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VA Refinance Loans

 

VA home loans can be be used to refinance any existing mortgage on your home. By investigating your VA mortgage refinance options, you may be able to reduce your current mortgage interest rate so you can start saving on your monthly mortgage payments and/or reduce the remaining term on your current mortgage.

The Veterans’ Benefits Improvement Act (VBIA) was signed into law in October of 2008. The VBIA provided a variety of changes in benefits for military veterans - including the ability for qualified active duty military personnel, reservists, national guardsmen, and veterans to refinance their current home loans into VA mortgages. Veterans can now refinance their conventional and subprime mortgages for up to 100 percent of the appraised value of their homes.

In addition, the maximum loan amount has been raised for VA refinance loans. Depending on the location of their homes, veterans can now refinance up to $729,750. This higher loan-to-value (LTV) ratio combined with a higher maximum loan amount gives qualified veteran borrowers greater opportunity to qualify for a VA refinance loan.

A conventional-to-VA refinancing loan is a good way to reduce current mortgage interest rates as well as monthly mortgage payments, and helps veterans avoid financial difficulty in a troubled economy.

If you need more information on how the Veterans’ Benefits Improvement Act of 2008 affects you, please call your VA refinance mortgage specialist at Star Mortgage toll-free at 1-800-941-5616, or send an email to:  Jay@StarMortgage.com