VA
Streamline Refinance VA, also known as the Department
of Veteran Affairs, offers to qualifying current and ex-members
of the Armed Forces (to include the Reserves and National
Guard) guaranteed mortgages up to 100% of the value of the
property they are purchasing. Based upon a person's "eligibility",
home loan amounts can be as high as $203,000. VA home loans
are fixed rate mortgages with terms of either 15 or 30 years.
Since the VA guarantees the mortgage, there is no mortgage
insurance. However, the VA requires the borrower to pay
a funding fee ranging from 0.5% to 3% for the mortgage (this
fee is waived for qualifying disabled veterans). In addition,
VA home loans are fully assumable by a qualifying borrower.
VA guaranteed loans are made by mortgage lenders, such as
Sun Nations Mortgage. If the home loan is approved, VA guarantees
the loan when it is closed. The guaranty means the lender
is protected against loss if you or a later owner fails
to repay the VA home loan.
You
are eligible for VA home loan benefits if you served on
active duty in the Army, Navy, Air Force, Marine Corps,
or Coast Guard and were discharged under conditions other
than dishonorable after either: 90 days or more,
any part of which occurred during wartime, OR 181 continuous
days or more (peacetime)
