VA home loan rates have once again fallen though the floor where they are breaking record loans again.   So if you haven’t yet it could be a great chance to take a look a VA loan refinance to lower your payment and dramatically lower the amount of interest you pay on your mortgage per year.  Here’s a look at some of the different types of VA loan refinance options:

VA IRRRL Streamline Refinance

• This loan is for VA borrowers who already have a VA loan and want to reduce their interest rate
• Income documentation is not required
• In many cases no appraisal required for a VA streamline
• Reduced VA funding fee  of .5% (and of course no VA funding fee if you receive VA disability pay)

VA Standard Refinance

• This VA refinance is for all VA borrowers who are in a VA currently but want to pull cash out, or are not in a VA loan and want to refinance into a VA loan
• So if you have a FHA loan or conventional loan and want to refinance into a VA loan, you would do a standard VA refinance loan
• The standard VA refinance loan requires full income documentation & credit qualification and appraisal
• A full VA funding fee is charged (and of course no VA funding fee if you receive VA disability pay)
• You can go up to 100% loan-to-value of your property

So those are some of the different VA refinance options available for you.  If you have any questions don’t hesitate to call at 858-922-7899 or email me at homeloan8@gmail.com.

Below are some very current up-to-date highlights of VA home loans in California right now:

• VA loan limits in California go up to $625,000 in San Jose, San Francisco, Oakland and most of the Bay Area.   VA loan limits in Los Angeles are $621,000.  VA loan limits in Orange County, Anaheim, and Santa Ana are $621,000.  VA loan limits in San Diego are $477,000.    Most of the rest of the state including Riverside, San Bernardino, Redding, Fresno, Bakersfield, and Sacramento have VA loan limits of $417,000.
• VA loans are zero down without any monthly mortgage insurance
• VA home loan requirements only require two years after a short sale, foreclosure or bankruptcy to apply for a VA home loan

Best Regards,

Rob Chomentowski

858-922-7899, homeloan8@gmail.com

Sr. Loan Officer (and VA specialist)

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