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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: Bonds Erase Losses as Trade Deal Underwhelms

Posted To: MBS Commentary

Bonds were leading off in a slightly friendly direction during the overnight session, largely because we hadn't really heard from China with respect to yesterday's trade deal drama. Nonetheless, it seemed like more concrete steps were being taken, so markets were willing to move in a risk-on direction (better for stocks, worse for bonds) in general. The whole "not hearing from China" thing was validated right out of the gate with headlines suggesting China had concerns about US agricultural purchase requirements. Shortly thereafter, Trump tweeted harsh criticism for a WSJ article. Almost everyone assumed he was referring to yesterday's article that blew the lid off the trade deal agreement. With those two updates, suddenly, the deal didn't look like a sure thing and...(read more)

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Mortgage Rates Bounce After Trade Deal Update

Posted To: Mortgage Rate Watch

Mortgage rates were somewhat distressed , to say the least, after yesterday's various news stories pertaining to the US/China trade deal. For a variety of reasons, that's the biggest consideration for financial markets at the moment, and interest rates are no exception. Rates were pushed to the upper edge of their recent range as the signing of the first phase of the trade deal looked increasingly likely by the end of the week. While both sides basically acknowledged the progress on the deal (and even the probability that it will be signed), it was not, in fact, actually signed. Additionally, several details still need to be cleared up before that happens. The absence of a more concrete trade deal conclusion proved beneficial for rates. As far as underlying bond markets are concerned, much...(read more)

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