Pittsfield, MA -- (SBWire) -- 06/13/2013 --Real-Estate-Yogi.com is here to supply tips on how to get Veterans’ Administration mortgage loans, such as:
- Qualifying
- Interest Rate Reduction Refinancing Loan
- VA Loan Fees
- Eligibility for Nat’l Guard & Reserve Personnel
Qualifications for VA Mortgages
In order to meet eligibility requirements for a Veterans’ Administration mortgage, one’s discharge must not be dishonorable. Borrowers who served less than 2 years but were affected by military reduction policies may still qualify. Surviving spouses of those killed while on active duty can also obtain a VA mortgage. Never just assume that one cannot meet the requirements for a VA loan; check with a VA-approved lender to find out for sure.
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IRRRL
Another kind of Veterans’ Administration mortgage assistance is called the Interest Rate Reduction Refinancing Loan (IRRRL). If one already has a VA home loan and needs to lower his payments, this is a good option. Depending on several factors, the interest rate on such a loan can be fixed, variable, or a hybrid of both. As a general rule, both the interest rate and the payment amount must come down with this refinance, although there are exceptions (See VA Pamphlet 26-7
Loan & Other Fees
Veterans Administration Mortgages aren’t free, and an individual should be aware of any fees he may have to deal with. Some such fees are those associated with using a brokerage and prepayment penalties. VA Pamphlet 26-7 states that no brokerage fees or realtor costs can be paid with a VA loan. It also says that no veteran can use a new loan to pay the early pay-off of a previous loan. It also addresses HUD homes built for veterans, saying that the costs of any inspections must be handles by the sponsor or builder, not the veteran.
National Guard & Reserve Members’ Eligibility
While assistance for purchasing a home comes for all members of the military, for National Guard & Reserve personnel, there are specific rules for length of service before becoming eligible for Veterans’ Administration mortgage loans. The VA requires a service period of 6 years for those in the Guards or Reserves. They must also meet one of these additional requirements: Having been discharged honorably, been placed on the retired register, or been transferred to Standby Reserve.
About Real-estate-yogi.com
www.real-estate-yogi.com is a free website located in Pittsfield, Massachusetts whose mission is to connect those seeking answers to realty-related questions to the experts in the field who can provide them. For a no-cost consultation, dial 1-800-987-1397.
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