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A Federal VA home loan is a big benefit of your service and veteran owned Mighty Mortgage is dedicated to helping Oregon veterans understand and utilize this benefit for maximum advantage.
Yes! It's true that zero down payment is a big benefit of a VA home loan, but keep in mind that the down payment is only one piece of the puzzle. You can expect out of pocket expenses for earnest money (a deposit you pay when your offer is accepted to show the seller that you are serious), home inspections, appraisals, property taxes, homeowner's insurance and closing costs.
However, there are ways to lower your out of pocket expenses with lender credits (when the lender pays a portion of your closing costs in exchange for a higher rate) or with seller paid closing cost credits, (which you negotiate for in your purchase agreement). There's a lot of moving parts which is why getting fully briefed and preapproved by a competent VA Lender is so important to the success of your homebuying mission!
Many veterans are surprised to learn the VA isn't the lender on a Federal VA home loan. The VA actually guarantees the repayment of the loan to the lender. In essence, Uncle Sam is your co-signer and unless you're receiving a VA benefit or otherwise exempt, he charges the VA Funding fee for the privilege.
The VA Funding fee can vary widely depending on the type of transaction, down payment amount, and whether you are a repeat VA home buyer or a first time home buyer. Contact us today if you have any questions about the VA Funding Fee or want to see the numbers for a Federal VA purchase or refinance!
Yes! It is not widely known but it is possible to have more than one VA home loan outstanding at the same time. If the first VA loan has a relatively low balance that means that only some of the available VA Loan guarantee is tied up in that loan, leaving "partial eligibility" available for another VA home loan.
Keep in mind that math and other restrictions may apply. Give us a call if you are considering a second VA home loan!
Certainly! IRRRL Stands for "Interest Rate Reduction Refinance Loan" and it allows the veteran to refinance to a lower rate and payment without an appraisal. Often called a VA Streamline refinance, to qualify the existing loan must have an acceptable payment history, the new interest rate must be lowered by at least 0.5%, and the "cost" of the loan ( 3rd party costs +/- discount points or lender credits) must be recouped within 36 months.
To see if an IRRRL can save you money, contact Mighty Mortgage today!
Yes! If you have equity in your home and wish to pull out cash for home improvement projects or debt consolidation a VA Cash Out Refinance may be the way to go!
Cash-out refinances usually require an appraisal to establish the value of the home, once that value has been established there are two options, borrowing up to 90% value of the home or borrowing between 90%-100% of the value of the home. The biggest difference is the jump in costs and stricter qualification guidelines. Be sure to go over both scenarios with your lender and make sure you understand your options.
Note: Be advised that unless you are exempt from the funding fee it can be one of the biggest expenses of a cash out refinance, ranging from 2.3% to 3.6% of the new loan amount!
Oregon Veterans, Mighty Mortgage salutes you! It's sincerely our honor and privilege to serve the Veteran community and we take it very seriously. Apply toady to get started or contact us to learn more.
Need more info? Drop us a line, send an email, text, or pick up the phone and call. Get answers to your home loan questions. Contact us today!
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