encourages borrowers with all types of credit to apply for a zero down home loan opportunity.

The Department of Veterans Affairs also encourages first time home buying and VA mortgage interest rates are the most affordable they have been in nearly 40-years. Today VA mortgage rates are available at 4.125% for a 15-year fixed and 4.5% for a 30-year fixed VA loan.

VA Mortgage Rate Update

admin — Thu, 31 Dec 2009 02:06:03 +0000

The volume of VA loan requests last week dropped 18% from the prior week. Results from last week’s VA loan applications: 38% were for VA home refinance loans, 55% were for VA home loans. There were no home equity loan applications because VA is not offering any 2nd mortgage programs at this time.

Zillow reported the VA mortgage rates for 30-year fixed home purchase loans at 5.06%. The 30-year fixed rate home mortgages reported variations by state. Georgia mortgage rates, Virginia mortgage rates, and North Carolina mortgage rates increased the most, from 4.81% to 5.01% in Georgia, from 4.84% to 5.03% in North Carolina, from 4.82% to 5.01% in Virginia. New York mortgage rates (5.12%) were the highest in the country, while VA California mortgage rates (4.88%) were the lowest. For VA, California rates were the most requested among all states.

VA Loan Eligibility

admin — Thu, 31 Dec 2009 01:46:04 +0000

The Dept. of Veteran Affairs provides superior home financing for military vets with their VA home loan program. VA loans offer unique lending options looking to purchase a new home or refinance their present home loan. VA loan guidelines offer flexibility because borrowers do not need any money for down-payments for home buying. VA guarantees the loan to lenders and credit is extrended easier than with conforming loans. Military Vets can get financing with 100% home loans. VA mortgage rates continue to be posted at record lows. 40 year fixed VA mortgages have been available for most of 2009 below 5%.

Military Service Requirements for VA Loan Eligibility:

Note: VA loan applications involving other than honorable discharges will usually require further development by VA. This is necessary to determine if the service was under other than dishonorable conditions.

Wartime – Service During:

WWII: 9/16/1940 to 7/25/1947
Korean: 6/27/1950 to 1/31/1955
Vietnam: 8/5/1964 to 5/7/1975

For VA loan approval, you must have at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged for a service connected disability.

Peacetime – Service during periods:

7/26/1947 to 6/26/1950
2/1/1955 to 8/4/1964
5/8/1975 to 9/7/1980 (Enlisted)
5/8/1975 to 10/16/1981 (Officer)

For a VA mortgage, you must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if discharged for a service connected disability.

California Mortgage Rates Drop for VA Loans

admin — Fri, 11 Dec 2009 01:22:01 +0000

California mortgage rates dropped to 4.75% on fixed 30-year VA home loans. Guidelines for California VA loan programs were updated by the Department of Veteran Affairs. Don’t forget to calculate VA’s maximum guaranty mortgage amount for a particular county when checking the VA loan limits.

VA Loan Limit by County for California
CA ALAMEDA $1,094,625.00 PHOENIX
CA ALPINE $ 503,750.00 PHOENIX
CA CONTRA COSTA $1,094,625.00 PHOENIX
CA EL DORADO $ 516,250.00 PHOENIX
CA LOS ANGELES $ 737,500.00 PHOENIX
CA MARIN $1,094,625.00 PHOENIX
CA MONO $ 575,000.00 PHOENIX
CA MONTEREY $ 525,000.00 PHOENIX
CA NAPA $ 643,750.00 PHOENIX
CA NEVADA $ 518,750.00 PHOENIX
CA ORANGE $ 737,500.00 PHOENIX
CA PLACER $ 516,250.00 PHOENIX
CA SACRAMENTO $ 516,250.00 PHOENIX
CA SAN BENITO $ 937,500.00 PHOENIX
CA SAN DIEGO $ 593,750.00 PHOENIX
CA SAN FRANCISCO $1,094,625.00 PHOENIX
CA SAN LUIS OBISPO $ 610,000.00 PHOENIX
CA SAN MATEO $1,094,625.00 PHOENIX
CA SANTA BARBARA $ 656,250.00 PHOENIX
CA SANTA CLARA $ 937,500.00 PHOENIX
CA SANTA CRUZ $ 805,000.00 PHOENIX
CA SOLANO $ 435,000.00 PHOENIX
CA SONOMA $ 566,250.00 PHOENIX
CA VENTURA $ 650,000.00 PHOENIX
CA YOLO $ 516,250.00 PHOENIX

Low VA Rates with VA Streamline

admin — Wed, 11 Nov 2009 23:39:05 +0000

VA mortgage rates are available as low as 4.75% for 30-year loan terms. According to the VA Home Loan Company, another great feature is that the “VA streamline refinance loan is that you can get it with no closing costs.” The only cost to the loan is a 0.5% funding fee. And that can be wrapped up in the mortgage. Now, you cannot cash-out on your mortgage with this particular loan. However, if you have some energy improvements you would like to make to your house, you may be able get up to $6000 added to the VA home loan to cover these costs.

With credit tightening and underwriting becoming more difficult, the VA streamline loan option by-passes this for veterans. However, it is in the best interests of any veteran to know what a VA lender should be saying. If a lender tries to say they are the only one qualified to make VA IRRRL loans, they are wrong. Any VA lender can. If they say that there are certain lender costs that must be added, be wary. The only cost associated is the 0.5% funding fee. And be cautious if you are going to refinance your home for more than it is worth. You may get into a situation where you would find it difficult to sell your home and cover the mortgage. See a VA mortgage professional for guidance before making any financial decisions.

Bryan Dornan publishes military finance articles online and recommends that VA lenders and loan professionals visit the Lead Planet to purchase real-time internet mortgage leads. For veterans who need more VA home loan insight, he recommends VA streamline website. See VA loan page for 100% no money down programs for Vets. Article Source: http://EzineArticles.com/?expert=Bryan_Dornan

VA Loans the Best Mortgage Product on the Planet

admin — Tue, 22 Sep 2009 23:01:04 +0000

Most mortgage insiders would agree VA mortgage loans are pound for pound the best home loan products on the planet. VA mortgage rates are so affordable that home-buying has become more appealing to military veterans across this great nation. You must be a military veteran or be a meet the criteria as direct family to qualify for the legendary VA home loan.

 Veterans Administration Guarantees VA Loans
 VA Home-Buying with Zero Down
 No Mortgage Insurance for Veterans
 Bad Credit Loans Available for Disabled Vets
 100% Home Financing for VA Loans
 VA Mortgage Rates at All-Time Lows
 VA Streamline Offers Quick Low Cost Refinance
 No Penalty for Early Pay-Off

VA Loan Delinquencies Rise with Home Foreclosures

admin — Tue, 15 Sep 2009 17:07:59 +0000

VA home loan delinquencies rose significantly last quarter nationwide. Foreclosure filings in the U.S. exceeded 300,000 for the sixth straight month as job losses that boosted the unemployment rate to a 26-year high left many homeowners unable to keep up with their mortgage payments. A total of 358,471 properties received a loan default or auction notice or were seized last month, according to data provider RealtyTrac Inc. That’s up 18% from a year earlier, and down 0.5% from July, the Irvine, Calif.-based company reported. One in 357 households received a filing. Home foreclosures rose from a year earlier as companies cut payrolls by 216,000 workers last month, boosting the U.S. jobless rate to 9.7% according to Labor Department data released last week.

The rise in unemployment is having a bigger impact than an effort by the U.S. government and banks offering loan modification plans and refinance loans for delinquent borrowers in an effort to prevent foreclosures, said Morris A. Davis, an assistant real-estate professor at the Wisconsin School of Business. “The foreclosure numbers are largely unemployment related,” Davis, a former Federal Reserve Board economist, said in an interview. “As long as 15 million Americans are unemployed, record foreclosures will continue.” Foreclosures aren’t abating even as demand is returning to the U.S. housing market after a three-year slump. The number of contracts to buy previously owned VA homes rose more than forecast in July and increased for a record sixth consecutive month, while mortgage buyer Freddie Mac said the average price rose 1.7% in the second quarter.

Las Vegas had the highest home foreclosure rate among metropolitan areas with a population of 200,000 or more. One in every 53 households received a notice in August, up 48% t from a year earlier and down 11 percent from July. Also in Nevada, the Reno-Sparks area had the seventh-highest foreclosure rate, with one in 86 households receiving a filing, RealtyTrac said. California had six metropolitan areas among the top 10. Stockton and Merced ranked 2^nd and 3rd; Riverside-San Bernardino-Ontario, Vallejo-Fairfield and Modesto were fourth through sixth; and Bakersfield was tenth. New loan modification legislation is predicted to pass by the end of the month to prevent loan modification fraud, but will that bill inadvertently increase foreclosures because not many law firms and loan modification companies are willing to work for free.