Refinance with no appraisal

appMinneapolis, MN:  As mortgage interest rates fell to all-time lows earlier this year, even underwater homeowners were able to take advantage of refinancing through mortgage programs that do not require a property appraisal.

No appraisal refinances make the refinance process easier than ever, especially for those homeowners that own more than their home is worth.

Some of the most popular no-appraisal refinance programs include the FHA streamline refinance and the HARP (Home Affordable Refinance Program).  Other no-appraisal refinance programs include the VA streamline or VA Interest Rate Reduction Refinance Loan and the USDA streamline refinance.

While many home values are on the rise across the United States, many homeowners continue to owe more than their home is worth and are unable to qualify for a traditional refinance to lower their interest rate. Under theses streamlined no-appraisal refinance programs, homeowners are able to successfully lower their interest rates without assessing their home’s value.

On average, homeowners that take advantage of a no appraisal refinance program are able to yield a savings of about 35 percent. If your home is currently underwater and you have not been able to qualify for a traditional refinance, look into a no appraisal refinance.


Getting a VA Home Loan in MN or WI

Minneapolis, MN: VA Home Loans In MN and WI are probably the coolest mortgage loan lenders offer. VA Home Loans in MN and WIIt is available both while serving our country and after they are discharged.

Upon a veterans return,  hey usually are looking to re-establish themselves the the communities that they will be returning to. This means that many of them will be looking to purchase a home that they can settle in and raise their families.  A VA Mortgage can assist our Veterans in making that transition.

VA Mortgages provide our Veterans with two major advantages that other Mortgage programs do not have.

VA Loans require no down payment, and have no mortgage insurance, plus you can roll all your closing costs into the loan. This makes for one heck of a great first-time home buyer deal for military veterans wanting to buy a home! The country appreciates your service. This is one way we pay you back. Today mortgage rates on VA loans are very low, making homes even more affordable.

VA Mortgage benefits for a Veteran:

A VA Streamline Refinance is similar to the FHA Streamline Refinance. It is officially known as a IRRRL loan (interest rate reduction refinance loan) because of the money you can save by lowering your monthly interest rates. It was created by the VA in an effort help our veterans secure the lowest interest rate possible. This VA loan process is done quickly, with minimal hassle so our veterans can save immediately.

Those who are eligible:

  • Honorably discharged
  • Widow/widower of eligible service member or spouse of an MIA or POW
  • Wartime service – a minimum of 90 days active duty
  • Peacetime periods – 181 days of continuous active duty
  • Actively in service or a valid VA Form DD214
  • Have certificate of eligibility (I can usually get this for you)


VA Mortgage Loan Changes

VA Mortgage Loan Program Changes

Since World War II, The VA home loan program has helped over 18 million veterans receive government-backed mortgages.  Recently the President signed into law some modifications to the VA home loan program.  This new bill will benefit disabled service members, single-parent soldiers and military widows. The new changes include:

Surviving  spouses of Veterans

Before the change, the only way military widows could participate in the VA no-down-payment program is if their spouse had a service-related disability or died in the line of duty.  As a result of the change, a widow may get a VA loans  if the veteran had a service-related disability for at least ten years before their death.

Single parents and military couples

When applying for a VA home loan, you have to sign a piece of paper saying that the property will be your primary residence and you will be the primary occupant.  Military spouses can take the place of military members serving abroad when signing this paper, but this doesn’t necessarily help single-parent soldiers and married military couples.  As a result of this bill, dependent children will be able to meet the occupancy requirement.  Active service members who don’t have children, unfortunately, will still be unable to meet the occupancy requirements.

Disabled veterans

Every VA loans has a funding fee. This fee is added to the loan amount, and the proceeds to go making sure the program will be self-sufficient and not cost tax payers any money. The fee varies by service, first time or second time use of a VA loan, or a VA streamline refinance.

Borrowers with a VA service-related disabilities of at least 10% have always been exempt from this fee.

Many times, Veterans often have to wait months to get their official  VA disability rating.  Thus they potentially may have to pay the VA funding fee when they shouldn’t have to.  With this improvement to VA mortgage loan program, the VA will be required to waive the fee after the pre-disability exam indicates the individual is disabled, instead of waiting months for the official “disability rating.”

Adjustable Mortgages

While most VA loans are the standard 30-year fixed rate mortgage, adjustable mortagegs were an option. Those ARM loans were scheduled to be cut out of the VA loan program by the end of 2012, but adjustable VA mortgages  will now continue to be available.

Veterans living in high-cost area of the country

Veterans who live in the most expensive areas of the nation were hit hard last fall when loan limits for government-backed mortgages dropped to $625,000 from $729,000.  As a result of this bill, higher county loan limits will be reinstated sometime in 2014.

 

 


Dealing with an Underwater Mortgage

Nearly 11 million Homeowners are Underwater, which means they owe more on their mortgage than their property is worth. Below are some of your options for dealing with an underwater mortgage.

Wait It Out:  If you are just depressed at the thought of owing more than it is worth today, but really don’t have any intentions of moving. Stop worrying about it. You have to live somewhere. Although short sales and foreclosures have brought down values, the housing market is slowly recovering, especially here in the Minneapolis, St Paul metro area. If you are able to continue to make payments – do it. It will save your credit score and keep your morale intact.

Refinance: If your loan is owned by Fannie Mae or Freddie Mac, and that loan was taken out before June2009, you have no late payments in the past six months and no more than one late payment in the past 12 months, you may qualify for the HARP – Home Affordable Refinance Program. If you have an FHA loan, or a VA loan

, you may qualify for a FHA streamline refinance, or a VA IRRRL streamline refinance. Both of these program may not need an appraisal.

Short Sale: If you truly cannot pay your bills, or need to move, you may need to consider a short sale in order to avoid foreclosure. Work with an experienced short-sale Realtor to get the best offer.

Become a landlord: A popular option is to turn the property into a rental. Being a landlord isn’t overly difficult. If you don’t want to deal with it, there are plenty of reliable rental companies that will take care of everything for you. There are special requirements for getting a new home mortgage loan when turning your existing home into a rental, so be sure to discuss this with a licensed mortgage professional, not just a bank application clerk,

 


VA Streamline Refinance Loan

Mortgage Rates are at Historic Lows. Start saving money now on your VA Home Loan!

Minneapolis, MN: If you are a veteran, you are eligible for a great benefit, the VA Home Loan. If you currently have a VA Home Loan, you may qualify for another great benefit, the VA Streamline Refinance Loan.

Officially known as The Interest Rate Reduction Refinance Loan (IRRRL), it is one of the easiest refinance loans available today.  The VA Streamline Refinance is the second best programs offered to you through your housing benefits from the Veterans Affairs (the first was buying the home with a VA Home Loan!)

Potential NO Appraisal (upside down might be OK)
Lower Credit Scores
NO Qualifying Debt Ratios
NO Income Verification
NO Out of Pocket Expenses

A good local VA Mortgage Leader will show you how to utilize your Certificate of Eligibility and lower your rate and start saving money today.

VA guaranteed Loans are originated by private approved and authorized lenders. VA Mortgage Home Loans must be used for their own personal occupancy. The VA will guarantee a portion of the mortgage to the lender reducing their risk and allowing opportunity for lower interest rates. The VA Guaranty minimizes the risk to the lender which results in better financing terms.