Idaho VA Home Loan Refinancing For Eligible Homeowners

Idaho VA Home loans allow you to refinance your home to take advantage of lower interest rates that can ultimately save you sizable sums of money in both the long-run and the short-run by lowering your monthly payment.

 

If you currently have a Idaho conventional loan, you can refinance into an Idaho VA Home loan if you are an eligible veteran or member of the armed services. Transferring from a Idaho conventional mortgage to an Idaho VA Home Loan is known as a “Idaho Conventional to Idaho VA Refinance Loan” and is a very straightforward process.

 

The “Conventional to VA Refinance Loan” process is described in detail in our article Can I Qualify For An Idaho VA Refinance If I Currently Have An Idaho Conventional Loan?

 

A common question related to VA refinancing is whether or not you can get a refinance on a VA loan if you are currently upside down on your mortgage. The answer is…you can!

 

Just to be clear, being “upside down” on a mortgage is when you owe more on your mortgage than the current value of your home. This is a highly unfortunate situation that many American home owners are facing today.

 

In 2008 a law titled the “Veteran Benefits Improvement Act” was passed to assist veterans who were upside down on their mortgage. This law created the opportunity for eligible veterans to get an Idaho VA refinance and improve their financial circumstances.

 

The enhancements made to the VA home loan program are described in our article Can I Refinance My VA Loan If I Am Upside Down On My Mortgage?

 

Of course, you are also allowed to refinance your home if you currently have an Idaho VA mortgage. An Interest Rate Reduction Refinancing Loan (IRRRL) is considered a Idaho VA Streamline Refinance.  This is a quick and easy way to either lower your monthly mortgage payment or take money out of your home with minimal work, at no cost to you!

 

Some of the additional benefits of an Idaho VA Streamline Refinance or IRRRL include:

  • In some cases, you may not need to have an appraisal of your home.
  • Limited income verification.
  • An extremely low VA Funding Fee – only 0.5%

Frequently Asked Idaho VA Loan Questions:

 

Q: What is a VA Guaranteed Home Loan?

A: VA guaranteed home loans are loans made to eligible veterans for the purchase of a home as their primary residence. The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

 

Q: Does my entitlement guarantee that I will get a home loan?

A: No VA cannot compel a lender to make a loan that would violate their lender policies.

 

Q: How much is my entitlement?

A: Your basic entitlement is $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the Idaho VA county loan limit for a single family home may be available .  This means that qualified veterans could get a no down payment purchase loan for those amounts.

 

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with my company who is a mortgage lender that participates in the VA home loan program. At some point you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

 

Q: How do I get a Certificate of Eligibility?

A:  Complete a VA Form 26-1880, Request for a Certificate of Eligibility. You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request for a Certificate of Eligibility for Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service.

 

Q: Can my lender get my Certificate of Eligibility for me?

A: Yes, it’s called Web LGY. Most lenders have access to the Web LGY system. This internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY – only those for which VA has sufficient data in our records.

 

Q: What is acceptable proof of military service?

A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duuty after January 1, 1950 a copy of DD Form 214, Certificate of Release or Discharge From Active Dutyshould be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least  6 years of honorable service. If you were discharged from the Army or Air Force national Guard, you may sumit NGB Form 22, Report of Separation and Record of Service, or Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used bythe Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

 

Q: How can I obtain proof of military service?

A: Standard Form 180, Request Pertaining to Military Records, is usd to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is not processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

 

Q: I have already obtained one VA loan. Can I get another one?

A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property you can have your used eligibility restored for additional use. Also, on a one-time only basis, you my hae your eligibility restored if your prior VA loan has been paid in full but you still own the property.

 

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of the death), may obtain a VA guaranteed interest rate reduction refinance loan.

 

If you have any questions about a VA home loan feel free to contact us.

NO APPRAISAL – IDAHO FHA STREAMLINE REFINANCE MORTGAGE

An Idaho FHA Streamline Refinance With No Appraisal is the best way to go if you live in Boise, Idaho and are looking to Refinance your home and you currently have an FHA loan.

 

Benefits of a Boise Idaho FHA Streamline Refinance

  • Appraisal usually not required
  • Very little paperwork
  • No Appraisal Fee (if doing no appraisal option)
  • Easily increase or decrease the length of the term of your existing loan
  • Take advantage of current low interest rates
  • Little or no out-of-pocket costs

 

If you own a home and you still owe mortgage payments, chances are with interest rates as low as they are you are examining your refinancing options. In today’s economy everyone needs a way to lower their monthly payments and make housing more affordable. An Idaho FHA Streamline Refinance is a great way for a borrower to take advantage of the great interest rates on the market without needing to get an appraisal.

 

One of the best features of an FHA Streamline Refinance is that an appraisal does not have to be done on the property. As many of you know property values have been on the decline so appraisals have been coming back with values lower than what is needed to refinance many properties. That is why it is very beneficial not needing an appraise done when you refinance your home with an Idaho FHA Streamline Refinance. This also allows means that there isn’t an appraisal fee associated with your FHA refinance.

 

FHA Streamline Refi’s are a great way to lower your interest rate and your payment without going through the hassles of a standard refinance by not needing an appraisal and there is less documentation required from you by the lender.

 

A main benefit with Streamline FHA loans is that your monthly payments are permanently lowered. The extra money you have at the end of the month can go a long way toward helping you reach your financial goals.

 

If you live in Idaho and you have an Idaho FHA Mortgage then an Idaho FHA Streamline Refi is a great way to go. If you have any questions about refinancing your home. Feel free to contact me.

 

 

FHA Streamline Requirements

There are certain requirements of a FHA Streamline Refinance. First and foremost, your existing loan must be FHA-insured, current, and in good standing. The borrower must have opened the loan at least six months prior to refinancing. The Streamline Refinance must lower the borrower’s interest rate, thus lowering monthly payments. Cash back is not an option for this type of refinance.

Refinancing My Idaho VA Loan With the IRRRL Program

The main reason why Idaho VA IRRL Refinance loan is so popular is that it doesn’t require an appraisal. But in states where home values have declined so severely many folks who have VA loans don’t have enough value in their home to at least match their mortgage amount that they are trying to refinance. In these states most VA loan lenders are requiring appraisals as an extra measure of caution outside of the standard VA loan requirements set by the VA. It is unfortunate – but it is what it is.

 

Now, if you live in other states where this loan program may be a viable option to refinance your Idaho VA home loan to take advantage of streamline low VA rates then you may want to pick up the phone and call our Idaho mortgage company to see what is possible for you.

 

You may be wondering if there are other requirements of the Idaho VA IRRRL – or Idaho streamline VA refinance. To satisfy your curiosity below you’ll find some of the other requirements.

 

VA Streamline Requirements

  • Must be current on your mortgage payment
  • Cannot have been 30 days late on your mortgage payment in the past 12 months
  • You must be able to lower your mortgage payment with this refinance, unless you are refinancing from an adjustable rate mortgage.
  • You cannot use this mortgage for cashout purposes unless you are getting money for energy improvements.
  • In many states you may have to get an appraisal.
  • In many states you may have to prove income.
  • In many states you may have to have a minimum credit score.

 

If you meet some of these requirements and you are wondering about refinancing your Boise Idaho VA loan now is the time to call us to see if it works for you to use the IdahoVA IRRL Refinance – No Appraisal .

 

Boise, Idaho VA Mortgage Loans

An Boise, Idaho VA (Veterans Administration) guaranteed home loan mortgage is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.

 

Boise, Idaho VA mortgage loans can be used towards purchasing a home, building a home, or refinancing an existing mortgage.

 

We will discuss what role the VA plays in an Boise, Idaho VA guaranteed mortgage, the benefits of an Idaho VA home loan, who is eligible for a Boise Idaho VA loan, and the documentation you will need to present to your lender in order to apply.

 

Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet many aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement?

 

VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.

The VA does not actually lend the money to you directly. They offer a guaranty to a lender that if you should default on the loan, they will pay the lender a percentage of the loan balance.

*The word GUARANTY does not actually guarantee the veteran will qualify for a VA home loan.

 

Primary Benefits of a VA Mortgage:

  • 100% financing
  • No monthly private mortgage insurance is required
  • There is a limitation on buyers’ closing costs
  • The loan is assumable, subject to VA approval of the assumer’s credit
  • 30 year fixed loan
  • Seller can pay up to 4% of the borrower’s closing costs and even pay down their debt to help lower the overall debt-to-income ratio
  • Interest rates are similar to FHA rates
  • You don’t need perfect credit

 

Frequently Asked Questions:

 

Q: My parent is a veteran. Can I obtain a VA loan if I have not served in the military myself?

No, the VA loan benefit does not extend to a veteran’s children.

 

Q: What is required to prove my record of military service?

You will be required to use Standard Form 180, Request Pertaining to Military Records, to apply for proof of military service.

 

Q: My spouse who has passed away was an eligible veteran.  Am I eligible for the home loan benefit myself?

A surviving spouse is eligible if they have not remarried, and the eligible veteran died during active duty service or as a result of a service-related disability.

 

Q: Is a VA loan better than a conventional mortgage?

In many cases, yes. VA guaranteed loans often offer a lower interest rate than conventional mortgages, they do not require monthly private mortgage insurance when borrowing more than 80% of a home’s value, and they can be easier to get approved for.

 

Q: How long does it take to get approved for a VA loan?

It varies depending on the current workload of your lender, but it is typically the same as for conventional mortgages – 3 weeks to 45 days.

Who is Eligible for a VA Home Loan?

Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.

Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days of active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.

 

If you have any Questions about how to obtain an Idaho VA Home Loan please feel free to contact me. My information is below.

Seek An Idaho Refinance NOW !!!! Before Rates Go Back Up !!!

mortgage rateRefinance your Idaho Mortgage now before interest rates go back up!!!!!!  An Idaho Refinance is what many people need to look into right now with where interest rates are at. Interest rates won’t stay this amazingly low for long so act now !!!! Below I have outlined four main reasons why you should do an Idaho refinance.

 

An Idaho mortgage is generally the largest debt most homeowners have to manage.  It’s a good idea to give your personal real estate finance portfolio a check-up at least once a year.

 

Since there are many reasons a homeowner may choose an Idaho refinance , we’ll take a look at the four most common.

 

1.  Mortgage Rates Drop:

Typically, the most common reason that homeowners do an Idaho refi is to secure a lower interest rate. Rate and loan amount determines the total cost that a borrower will pay.

The lower the interest rate, the less the overall cost will be. Interest is calculated on a daily basis and usually paid back to the lender on a monthly basis.

 

2.  Lower Payments:

Lowering a mortgage payment can be achieved by doing an Idaho refinance and lowering the mortgage rate, lengthening the loan term, combining two or more loans or removing mortgage insurance.

 

3.  New Mortgage Program:

An Adjustable Rate Mortgage (ARM) to a new Fixed Rate Mortgage (FRM), combining a first and second mortgage or paying off a balloon loan are three possible reasons to explore an Idaho refi.

 

4.  Debt Consolidation:

If there is sufficient equity, sometimes paying off consumer debt by combining all debts into one lower monthly mortgage payment can significantly reduce the short-term deficits in a budget.  However, it’s important to keep in mind the total cost of that debt by adding it into a 30 year mortgage payment.

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Frequently Asked Questions:

 

Q:  Do I have to do an Idaho Refinance with my current mortgage company?

No, you may choose any company to do an idaho refi on your home loan since the new loan will replace the existing mortgage.

 

Q:  Is it easier to do a loan with my current mortgage company?

It is possible your current loan company may require less documentation, but this could add additional cost or a higher interest rate. Do your homework and shop around to make sure you’re getting the best deal.

 

Q:  Will I automatically qualify if I’ve never made any late payments?

No, you will have to qualify for your new home loan. However, certain programs will allow for reduced documentation like a FHA to FHA Streamline loan

 

If you have questions about whether or not it would be a good idea or not to do a refi feel free to contact me to go over your options.

 

 

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Related Article – Refinance Process:

 

Four Possible Reasons To Refinance Your Boise Idaho Mortgage

A mortgage is generally the largest debt most Boise Idaho homeowners have to manage.  It’s a good idea to give your personal real estate finance portfolio a check-up at least once a year.

 

Since there are many reasons a homeowner may choose to refinance, we’ll take a look at the four most common.

 

1.  Idaho Mortgage Rates Drop:

Typically, the most common reason that homeowners refinance their mortgage is to secure a lower interest rate. Interest rate and loan amount determines the total cost that a borrower will pay. The lower the interest rate, the less the overall cost will be. Interest is calculated on a daily basis and usually paid back to the lender on a monthly basis.

 

2.  Lower Payments:

Lowering a mortgage payment can be achieved by lowering the mortgage rate, lengthening the loan term, combining two or more loans or removing mortgage insurance.

 

3.  New Mortgage Program:

Refinancing an Adjustable Rate Mortgage (ARM) to a new Fixed Rate Mortgage (FRM), combining a first and second mortgage or paying off a balloon loan are three possible reasons to explore a refinance.

 

4.  Debt Consolidation:

If there is sufficient equity, sometimes paying off consumer debt by combining all debts into one lower monthly mortgage payment can significantly reduce the short-term deficits in a budget.  However, it’s important to keep in mind the total cost of that debt by adding it into a 30 year mortgage payment.

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Frequently Asked Refinance Questions:

 

Q:  Do I have to refinance with my current mortgage company?

No, you may choose any company to refinance your mortgage since the new loan will replace the existing mortgage.

 

Q:  Is it easier to refinance with my current mortgage company?

It is possible your current mortgage company may require less documentation, but this could add additional cost or a higher interest rate. Do your homework and shop around to make sure you’re getting the best deal.

 

Q:  Will I automatically qualify if I’ve never made any late payments?

No, you will have to qualify for your new refinance. However, certain programs will allow for reduced documentation like a FHA to FHA Streamline Refinance.

If you have any questions about the possibility of refinancing feel free to call or email us.

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Related Article – Refinance Process:

Top 10 Boise Idaho Refinancing Mortgage Links/Articles/Questions

1. Making Home Affordable Program
2. FHA Streamline Refinance in Boise, Idaho
3. Idaho FHA Reverse Mortgage
4. Boise Idaho Home Mortgage Refinance Loan For Home Owners Facing Declining House Prices
5. Applying For A Boise Idaho Mortgage – Required Documents
6. Jumbo Mortgage Financing for Boise, Idaho Properties
7. Conventional Home Loans For Boise Idaho Borrowers
8. VA Mortgage Loans in Boise Idaho
9. Boise Idaho Reverse Mortgage Senior Loans
10. FHA Mortgage Loans in Boise Idaho