VA Refinance Loan costs to go down significantly as the VA Authorizes Huge Opportunity for Veterans to Refinance at lower costs
The VA is lowering the VA Funding Fee beginning Nov 17, 2011. This creates a huge opportunity for Veterans to Refinance using a VA Loan or VA Jumbo Loan at much lower costs. The VA Funding Fee for a 90% loan to value refinance is being reduced to 1.40% for a first time use (down from 2.15% before Oct 1, 2011), and down to 2.8% for a subsequent use of your VA Benefit, down from 3.3%.
You can consolidate your current Mortgage or first and second Mortgages (including a Home equity Loan, or Home Equity Line of Credit), into a single VA Loan up to 90% of your homes current value with a VA Funding Fee of just 1.40%.
The VA Allows you to do a Cash Out Refinance up to 90% of your homes value. Use the proceeds to consolidate Debt, Upgrade your home, remodel your kitchen or bathroom, or whatever you can dream up.
Veterans with a 10% or higher VA Related Disability are Exempt from the VA Funding Fee.
Here is another article with more info on the VA Funding Fee Changes.
Call us today at 760-752-4480 to discuss your situation and to see if you can benefit from a VA Refinance.