In recent months the VA has increased their loan limits to a maximum $729,750 for purchase and refinance transactions and in October made a major policy change allowing the refinance of a conventional mortgage to a VA mortgage at 100% loan to value (previously limited to 90% loan to value).

Great Reasons To Use Your VA Benefits:

· the ONLY remaining program with 100% financing still available for purchase or refinance

· new increased limits of up to $729,750

· combine your 1st and 2nd mortgage into 1 with no mortgage insurance

· VA loans are assumable to qualified buyers, so they get to keep your low rate

· VA loan benefits are reusable once the mortgage is assumed or the property is sold

· funding fee can be waived if the borrower is receiving disability

· if your purchase price is over the current limit of $729,750 you have the option to bring 25% of the difference for VA guaranteed financing

What’s the downside? This doesn’t apply to non-owner occupied homes which means that many of our Military Families who had to rent vs. sell their homes when PCSing, are unfortunately not eligible for this great option.

With the new loan to value increase it would be a great time to take a look at your current mortgage if you have an Adjustable Rate Mortgage or two loans, one being a Home Equity Line of Credit. If for instance you currently have a 1st mortgage for $400,000 at 6.25% and a 2nd mortgage for $100,000 at 8.5%, a total of $500,000 and your home value is $500,000 or higher you can consolidate both mortgages into one 30 year fixed loan with NO mortgage insurance through a VA loan at today’s current rate which is lower than 6%. That would be quite a savings and certainly less stress if you currently have an Adjustable Rate Mortgage.

It is important to make sure the loan officer you work with is educated in the VA loan process and guidelines. As a loan officer that has taken VA education classes, attended seminars, and with considerable experience with Military / VA purchasers, I would be happy to assist you with any questions you may have.

If you have any questions please feel free to call or email me @ 571-283-1337 or susan@susan-w.com.