Everything You Need to Know about VA Streamline Loans

If you or someone you know and care for has served in the military, they may qualify for a VA streamline loan. This type of VA loan is one of the most common out there and offers quite a bit for our active duty and retired armed services members.

At Indigo Mortgage, we really like to show our support of the United States military, which is why we enjoy keeping you all updated on VA loans.

Veterans Affairs Streamline Loan

The VA Streamline Loan is a program that has been specifically and exclusively designed for our military members. Using certain approved lenders and guaranteed by the Federal Government, the VA Streamline loan is one of the most common VA loans.

The first step is qualifying and here is how you know if you do:

• Military service persons must have 181 days during peacetime and 90 during wartime or have served 6 years in the reserves or National Guard.
• Spouses of any service member killed in the line of duty also qualify.
• Typically, any honorably discharged soldier will meet the above criteria and qualify.
• You can also qualify while still in active duty.
• However, a dishonorable discharge will disqualify you from any Veterans Affairs programs and benefits.

In a nutshell, the VA Streamline Loan allows you to refinance and lower your monthly mortgage and as long as you meet the Veteran Affairs’ simple requirements, you shouldn’t have any problems.

The VA Streamline Loan requirements are as follows:

• Be current on your mortgage payment and have no more than a single 30-day late payment in the past year. Basically, you just need to have kept up on your original loan payment.
•  The new loan payment needs to be lower than the previous. Obviously, you would want that and this is here to make sure you don’t get used by some lesser than reputable mortgage company.
• You are not allowed to receive any cash from the Streamline Refinance.
•  You must provide documentation that proves you have previously resided at the property. In other words, you can’t lower your girlfriend’s second cousin’s mortgage payment with your military benefits or do so on an investment property.
• You must have previously used your VA eligibility on the very property you are using to refinance.

Due to its simple nature, the VA Streamline Loan is really quite popular and with requirements that are easy to meet, it is no wonder as to why it is the most used VA loan service. 

The VA Loan Guide

Like most procedures involving money, loans are always changing in some way or another -- from the fine print to the rates -- and that is why it is important to always keep up on the latest news in home loans.

Just like other loans, the VA loans also are periodically changed and updated, information you might have had on the loan just a few months ago may very well have changed.

Today though, Indigo Mortgage is going to shed some light on the VA loan and cover it in its most recent incarnation.

Types of VA Loans

That’s right -- there is more than one type of VA mortgage loan. The most common though is the VA home loan, which really is a great way for a qualifying veteran to find themselves in a brand new home. So, what makes you qualify?

Well chances are, if you have enlisted sometime in the past decade (whether still active or now retired), you qualify, but here are some important details to note.

There are a few requirements to qualify for a VA home loan or really anything related to the time served benefits. First of all and probably the most obvious is that you must be either active duty or an honorably discharged veteran. 

Next up is related to your time served, which is that you must have served 181 days during peacetime and 90 during wartime or have six years active duty for reserves and National Guard. At this point, you qualify for a VA home loan.

Back to the loans, the VA Streamline Refinance is what it sounds to be a very effective way to refinance a home that you live in during what has been a tough economic time and when home values have plummeted. This allows you to effectively lower your interest rates and, with that, your bills.

Of course, you need a house to live in, which brings us back to the VA home loans we mentioned above. The VA home loan is a very good way to get you and your family into a dream home and the best part is that there is no money down.

Getting a New Home

The VA loans are definitely a great way for our armed service men and women to get a new house with no money down and great interest rates. At Indigo Mortgage, we would be more than happy to assist you with learning more about the VA loans; in fact, we would be honored. You served us and your country, and now it’s our turn to return the favor.

Posted by Indigo Mortgage at 9:31 AM 1 comment:

 

Veterans Have Options with VA Mortgage Loans

 Honorably discharged veterans from every branch of the military as well as active duty service members can be eligible for a VA mortgage loan across New Mexico and the United States. 

There are many different options out there when it comes to selecting your mortgage loan provider as an active duty soldier, a veteran, or even the widowed spouse of a soldier. 

At the same time, there are also various requirements that must be met and exclusions to note if you are in the market for a zero money down home loan with the awesome benefits of a VA mortgage loan.

Qualifying for a VA Mortgage Loan

Before going into all the little details, you should probably know if you even qualify or not. For starters, you obviously have to be or have been in the military. An active duty member of the military, you must meet one of two requirements.

In order to qualify for a VA loan, you need to have served 90 days or more during wartime or at least 180 days during peace time. If you are a veteran, the requirements are the same, but you must have been honorably discharged as a dishonorable discharge negates any and all military bonuses and benefits.

Active reserve and National Guard have access to the VA loan program after six years of service to their country. This type of requirement makes perfect sense since they are typically not on the 'frontline.'

Widowed spouses of a veteran may be eligible for a VA loan as well if the death was related to military service or their spouse has been MIA or a POW for more than 90 days.

Reasons to Apply for a VA Home Loan

If you are buying your first home and qualify for a VA loan, use it. Typically, most home loans require 10% to 20% down, which can be well over $10,000. And, in many cases, young families don't have that kind of money available to them.

As someone who qualifies for a VA loan, you can purchase a home with zero down. Other than a few closing costs, you will pay next to nothing. This makes it a great option for first-time home buyers and their families, fresh out of service or still actively serving.

With Indigo Mortgage, a veteran can easily find themselves in a beautiful new home with little out-of-pocket expenses used only to cover closing costs. Of course, they must be eligible according to the VA's standards as well as meet a few requirements of our own mortgage standards. For more information, check us out today.

Posted by Indigo Mortgage at 8:53 AM No comments: