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.

 

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

How To Purchase A Boise Idaho Home With A VA Loan

Taking out a Boise Idaho VA mortgage loan on a new home purchase is a fantastic way to finance a property with a low interest rate, with little to no required down payment.

 

Purchasing a home with an Boise Idaho VA loan may seem like a daunting task at first glance, but it is actually pretty straightforward.

 

The basic process is as follows:

  1. Find the Boise Idaho property you would like to buy and arrange the purchase with the seller.  You’ll then sign a purchase contract conditional upon approval of a Boise Idaho VA guaranteed loan.
  2. Choose your lender, present your Certificate of Eligibility, and finish the loan application. Your lender will determine your credit and submit a request to the VA to dispatch a licensed appraiser to evaluate the value of the property.
  3. If the determined value is acceptable to all involved parties, and the lender determines that your loan application meets the VA loan requirements, your mortgage can be approved.
  4. You (and co-borrower, if applicable) will then attend the loan closing and sign the related papers. The closing escrow agent or attorney will explain loan terms and requirements and monthly payment details.

 

After these steps are completed, you will own your own home with a low-interest Idaho VA purchase mortgage, with no private monthly mortgage insurance required!

 

Please note that when the VA receives report of the loan, the Certificate of Eligibility is adjusted to reflect use of entitlement and is then returned to the veteran.

No further actions are required to get your COE back, which just makes the overall process easier for veterans.

A common question we get is, “How long does the Boise Idaho VA loan approval process actually take?” The overall period of time it takes for a VA mortgage approval varies depending on the amount of volume the lender has at that moment. It also depends on how quickly the VA borrower is able to respond to documentation requests.

As of late, getting full approval and closing your Boise Idaho VA purchase mortgage has been taking between 3 weeks to 45 days. This time-frame is more or less the same as that for conventional loans.

There are some things you can do to ensure your loan process is as quick as possible, such as sending requested documents as soon as possible, working with a knowledgeable Idaho VA loan specialist, and making your hours of availability as flexible as you can.

For further advice on how to make sure your loan process goes as fast and smoothly as possible, please read our article titled VA Mortgage Approval – How Long Does It Take?

 

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 me.

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

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 .

 

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
HTTP://FINDYOUAHOMELOAN.COM

Idaho VA Loan Pre-Approval Letter

An Idaho VA loan pre-approval letter is a document granted by an Idaho VA mortgage lender that states that based on preliminary information such as the potential borrower’s credit, assets, and income, that they qualify for a Veterans Administration loan of a specified amount.

 

It is different from a pre-qualification in that some or all of the submitted information is reviewed for accuracy before the letter is issued.

 

Having a pre-approval letter from your Idaho VA lender will show home sellers that you are a qualified buyer and may lead to your offer being more seriously considered.

 

Once you have obtained your Veterans Administration loan pre-approval letter, you will then be able to begin making offers on homes you are interested in purchasing.

 

In order to get your VA loan pre-approval letter, your lender may require the following:

  • At least one months pay stubs or LES (if still active duty).
  • W-2′s and Tax Returns for the past two years.
  • Two months bank statements for any/all assets.
  • Your DD 214 form (if no longer on active duty).
  • Statement of Service from S1 (if still active duty)

 

Your pay stub is needed to show that you are currently employed, as well as your current income. W-2 statements (for the past two years) then show how much you normally earn in a year.

 

If you are currently still on active duty, your Statement of Service must show a minimum of 12 months remaining on your contract.

 

Finally, your DD 214 form will enable your Idaho VA mortgage lender to decrease the amount of time necessary for processing your certificate of eligibility. Once again, this is not required, but it is generally a smart idea.

 

The reason why this is a smart idea is that the majority of direct lenders with the Veterans Administration can put in an order for your certificate of eligibility, which determines whether or not you are eligible for a VA loan.

 

The process can be very quick as long as you turn in all these documents as soon as possible to your loan officer.

 

After your Idaho VA loan officer or lender has the described documents, he or she can submit your information in the VA loan analysis software to determine your eligibility. The calculation that will determine your eligibility is:

 

(Monthly Income) – (Proposed Mortgage Payment + Insurance + Taxes + Utilities for the house + Monthly Credit Card Payments Due) = Residual Income

 

Residual income is the amount of money that you have after you have paid the sum of your monthly bills. The VA will use their judgment after they have calculated your residual income to decide if you will have a satisfactory amount of money left over after you have paid your bills.

 

The VA has established various requirements for what your minimum residual income will have to be, such as what part of the country you live in, the size of your family, how old your children are, and various other factors.

 

When obtaining VA pre-approval letter, be aware that simply getting the letter does not commit the lender to giving you a loan. It just means the initial information has been reviewed. In order for the mortgage application to be approved additional information and documentation about both the borrower(s) and the property must be reviewed to be sure that all of the guidelines are met.

 

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

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
HTTP://FINDYOUAHOMELOAN.COM

Idaho VA Jumbo Mortgage Home Loan Financing

If you’re looking at buying the home of your dreams – and the price reflects it – then an Idaho VA jumbo mortgage loan may very well be the best option for your mortgage.

 

In most veteran loan scenarios, the VA guarantees up to 25% of the total amount of the loan up to the Idaho Veterans Administration loan limit in your county – which, in much of the US, is $417,000.

 

But what happens when the value of the loan exceeds your county loan limit?

 

This is where an Idaho VA jumbo mortgage loan come into the picture.

 

For the purposes of this example, let’s say that you live in a county where the Veterans Administration loan limit is indeed $417,000. You find the perfect house for you and your family, and it’s selling for $517,000.

 

You decide that you would like to use your hard-earned veteran benefits to take out an Idaho VA mortgage loan!

 

So, the Veterans Administration guarantees $104,250 of your loan (with $104,250 being 25% of $417,000). Yet what happens with the remaining $100,000 of the loan?

 

Simple. The U.S. Department of Veterans Affairs mandates that on jumbo loans above the county loan limit, the borrower put down 25% of the difference between the cost of the loan and the applicable county VA loan limit.

 

Continuing on with our Idaho jumbo loan example from above, 25% of $100,000 ($25,000) would be required as a down payment, and the Veterans Administration would guarantee 25% of $417,000 ($104,250).

 

Not bad at all! In this example you’re buying your $517,000 dream home for only $25,000 down in addition to the required closing costs.

 

The real value of an Idaho VA jumbo mortgage loan is apparent when you compare and contrast it to the standard down payment requirement of an Idaho conventional mortgage, which is typically 20% to avoid paying private mortgage insurance.

 

This means that for the example $517,000 house, a conventional loan down payment would be $103,400 while a VA loan down payment would only be $25,000. That’s less than one quarter of the down payment required for the conventional loan in this scenario!

 

Please keep in mind while house shopping that Veterans Administration county loan limits vary widely throughout the country and will be higher in areas with especially high property values. Once again, the standard VA county loan limit is $417,000, but it’s smart to check with your local VA mortgage agent prior to looking at houses.

 

For example, as of 2011 the VA county loan limit for Marin County is $1,000,000! San Francisco County has a loan limit of $1,000,000 as well.

 

To check what the VA county loan limits are for each county in the United States, you can visit the U.S. Department of Veterans Affairs at their loan limit website. For counties that are not listed on the website, the official VA loan limit is automatically set at $417,000.

 

Why is there such as large difference in county loan limits throughout the nation? In short, because the various housing markets across the country vary greatly.

 

In San Francisco a small single-family house may sell for $1,000,000, while in other places you might be able to find a similar house for $100,000!

 

If you are in Idaho and in need of a substantial home loan, an Idaho VA jumbo Mortgage loan is certainly worth checking out.

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

Boise Idaho Residents Can You Have More Than One VA Mortgage Loan ?

The short answer to the question “How many Idaho VA loans can I have?” is that there is no limit on the amount of times eligible veterans are allowed to use their VA loan benefits.

 

This answer often surprises veteran borrowers who have used the program before.

 

As you are probably well aware, a Idaho VA loan offers many benefits unavailable with Idaho conventional loans.

 

In many ways, the procedure for getting a second (or third, or fourth…) VA loan is similar to obtaining the initial home financing.

 

First, veterans must be able to show that they satisfy the basic eligibility rules mandated by the U.S. Department of Veterans Affairs. The eligibility requirements can be found at the following Department of Veterans Affairs General Rules of Eligibility website.

 

Second, the Idaho VA loan has to be received through a lender that has been approved by the U.S. Department of Veterans Affairs. It is important to check with lenders prior to starting to ensure that they are qualified to provide an Idaho VA mortgage.

 

Third, the VA will analyze your mortgage application including your payment history on your previous loan to see if you have a history of paying your mortgage on time or have gone into default at some point.

 

The VA loses money veteran borrowers go into default, which means they are essentially doing a cost analysis on you to decide whether or not to grant you another VA loan. In addition if the VA suffered a loss on a previous loan you will be required to repay it before having your eligibility fully restored.

 

If you currently have an Idaho VA mortgage, or have had one in the past, then you already know about the required VA funding fee. However, there are differences between what the funding fees are for first-time Idaho VA loan borrowers and subsequent borrowers.

 

For Idaho VA loans, regular military members are categorized as either a first time user or a subsequent user. For first time users the fee structure is set up as follows:

 

* No down payment: 2.15% fee

* Up to 10% down payment: 1.5% fee

* More than 10% down payment: 1.25% fee

For subsequent users the fee structure is:

* No down payment: 3.3% fee

* Up to 10% down payment: 1.5% fee

* More than 10% down payment: 1.25% fee

The funding fee requirement for both the Reserves and National Guard members is different than that for the regular military. For first time users, the fee structure is:

* No down payment: 2.4% fee

* Up to 10% down payment: 1.75% fee

* More than 10% down payment: 1.5% fee

For subsequent users the fee structure is:

* No down payment: 3.3% fee

* Up to 10% down payment: 1.75% fee

* More than 10% down payment: 1.5% fee

 

Basically, the only difference between funding fees for first-time and subsequent Idaho VA loan borrowers is for “no down payment” scenarios.

 

If you are planning on making a down payment on your subsequent Idaho VA loan, then there will not be any difference from what you would pay for a first-time VA mortgage.

 

It’s important to understand that you may not hold more than one VA loan at a time. The loan you took out previously must be repaid in full before you will be eligible to apply for a new VA mortgage. If you still own the property but it is no longer financed with a VA loan (either because you refinanced or paid off the mortgage) you may request a one-time exception to have your eligibility restored.

 

Even if the loan was assumed by another party, the loan must either be repaid or if the assumer is eligible for a VA loan, they could transfer their eligibility to the loan.

 

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

 

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

Refinance Into a Boise Idaho VA Mortgage Loan If I Have A Conventional Loan Already?

Idaho VA Home Financing Loans for Boise and Idaho areas is for veterans and active duty military personnel and certain members of the reserves and National Guard. VA’s program provides an excellent product and benefit for those individuals who have served or are serving to protect our families and our nation.

 

Can I refinance my current conventional loan into a VA Loan?

 

If you currently have a Idaho conventional loan, yes, you can refinance into an Idaho VA loan mortgage if you are an eligible veteran or member of the armed services.

 

Better yet, you may be able to save a great deal of money with a VA refinance!

 

Transferring from a Idaho conventional mortgage to an Idaho VA mortgage is known as a “Conventional to VA Refinance Loan,” and is a very straightforward process.

 

Below are some of the advantages offered by switching from a conventional mortgage to a VA mortgage:

* You may be able to lower your interest rate and your monthly payment with low VA refinance rates.

* You are not required to put any money down to get a VA loan refinance.

* Private mortgage insurance is also not required even for those borrowing more than 80% of the home’s value. Not having to pay private mortgage insurance (or PMI for short) can result in significant savings.

* You have the option of refinancing to a fixed rate mortgage to ensure that your interest rates do not fluctuate over time.

 

Remember, even if you can only lower your interest rate by a .5% percent you could be saving thousands of dollars over time!

 

Add to that the saved costs of not having to pay private mortgage insurance, and you’re truly looking at substantial savings in both the long and short run.

 

If you are comfortable with your current mortgage payment you could choose to pay off your loan more aggressively by selecting a shorter term for your refinance loan.

 

By moving from a 30 year loan term to a 20 or 15 year term you will pay off your loan years sooner, eliminating a decade or more of interest payments. In addition, interest rates for shorter term loans are often lower than 30 year term loans and will save you thousands of dollars in interest paid.

 

Have us run the numbers so you can see for yourself what you could save.

 

Frequently Asked Questions About Boise Idaho VA Home Loans :

 

Primary Benefits of a VA Home Loan:

  • 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 veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
  • Interest rates are similar to FHA rates
  • You don’t need perfect credit

 

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

 

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

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.

 

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

Boise Idaho VA Loan Requirements & Eligibility

Boise Idaho Veterans with active duty service (who were not dishonorably discharged) 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 and active duty military personnel who served during peacetime must have had more than 180 days of active service. Veterans of enlisted service starting after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.

 

The VA does not require that you have a certain credit score in order for approval. The actual mortgage lenders, however, are allowed to set their own standards for Boise Idaho VA Home loan requirements.

 

Changing economic conditions and increased losses due to loan defaults have motivated lenders to limit who they will lend to.

 

Since early 2010, most VA lenders in the U.S. have tightened their lending and credit score requirements, making home financing harder to come by for those with credit issues or other criteria that makes their loan more risky.

 

As a result, getting a loan without a down payment is more difficult, though one of the few remaining options for 100% financing is an Boise Idaho VA loan. Major lending groups have generally resolved to set the minimum credit score requirement at 620.

 

To learn more about this, our article Credit Score Requirements For Boise Idaho VA Mortgages is a great place to start.

 

There are three specific pieces of documentation a lender will need to determine your eligibility:

  • A DD214 for discharged veterans.
  • A statement of service for active military personnel.
  • A certificate of eligibility (COE) to determine you have VA entitlement.

 

Because each lender has different qualifying guidelines, the next step is to contact your lender to find out if you meet their Boise Idaho VA loan requirements such as minimum FICO/credit scores, debt-to-income (DTI) ratios, and find out what your county’s maximum loan amount is.

 

Your Boise Idaho VA lender can help you attain your certificate of eligibility on your behalf.

 

Lastly, if you have either had a divorce, filed bankruptcy, or had a previous home go into foreclosure, you are not immediately disqualified from a VA loan, although there are some additional restrictions.

 

You can find more information regarding these topics in our articles titled Divorce And VA Loan Eligibility

Frequently Asked VA Loan Questions:

 

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

No, the children of an eligible veteran are not eligible for the home loan benefit.

 

Q: How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used 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: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

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.

 

If you have any questions about VA mortgage loans please feel free to contact us.

 

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

Credit Score Requirements For Boise Idaho VA Mortgages

The VA does not require a certain credit score in order for approval.

 

However, the actual mortgage lenders are allowed to set their own standards for Boise Idaho VA loan requirements.

 

In the recent years, eligible veterans and military personnel have enjoyed an easier mortgage process than was available to many home buyers obtaining conventional loans. Occasionally, a veteran could receive a loan through the VA with a lower credit score and little or no down payment.

 

Changing economic conditions and increased losses due to loan defaults have motivated lenders to limit the availability of such mortgage deals.

 

Since early 2010, most lenders in the U.S. have tightened their lending and credit score requirements, making these loans harder to come by.

 

As a result, getting a loan without a down payment is more difficult, though one of the few remaining options for 100% financing is a Boise Idaho VA Mortgage. Major lending groups have generally resolved to set the minimum credit score requirement at 620.

 

These conditions similarly impact the Idaho VA Streamline Refinance program. Previously, the program let borrowers with a standing VA loan refinance to another VA loan without an appraisal. This allows veterans to navigate the process with much less paperwork by streamlining the process.

 

Most lenders now require borrowers to pay up to $300 or more for their own appraisal, which varies in price depending on the location and value of the home. If the appraisal shows the home value to be less than the VA loan amount, the lenders are likely to decline the application.

 

There is some good news for those eligible for a Boise Idaho VA loan, and the VA lenders who offer them: VA borrowers default significantly less (2.6%) than prime borrowers in general (3.4%).

 

However, the credit scores of V.A. insured borrowers are generally lower than other prime borrowers, according to the Federal Housing Finance Agency.

 

All things considered, Boise Idaho VA Mortgage loans remain a great opportunity. Veterans and active duty military personnel who qualify can often secure a low mortgage rate and meet the VA loan requirements even if their credit score is less than perfect.

 

In addition, about 25% of applicants to the Boise Idaho VA Mortgage loans, such as disabled or retired veterans, qualify for exemption from the one-time insurance fee that amounts to about 0.5% – 3.3% of the loan amount, depending on the scenario.

Frequently Asked Questions:

 

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

No, the children of an eligible veteran are not eligible for the home loan benefit.

 

Q: How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used 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: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

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.

 

If you have any questions about VA mortgage loans please feel free to contact us.

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com