Hundreds of Florida home owners with current FL VA home loans, have taken advantage of today’s even lower fixed rate VA home loans.  As a home owner with an already approved VA home loan and with a 12 month on-time payment history, refinancing to a lower interest rate and lower monthly payment can be accomplished without an appraisal.

If you want to refinance and enjoy a lower rate using your VA Entitlement; consider changing your current FL FHA loan or Fannie Mae mortgage to a new VA home loan.  You can comfortably borrow up to 90% of the VA appraised value and qualify for that lower payment even if you have a 2nd mortgage.  Yes, the 2nd mortgage lender will be required to subordinate to the new VA first mortgage, but there is no limit with VA on the CLTV or combined loan-to-value.

Remember too that there are several advantages with respect to Veterans entitlement with a FL VA home loan mortgage.

  • No matter how much you borrow, there is no private mortgage insurance requirement with a VA home loan, saving you even more on monthly payments.
  • Enjoy streamlined approvals when refinancing a current VA home loan using VA IRRRL or interest rate reduction refinance loan. Typically, with a verification of employment and recent 12 month mortgage history, there are no income or assets required.  Veterans with VA loans, under VA IRRRL, have basically already been approved making refinancing easier.
  • Veterans with service-connected disabilities can save even more as they may be exempt from paying the VA Funding Fee.

Even if you have refinanced in the past, it may make sense to speak with a FL VA mortgage professional and determine if refinancing to today’s extremely lower VA fixed rate home loan makes sense.  Remember to always review recovery periods before refinancing!  For more information on this type of refinance as well as others, contact Stephen Thaggard or call 407.733.6425.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  5500 Murrell Road Suite 201, Viera, FL 32940