VA Home Loan Programs vs. FHA Home Loan Programs, a comparison

VA Home Loan Programs vs. FHA Home Loan Programs, a comparison

Looking to refinance? If you are a qualified veteran who is eligible for a VA home loan, you could look into a VA home loan refinance for your existing home loan. The loan offered by VA refinance programs can help you same money and tap into the advantages of a first VA home mortgage.

Looking to refinance? If you are a qualified veteran who is eligible for a VA home loan, you could look into a VA home loan refinance for your existing home loan. The loan offered by VA refinance programs can help you same money and tap into the advantages of a first VA home mortgage.

Are you eligible for a VA Refinance?

Here’s how you qualify for a VA home loan refinance. You must meet the following criteria in order to get access to the programs:

• Have good credit worthiness, a good credit score and an ability to pay the loan through good income
• You must have a Certificate of Eligibility, which can be obtained through the VA or with the help of an approved VA lender using the ACE system

A VA refinance allows you to take advantage of the benefits you earned as a member of the military. You can use the VA loan program to convert your existing loan into better terms and protections.

Getting a VA home loan refinance

Like other home refinance program, a VA refinance enables you to take your existing loan, convert it and take advantage of the benefit of a VA loan program. When you get a refinance from the VA home loan refinance program, you get a new mortgage from the VA program and pay off your old mortgage. The VA refinance requires that the same borrower take a new VA mortgage for the same property, which must be your place of residence. VA loans are only for home residences.

VA home loan refinances are ‘cash out refinances’, even if they are only used to get better terms or rates. Because of this, borrowers should look at their existing debts and decide if they need more cash – from your home equity – when you are going through the VA home loan refinance.

With a VA refinance you are able to:

• Finance up to 90 percent of your home’s value and finance closing costs
• Covert with little or no down payment
• Get more cash for investments, college costs and other expenses as long as your home has enough equity

VA home loan refinance is not available in all states, due to local laws, but if you are looking for a loan, it is worth looking into VA refinance to see what is available to you in your area.

VA Refinance advantages

There are many benefits through VA loan programs and VA home loan refinance. Here are some the advantages offered to qualified veterans through this program:

• No-money down refinance
• Reduced monthly payments, rates and/or terms
• Access to cash while getting into a secured and insured VA refinance loan
• Save money on closing costs and fees, because the VA refinance limits fees and charges, when you use the VA home loan refinance program
• Improved loan to value ratios, since the VA refinance guarantees up to a quarter of your loan

The benefits given through these programs, including those offered at Access National Mortgage, are given to veterans who have earned them through their diligent service to our country. Veterans should get every advantage from these programs. For those not already using one, the VA home loan refinance offers an opportunity to get into these programs.

About Author

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.

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