Welcome to my Mortgage, Credit, and Real Estate Blog
Hello, my name is Greg Phillips and I have been closing mortgages since 1999. I write articles about these industries to educate readers. My goal is to keep the articles simple and as uncomplicated as possible. Please visit my website for additional information about my mortgage services.
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VA (United States Department of Veteran Affairs) Loan – 100% Purchase and 100% Cash Out Refinance
Posted on April 2nd, 2009 No commentsThe VA loan is still available and allows qualified Veterans to use their entitlement to purchase or refinance a home.
There is a 2% funding fee that can be financed into the loan. The loan has no PMI so it is usually a lower payment than an FHA loan. This funding fee could be waived if the Veteran was discharged due to disability.
President Bush passed legislation allowing Veterans the ability to use this loan to do a 100% Cash Out Refinance.
Currently the most any borrower can qualify for as of April 1, 2009 is 85% through FHA. The 100% loan usually has the same interest rate as FHA regardless of its purpose.