VA Loan Store » Refinancing

VA Loan Limits For 2010

themightyquin — Tue, 06 Apr 2010 17:24:21 +0000

Many inexperienced loan officers will tell you that the maximum VA Loan limit is $417,000 across the country. This is simply not the case. The VA works like any other government entity and makes concessions based on the reported cost of living and housing expenses for any given area.

The attached document is the complete 2010 VA Loan limit guidelines. To find your VA loan limit search by STATE first and then COUNTY. If your county is listed the maximum VA loan limit will be posted.

IF your county is NOT listed then your maximum VA Loan limit for 2010 is $417K

2010 va loan limits

The Ultimate Guide To Understanding Your Good Faith Estimate

themightyquin — Mon, 07 Dec 2009 04:11:48 +0000

This video was made and designed to work with the article “Rate Shopping for a VA loan.”

If your serious about getting a great loan then you need to understand two things: first, how to shop for a loan. Second, how to read a good faith estimate. And lucky for you, everything you need to be successful is posted in this article.

Now that we have that out of the way…. Go ahead and push play for this video and hit the crossed arrows to enlarge to full screen. Doing so will allow you to see all the details of this form.

Once you have completed this video, your next step is reading this article that I wrote entitled “Rate shopping for a VA loan.”

Lastly, stop slacking and hurry up and apply for a VA Loan. Act now and fill out the orange form marked “Get Pre-Qualified Here.”

That’s it…… your bulletproof.

The Brutal Truth Behind VA Streamline Loans.

themightyquin — Thu, 05 Nov 2009 17:05:44 +0000

The brutal truth about VA streamline loans.

In today’s market place many things have changed. With the downturn of America’s economy, banks have felt the need to tighten their belts and thus impose more strict guidelines on your VA streamline loan requirements.

Here is a brief look at the latest guidelines to date!

Verification of Employment –

I know what your thinking.. “I don’t need no stinking verification of employment.” Well…., truth is, you may. Based on your current employment status, whether your active duty or not, and the lender your working with, all play a part in this becoming a potential issue.

Look on the bright side this is an easy fix!

If your active duty, all you need to do is forward the little electronic statement that is available online to all military personnel. Send 60 days history from your latest LES and your good! Easy.

If your working a “regular” job you should easily be able to obtain your last 60 days worth of paystubs from your personal records or human resources.

You may also need an appraisal-

Let’s face it….banks are scared shitless the market is going to get worse NOT better. They don’t want to be caught holding the bag or in this case YOUR house. For example, the south Florida area, with Miami in particular, have experienced massive mortgage fraud, catastrophic drops in real estate values, and unprecedented foreclosure rates. All this adds up to timid lenders and required appraisals for any refinance.

What does this mean for you? Well for starters, be prepared to pay for an appraisal. Like it or not it could happen.

A banks philosophy is simple – “Always error on the side of caution.”

Don’t believe everything else you read online

I know many websites advertise VA streamline loans or IRRRL’s with no paperwork. Don’t buy into this garbage!! What your reading is very old OUTDATED information. Sadly many mortgage brokers and VA lenders alike don’t care about you and consequently never update their websites. And why should they? Who wants to be the barer of bad news? This is a classic bait and switch scenario. Don’t fall victim.

Honesty will cost you customers.

I actually had a client hang up on me yesterday because I warned him that we may need documentation for the va streamline loan he was asking for. My client basically told me I didn’t know what I was talking about and promptly hung up the phone.

Looking back on that conversation, it would have been so easy to lead this customer along; promise him the world, and only after we had him locked in and committed, tell him we need documentation. I could have closed the loan and walked away with a nice paycheck. But that type of behavior is less than honorable.

In this life all you have is your good name. Mine is worth protecting.

ACT NOW!!

The market is HOT, rates are LOW. Now IS the time to get a VA streamline refinance or VA IRRRL. Just be prepared to furnish a couple documents if needed.

If your interested in getting the best VA Loan available simply fill out our quick “pre-qualification” form located on the home page of www.valoans.com

VA County Loan Limits

themightyquin — Fri, 30 Oct 2009 18:34:49 +0000

VA Loan Limits Nationwide

If your wondering what the VA loan limits are for your county we took the liberty of posting the complete list here.

P.S. Some conservative banks will not honor these posted VA loan limits. They prefer to lend using their own guidelines which every bank is free to do. Take these figures with a grain of salt and double check with your bank before proceeding.

VA Loan Limits

Our VA Loan Guarantee

themightyquin — Wed, 23 Sep 2009 16:53:04 +0000

Your satisfaction is of the utmost importance to us at the VA Loan Store so we offer this unprecedented money back guarantee.

We stand behind our service, rates, and pricing so you can sleep well knowing you have made the most intelligent mortgage decision.

We Will:
• Take full responsibility for our actions and be honest at all times

• Ask questions and listen to you in order to fully understand your needs

• Create mortgage solutions that complement your overall financial strategy, and allow you to most effectively accomplish your short and long term financial goals

• Determine a fair rate for your given loan program and credit situation AND give you the option to lock in that interest rate or “float” it. If you choose to lock your interest rate, we will GUARANTEE that rate at closing unless your credit situation changes during the application. This includes, but is not limited to, undisclosed poor credit, change of program, denial by the lender through which we locked the loan, or delay in your loan closing due to factors beyond our control. If you elect to float your loan, the choice of when to lock the interest rate is yours. As part of our loan process, you will receive regular market updates designed to assist in choosing the perfect time to lock your interest rate.

• Prepare a Good Faith Estimate and GUARANTEE that your actual costs- excluding title company/closing attorney costs- will be within 5% of our proposal or WE will pay the difference. This applies to actual costs only and does not include escrows and prepaid items. The industry standard is between 10% and 25% variance, so you can see that we truly do stand behind what we quote you.

• Respect your time and minimize the amount of effort required of you by applying our knowledge, experience, and resourcefulness

• Explain the entire mortgage process so you can anticipate what to expect all the way through closing.

• Provide weekly loan status updates and proactively communicate to reduce the stress associated with uncertainty. We will provide the opportunity to have all your questions answered with your personal mortgage planner.

• Ensure smooth, on-time closings with anticipated costs and terms so you feel comfortable and relaxed.

• Perform annual mortgage reviews to make certain your financial objectives are realized.

No one else in the industry stands behind their products like this and we are proud to add you to the growing list of happy, satisfied customers.

We ask only one thing of you. Referrals are the lifeline of our business and, therefore we request that you refer at least 2 people to us during your time in process with us. They will receive the same exceptional service and, of course, the same guarantee!

From everyone on our team, we thank you for your patronage and look forward to serving you.

Quin Linich

Veteran and Founder

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Good Faith Estimate 101 for Veterans

themightyquin — Wed, 19 Aug 2009 21:36:56 +0000

One of the most important things that every veteran should know is how to evaluate a Good Faith Estimate or GFE. A good faith estimate is not just a verbal quote of how much you are going to pay but it is actually a document required by the Real Estate Settlement Procedures Act (RESPA).

If you are applying for a loan, the lender or broker should provide you a written estimate within 72 hours after applying for a VA loan.

Don’t get confused if you get multiple GFEs showing different bottom line totals. In most cases, you will receive a preliminary GFE and later, a “Final” GFE after the lender as approved the loan.

Be aware that every bank or mortgage broker will estimate costs differently but it is critical you understand what fees are stated, and whether you are being charged correctly.

Also, remember that a GFE is just an estimate – this is your loan officer’s best guess on how much it’s going to cost you to close your loan.

To make things easier, let’s breakdown the GFE into two categories: lender or broker-associated costs and other costs.

Lender or Broker-Associated Costs – The costs under this category should be more or less accurate. This is basically how much the lender or broker asks you to pay to process your VA loan application. These costs should include but are not limited to: loan origination fees, loan discounts, appraisal fees, credit reports, lender inspection fees, any tax-related service fees, processing fees, underwriting fees, and wire transfer fees. See VA allowable charges for a complete listing of acceptable loan fees.

Other costs – Aside from the lender and mortgage broker, there are also other entities involved in your VA loan application procedure. These bodies require a certain amount to be paid in order to complete your application. Some examples of these costs are insurance premiums, VA Funding Fee, title charges, escrow fees, transfer charges, and any additional settlement charges.

How exactly do you make use of this information?

We recommend you focus your efforts on interest rate AND lender charges because these are the only variables the bank actually controls. All other charges such as taxes, home owners insurance, settlement fees, and escrows will vary dramatically depending on the institution that prepares the GFE.

In some cases, your bank or VA mortgage broker won’t even take the time to quote these third party fees. So, if you get a GFE with very low costs take a second look at what’s actually being charged. You may be surprised to learn your VA lender has omitted 50% of the required information.

Surprisingly, the highest costing GFE can often be the best deal! If your VA lender did a great job, your GFE should be complete. But be aware, this may also translate to a higher bottom line when you compare to other “incomplete GFE’s. A completed GFE will include: all escrows, taxes, home owners insurance. This is also a good indicator that your working with a VA lender that has your best interest at hand and does quality work. Don’t deal with VA lenders that can’t provide accurate documents. That’s the best advice I can give.

In addition to your GFE, and before you make your final decision, ask your VA lender for a performance guarantee and make sure they put it in writing. What is a performance guarantee you ask? This is a document that your VA lender provides guaranteeing your costs on the loan. It will also guarantee your interest rate should you choose to lock the VA loan.

By obtaining a “completed” GFE and performance guarantee you can rest assured your homework is done and your ready to select a VA lender.

Affordable Refinance Program

themightyquin — Thu, 13 Aug 2009 15:54:50 +0000

The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Here is the link: Affordable Refinance Program

To Pay or Not to Pay? The VA Loan Funding Fee

Vikki P. — Mon, 27 Jul 2009 20:19:27 +0000

For guaranteed loans, the law requires the borrower to pay the VA Loan Funding Fee. A veteran will be asked to pay this upfront during the final stage of the loan application process. Though VA home loans provide veterans a no-money-down benefit, a veteran is asked to pay the VA Funding Fee as a contribution toward the cost of this unique benefit. As a result, the VA Funding Fee reduces the cost to taxpayers.

For first time veteran borrowers, the fee is currently at 2.15% while second-time users who don’t want to make a down payment are asked to pay 3.3%. Why are second-timers asked to pay more? It’s pretty simple, these veterans have already taken advantage of the benefit in the past plus they have also had the time to save money to pay for a down payment.

Another important aspect of the VA Funding Fee that every veteran must know is that it can vary depending on the type of service rendered and whether the loan is a purchase, a streamline refinance or IRRL, or simply a cash-out transaction. The following charts show the details of the VA Funding Fee.

Type of Veteran	Down Payment	First Time Use	Subsequent Use for loans 1/1/04 to 9/30/11
Regular Military	None 5% – 10% 10% or more	2.15% 1.50% 1.25%	3.3%* 1.50% 1.25%
Reserve/National Guard	None 5% – 10% 10% or more	2.4% 1.75% 1.5%	3.3%* 1.75% 1.50%

Cash-Out Refinancing Loans

Type of Veteran	Percentage for First Time Use	Percentage for Subsequent Use
Regular Military	2.15%	3.3%*
Reserve/National Guard	2.4%	3.3%*

* The higher subsequent use fee does not apply to these types of loans if the veteran’s only prior use of entitlement was for a manufactured home loan.

Type of Loan	Percentage for Either Type of Veteran Whether First Time or Subsequent Use
Interest Rate Reduction Refinancing Loans (IRRRL)	0.50%
Manufactured Home Loans	1.00%
Loan Assumptions	0.50%

Although almost all veteran home buyers pay the VA Loan Funding Fee, there are some exceptions to this:

Veterans with service-related disabilities who are receiving VA compensation
Veterans with service-related disabilities who did not receive retirement pay but are entitled to receive compensation
Surviving spouses of veterans who died while rendering service or from any service-related disabilities

VA Streamline Refinance or IRRL

themightyquin — Wed, 10 Jun 2009 17:52:03 +0000

So what happens when interest rates drop, and your once low rate is no longer competitive in today’s market?

Lucky for you, Veterans have a quick and easy solution.

The Streamline Refinance or Interest Rate Reduction Loan (IRRL) program as it is also known, can easily reduce the interest rate on your mortgage and consequently lower your mortgage payment. The savings is immediate, and if done properly, you should see a big drop in your next mortgage payment!

A VA IRRL is easy on the pocket book

One of the best things about this program is that it can be accomplished inexpensively.

Here are some IRRL highlights:

Closing costs can be financed or “rolled-in” and effectively eliminate your actual out of pocket expenses.

The VA funding fee is only .5% (as apposed to 3%) and in some cases can be waived

NO credit Check required

NO appraisal required* (NOTE*: Some banks have changed their funding guidelines and are now requiring appraisals)

NO Employment Verification

You can have up to (1) 30 day late payment over the past 12 months

Can skip up to 2 months mortgage payment. (Mortgage interest accrues in arrears and will be added to your principal balance. This is not free money.)

If you like saving money AND need a quick solution that won’t drain your pocket book, a VA refinance is the perfect choice for ANY veteran.

Serious applicants should locate their certificate of eligibility and DD214.

Don’t delay, follow this link and apply online today!

VA Cash Out Refinance

themightyquin — Wed, 10 Jun 2009 19:52:58 +0000

After having carefully planned and researched, you finally close on a VA home loan thinking that this is the end of all the troubles. As the years pass, so do your family dynamics. Maybe your family has grown in numbers and it’s time to add the extra bedroom, or maybe it’s just a matter of consolidating debt to take advantage of the tax benefits. Statistics show that the average mortgage loan is kept no longer than five years. And, most Americans move within ten years of buying their first home.

Like it or not, you’ll probably be refinancing; and if your considering taking cash out, then this article is for you!

What is a VA cash out mortgage refinance?

In the simplest of words, this is a program that provides you with the option of cashing out the equity that has accrued on your home during your period of stay. You can use the funds as per your requirements and choosing.

Before considering a VA cash out refinance, we recommend speaking to a certified mortgage planner and VA loan specialist. These people can offer you expert advice and also ensure your decision meets both your short and long term objectives. In other words, don’t just refinance your home, develop a plan that betters your financial well being and stick to it.

How much cash can I receive?

Once you get your house appraisal done, you have the option to cash out up to 90% of the total amount of accrued equity in your home.

Don’t confuse a VA cash out refinance with a VA streamline refinance (or VA IRRL)

One of the common mistakes people make is confuse the Cash-Out Refinance program with the streamline refinance program. These two are completely different programs.

Here are the primary differences:

VA Cash Out Refinance:

3% funding fee unless exempt
Appraisal is required
No reported late payments for the past 12 months

VA IRRL or VA Streamline Refinance:

.5% funding fee (can sometimes be waived)
No appraisal required* (*NOTE: with banks changing guidelines daily, some DO require an appraisal.)
Can have 1 late payment reported over the last 12 months.* (*NOTE: As per the banks discretion. In some cases, banks will not accept late payments.)
NO cash can be received at closing