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VA Loan Facts
VA MORTGAGE CHECKLIST
Before you start the loan process, you'll need to have some information at hand for all
loan applicants:
- Social Security numbers
- Residence addresses for the past two years
- Names and addresses of your employers over past two years
- Your current gross monthly salary
- Names, addresses, account numbers and balances on all checking and savings accounts
- Names, addresses, account numbers, balances and monthly payments on all open loans
- Addresses and loan information of other real estate owned
- Estimated value of furniture and personal property
- Certificate of Eligibility and DD214, (for veterans only)
- W2's for the past two years and current check stubs
- For self-employed individuals, you will need to provide
personal tax returns for the past two years, current income statement and balance sheet
for the business
In addition, you will need to pay for a credit report and appraisal of
the property.
FREQUENTLY ASKED QUESTION # 21 [ -more VA Loan questions- ]
- - - - - -
Q: The VA Loan for Home Equity Refinancing - Can I refinance with the VA?
A: " If you own a home and are considering refinancing, VA refinancing may be just what you need. Under the terms of VA refinancing, your current real estate debt is paid out of the proceeds of a new VA mortgage. The requirements? The same borrower must use the same property as before. This type of refinancing is also known as a 'Cash Out"" refinance, and is only good for homes that are used as the owner's residence.
Refinancing is available for up to 90% of the appraised value plus all closing costs in many cases. Your home must have enough equity to cover the loan. These terms may not be available in all states, depending on local lending laws. Check with your local VA rep to learn more."
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VA Loan Rates
for 5/13/2008
30 year fixed
-----------------
0.000 points
6.000%
6.110% APR
15 year fixed
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0.000 points
6.000%
6.190% APR
Life Insurance for Military Members
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