100% Financing VA Loans with No MI.

VA guaranteed loans are made by private lenders to eligible veterans for the purchase of a home which must be for their own personal residence. The guarantee means the lender is sheltered against harm if you or a later holder neglect to reimburse the loan. The guarantee replaces the protection the lender normally receives by requiring a down payment allowing you to attain favorable financing terms.

You do still have to qualify to achieve a VA loan. VA uses two methods for earnings qualification purposes. The essential method of evaluating a veteran's proceeds is the residual income method. Under this method, the underwriter determines that a veteran has sufficient wages to cover day-to-day living expenses after paying housing expenses, taxes, and other debts such as car payments and credit card payments. VA also uses a debt-to-income ratio method like many programs. However, VA uses only one ratio (41%) which is the ratio of whole debt (both housing and other debt) to income. Your credit background will be equally considered. At least a 620 FICO credit mark is very helpful to acquire a VA approval.

VA mortgages involve no down payment up to $417,000, which is the conforming loan limit for 2008 is ($625,500 for Hawaii, Alaska, Guam and U.S. Virgin Islands). This means that eligible veterans could get a no down payment purchase loan for those amounts. Greatest Loan Amount: The highest loan amount tolerable for a VA mortgage varies from county to county. The highest maximum VA mortgage right now is $1,094,625. The lowest maximum VA mortgage amount existing in any county is $417,000.

If you already own a home, so you're at least fairly familiar with the mortgage process. If you've never refinanced through VA you might think that it's more complicated because you're involved with a government agency. Well, you'll be pleasantly amazed to learn that a VA Refinance loan is really no different than than the procedure of refinancing with any other loan. Of course, you have many more protections and it will be easier to get eligible with VA.

One of the most important advantages of an VA loan is the ability for the loan to be assumed. This gives the buyer a significant benefit in a high interest rate market. VA loans are eligible for streamlined refinance, a plan that allows the borrower to easily refinance the loan to reduce their interest rate and lessen their monthly payment.

Did you know that you can refinance your present mortgage to a VA home loan to reduce your monthly payments, get cash out of your home, consolidate debt and achieve a fixed-rate mortgage? Compare your VA refinance loan options today — it's simple!