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VA Loan Guide

In this article, we’ll walk you through the basics of VA lending. We’ll talk about your VA benefits, down payments, mortgage insurance, credit requirements, closing costs, and VA loan limits. If you have questions about how to get a VA loan or cash out refinance, or how VA loans are different from regular loans, read on! We’ll do our best to answer your questions, plus direct you to more information about more specific questions you may have.

VA Loan Guide

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Is It Smart to Refinance, Cash Out Refinancing for Home Improvements, VA Cash Out Loan Facts for 2021, homepromise

Is It Smart to Refinance Now to Pay Off Debt?

Many people feel that their best option to pay off debt may be cashing in on their investments. This often includes their 401k and pensions or other retirement accounts. Of course, this would never be someone’s first choice, but it can feel like there is no other way when trying to pay off credit card debt or pay off high interest debts. But there is good news! It may make sense to refinance your mortgage instead. If you qualify for a VA loan, you have unique options when struggling with debt. You may qualify for a cash-out refinance for up to 100% of your home’s value to consolidate your debts into a new VA mortgage! Getting a cash-out refinance today may be your best option.

Is It Smart to Refinance, Cash Out Refinancing for Home Improvements, VA Cash Out Loan Facts for 2021, homepromise

Should You Do Cash Out Refinancing for Home Improvements or Get A Home Equity Loan?

Are you considering making home improvements this year? Maybe you want to update your decor, redo your deck, or take on a project like a kitchen renovation. You may have been contemplating home improvements for a while, or maybe more time at home during the pandemic got you thinking about ways you can update your house. Either way, you’ll need funding for these projects.

In this article, we’ll explain ways you can use your VA home loan to generate extra income for home renovations. We’ll cover cash-out refinancing, home equity loans (second mortgages), and home equity lines of credit (or HELOCs). Stick around to read about the pros and cons of each of these options, plus our recommendation based on our lending expertise!

Is It Smart to Refinance, Cash Out Refinancing for Home Improvements, VA Cash Out Loan Facts for 2021, homepromise

VA Cash Out Loan Facts for 2021

What is a cash-out refinance? A cash-out refinance (or cash-out refi) replaces your current home loan with a new home loan according to the VA home loan program. This new loan equals more than you owe on your home, which means that you get to pocket the difference. So, if you owe $100,000 on your home and you get a cash-out refinance loan, you will receive a loan for more than $100,000. This is great for you! For both military members and Veterans eligible for VA home loan benefits, this type of loan may offer more options for refinancing than conventional loans.

In this article, we’ll explain current information on cash-out refinance loans. Every year is a little bit different, so it’s important to stay up-to-date on the facts about cash-out refinance loans. Read on to learn more!

va loan prequalification, homepromise

VA Loan Prequalification

If you are an active-duty military member or a Veteran of the armed forces or national guard, you may qualify for VA home loan benefits as specified by the Department of Veterans Affairs. As you consider applying for a VA home loan, you may have heard of VA loan prequalification. Prequalification is a process that gives you an idea of how much a VA purchase lender is willing to loan to you, based on your credit score and other factors. It’s not a guarantee, but it can mean you are likely to get a loan from the lender, and it simplifies the process when you do apply for a loan. Something else to remember is that prequalification is not the same as applying for a loan. You may also be wondering how prequalification is different from VA loan preapproval. At HomePromise, we use the term prequalification but our prequalification is similar to what others call a preapproval. We’ll explain the goals of prequalification, how it makes applying for a VA purchase loan easier, and more in this article!

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Lower Your VA Funding Fee While Avoiding VA Adjustable Rate Mortgages

How To Lower Your VA Funding Fee While Avoiding VA Adjustable Rate Mortgages

One of the most attractive things about VA loans is that you are not required to make a down payment. Because VA loans are backed by the U.S. Department of Veterans Affairs, the down payment is optional. But if you make no down payment or a very small down payment, that will affect your VA funding fee. Essentially, when buying a house, the lower your down payment, the higher your funding fee. So, there’s a downside to making a small down payment on your VA loan.

But there are ways to lower your VA funding fee. You may even be able avoid it completely if you’re eligible to receive VA compensation for a service-connected disability, since there are funding fee exemptions for Veterans. In this article, we’ll explain how to lower or avoid your funding fee, plus give you more tips and tricks to lower your VA mortgage costs. In particular, we’ll go over the big differences between a 15-year mortgage and a 30-year mortgage, plus let you in on the truth about adjustable rate mortgages.

How To Get A VA Loan For An Investment Property

How To Get A VA Loan For An Investment Property

How To Get A VA Loan For An Investment Property

For eligible Veterans, getting approved for an investment property is worth it. By turning your primary residence into a rental property to generate income, an investment property VA mortgage can help make the mortgage payment for you, which will benefit you, the military member, and your family, who may be military dependents.

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Is it Best To Buy a House While in The Military Or Not?

If you’re in the military, you know that housing is a complicated and always-changing issue. Military life means you move a lot. You knew that’s what you were signing up for. But you didn’t sign up for the constant debate – is it time to buy a home? This time, would it make sense?

You are in a uniquely challenging situation. That’s why we’ve compiled some advice on this subject to help you think through your goals in buying a home. Read on to hear more about military families, pros and cons of buying, and how to go about buying a home if that’s what you decide is best for you.

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Looking For A VA Loan To Purchase or Refinance Multi Unit Properties?

For eligible Veterans, getting approved for a multi-family 2-4 unit property is worth it. Your property becomes an investment property if you use your primary residence as a rental property to generate income. Often, this looks like a multi-unit property, where your property has multiple separate units that you rent.  A VA loan for an investment property can help make the mortgage payment for you. 

If you’re looking for a VA loan to purchase or refinance Multi Unit Properties? Then keep reading.

is 2021 a bad time to buy a home

Is 2021 A Bad Time to Buy A Home?

We’re coming out of a difficult year. As we look forward to 2021, an important question to ask is whether 2021 is a good year for you to buy a home. You may have heard that many people are worried about buying and selling homes. Maybe you’ve been planning to buy a home for a long time, or maybe you’re just beginning to consider it. Either way, we want to help you think through your options! You can contact us to ask specific questions, but we also have more general information below.

Before you think about your situation, it’s important to understand what’s happening in the market right now. 2021 is a year with a low housing inventory. That means that that houses are in high demand right now, which naturally drives up the price of homes. That’s not ideal for the buyer. In fact, the housing market right now is what’s called a “seller’s market.” In a seller’s market, the seller has the advantage, because demand is so high that they can sell for more.

This doesn’t necessarily mean that you can’t buy a home in 2021. Rates for mortgages are very low*, and they look like they will stay that way for a while. For home loans, low rates* can save you a lot of money. If you think it’s best not to buy a home in 2021, it may still be a great time to refinance. As you consider your options, you should ask yourself the following questions:

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