VA Loan Programs Mississippi On Home Purchase And Refinance

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VA Loan Programs Mississippi On Home Purchase And Refinance

This BLOG On VA Loan Programs Mississippi On Home Purchase And Refinance Was UPDATED On November 6th, 2018

Mississippi is one of the fastest growing states.

  • Unlike Florida, Texas, Georgia, Colorado, Kentucky, Michigan, Pennsylvania, New Jersey, and countless other states, Mississippi has not seen double digit appreciation of home prices
  • However, with the major shortage of homes versus demand, Mississippi home values is destined to go up in value in the coming months
  • Mississippi also has seen a huge wage of veterans of our military migrate to this great state
  • With the economy growing, major demand of jobs, lower home prices, and great school system, all counties of Mississippi is attracting our military veterans to call this Great State Home
  • Gustan Cho Associates at Loan Cabin Inc. are direct lenders with no overlays on VA Home Loans and licensed in the state of Mississippi

Mississippi VA Loan Programs

There are many VA Loan Programs that is available for Veterans of the United States Military who have a Certificate of Eligibility. VA Loan Programs are for Veterans with valid Certificate of Eligibility, often referred to as COE.

Here are the benefits for VA Loan Programs:

  • Veterans with COE who are first time home buyers
  • Borrowers with COE who are seasoned homeowners selling and buying a new home
  • Homeowners who plan on doing a 100% cash out refinance on their existing home
  • Homeowners who are planning on refinancing their current home for a lower interest rate so they can lower their payments
  • Disabled Veterans who need to make their current home accessible for their disability

About VA Loans

VA Loans is the best mortgage loan program in the United States:

  • No down payment is required on a VA home purchase loan
  • Mortgage rates are extremely competitive
  • VA Loans also does not have mortgage insurance requirement like other loan programs
  • However, VA Loans are limited to Veterans with a valid Certificate of Eligibility or COE. Here are the benefits of VA Loan Programs:
    • No down payment is required
  • VA Loan Programs is available for only owner occupant primary homes only
  • Second homes and investment homes does not apply
  • Buyers can buy a single family home, condominium, town home, and two to four unit properties
  • Veteran homeowners with a valid COE can refinance their current home mortgage
  • Can do a 100% cash out refinance on single family homes

Home Purchase VA Loan Programs

Home Purchase VA Loan Programs allow Veterans with a valid Certificate of Eligibility to purchase an owner occupied primary single family home, condo, town home, or two to four unit property with zero down payment.

  • A VA Loan is one a great benefit only Veterans get for their service to their country where others do not get this privilege

Other great benefits of VA Loan Programs are the following:

  • VA Loans do not require mortgage insurance premiums like FHA Loans
  • Conventional Loans require private mortgage insurance on loan to value is greater than 80% LTV
  • VA Loans do have a one time VA Funding Fee
  • But the VA Funding Fee can be rolled to Loan balance
  • VA Loans offer the lowest interest rates
  • Rates are lower than Conventional Loans
  • VA Loan Limits are the same as those of Conventional Loans
  • VA loans can be reused over and over for home buyers
  • They are not just limited to a first time home buyers
  • Allows sellers concessions of up to 4% to home buyers
  • Borrowers can purchase a home with absolutely zero money out of pocket with the combination of no down payment for the home purchase and no closing costs
  • This is because closing costs can be covered by sellers concessions and/or lender credit
  • VA Loans are assumable

Refinance VA Loan Programs

There are two types of Refinance VA Loan Programs

  • Cash Out Refinance VA Loan Programs
  • Interest Rate Reduction Refinance Loan VA Loan Programs which is also commonly referred to as IRRRL

Cash Out Refinance VA Loan Programs

The VA Cash Out Refinance program allows Veterans with a valid COE to do a cash out refinance loan with a VA Loan.

Here is how Cash Out Refinance VA Loan Programs work:

  • Existing mortgage does not have to be a VA Loan
  • Need to meet all VA Lending Guidelines
  • VA allows up to 100% LTV cash out refinance
  • Borrowers will be hit with a VA Funding Fee for refinancing
  • VA Funding Fee can be added on to Loan balance
  • Borrowers can do anything they need to do with the cash out from the VA refinance mortgage
  • Proceeds can be used for the following:
    • vacation
    • pay down a second mortgage or HELOC
    • remodeling to their home
    • purchase a car
    • consolidate debts
    • use funds for investments
    • pay down credit card debts
    • purchase a second home

What Is The VA Interest Rate Reduction Refinance Loan Or IRRRL?

The Interest Rate Reduction Refinance Loan Program, also referred to as IRRRL:

  • It is a Streamline Refinance VA Loan Program that is only available for homeowners who already have a current VA Loan
  • Homeowners who want to refinance their VA Loan into another VA Loan with limited documents to lower their mortgage rates
  • This reduces their monthly mortgage payment
  • Veterans with an existing fixed rate VA mortgage can refinance into another lower rate fixed rate VA Loan
  • Veterans with an adjustable rate mortgage, ARM, can refinance their ARM VA Loan into a fixed rate loan

Here are how Interest Rate Reduction Refinance Loan Programs work:

  • The current loan needs to be a VA Loan
  • IRRRL needs to be a VA Loan being refinanced into a new VA Loan where the borrower has already used a VA entitlement
  • A new home appraisal is not required with IRRRL
  • No credit scores are necessary
  • The only thing required is that the current mortgage has been paid on time
  • 12 months on time payments on the current mortgage is required
  • Can only do a rate and term refinance
  • Cash out refinance is not permitted with IRRRL
  • Certificate of Eligibility:
    • A new COE is not required on a IRRRL
  • No money out of pocket is required by homeowners
  • Closing costs can be rolled into the new Loan or a lender credit can be given
  • Funding fee is .05% on a IRRR

Mortgage Borrowers interested qualifying for a VA Loan, please contact Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@gustancho.com. We have no overlays on VA Loans. We just go off the automated finding per Automated Underwriting System. We are available 7 days a week, evenings, weekends, and holidays to take your VA Loan inquiries.

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