Veterans that currently have a VA-backed loan may be eligible to refinance their existing mortgage. The Department of Veterans Affairs realizes that, under certain circumstances, a loan refinance may benefit the VA as well as the veteran. There are, however, certain guidelines for a VA refinance. This article looks at those guidelines as well as at how to start a VA streamline mortgage refinance.
VA Guaranteed Home Loan Limits
A VA-backed mortgage actually guarantees 25% of the loan amount for a purchase or a refinance. This guaranteed amount actually reduces the risk of the mortgage lender considerably. The VA doesn’t set loan amount limits, but it does limit the guaranteed portion of the loan. These loan limits are set at $417,000 for 2011 with the exception of certain counties where average housing prices are higher than the national average.
- Aijilon Finance
- Free Accounting Software For Financial Statement Preparation
- Financial Poa
- Sources Of Finance For Acquiring A Small Business
- Data Financial