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VA Loans help active military and veterans qualify for homeownership, and if you already have a VA loan, now is a great time to refinance at today’s low rates.

There are two programs that can be used to refinance an existing mortgage: VA Streamline Refinance or a VA Cash Out Refinance.

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What is a VA Cash Out Refinance? This particular loan allows borrowers to pull cash out of their home’s equity, even if they are currently in another type of loan such as an FHA or USDA. With a VA Cash-Out, you could even pull out cash up to 100% of the home’s value, including the funding fee, as long as you meet the requirements set by VA, which is known as net tangible benefits. The cash that is pulled out of your home’s equity can be used to take care of paying off debt, paying for tuition, or making necessary home improvements and repairs. It can also be used to refinance a non- VA loan into a VA loan.

What is a VA Streamline Refinance? This loan also known as the Interest Rate Reduction Refinance Loan (IRRRL), it is the best option for homeowners who already have a VA loan and would like to refinance the loan into a lower interest rate and lower their monthly mortgage payment.

What are the VA Home Loan Requirements? VA Loan qualifications typically require one of the following:

  • 90 days of service during wartime
  • 181 continuous days of active service during peacetime
  • 6 or more years of service in the National Guard or Reserves
  • Being the un-married, surviving spouse of a service member who died in the line of duty, or because of a service-related disability

What are VA Home Loan Benefits? Since VA loans are approved by the government, VA loans provide access to special benefits, including:

  • Lower interest rates: VA loans generally offer interest rates lower than conventional loans.
  • No monthly mortgage insurance premiums: MI payments can cost borrowers hundreds of dollars every month, an expense you'll never have with a VA loan.
  • No prepayment penalty: With a VA loan, you can sell or refinance at any time without having to pay a penalty.
  • Ability to finance the VA funding fee: The funding fee can be rolled into the entire loan amount and the total loan with the funding fee cannot exceed your appraised value.
  • Less than perfect credit usually accepted: You don't need to have perfect credit to qualify for a VA loan.
  • 100% cash out refinance, including the funding fee :Use your home's value and pull cash out to pay off debt, make repairs to your home, remodel, or spend any way you wish, as long as you meet requirements set by VA known as net tangible benefits.

Ready to refinance your mortgage loan? To learn more and find out if you qualify, contact a New American Funding Loan Officer who can help you decide which VA Refinance option is right for you.

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MBS RECAP: Jerky Knees After Fed

Posted To: MBS Commentary

Today brought the (not very) much-anticipated FOMC Minutes--a more detailed account of the conversation that transpired at the end of July when the Fed announced its rate cut. As expected, some at the Fed wanted to cut more. Some wanted to cut less. The consensus was that it was a mid-cycle rate adjustment that left room for the Fed to hike again or cut again depending upon how conditions evolve. This was perhaps somewhat less upbeat than some market participants may have hoped, but not so much so that we should credit the Fed as a market mover today. I'm more inclined to give the Fed some credit for nudging rate expectations microscopically higher and give the consolidation range credit for turning away the post-Fed rally in 10yr yields. To be clear, this is exactly in line with my pre...(read more)

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Mortgage Rates Pop Higher

Posted To: Mortgage Rate Watch

Mortgage rates moved higher today, and it had nothing to do with any of the day's events or news headlines. Quite simply put, the bond market (which dictates the rates that can offered by lenders) had already begun to weaken as of yesterday afternoon. Weakness continued overnight as global financial markets dialed back their demand for safe havens. In market terms, a safe haven is generally a lower rate of return with a higher guarantee of the return remaining stable. Fixed rate government bonds from financially solvent countries are a classic safe haven. And no matter what you've heard in the news, the US mortgage market is also squarely in the safe haven camp. The only major risk associated with mortgages as far as investors are concerned is how long the mortgage will last. That uncertainty...(read more)

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