Program Description
With this program, you can refinance your current loan, whether it’s a VA-guaranteed mortgage or not.
Usually, the new loan is limited to 90% of the appraised value of the house. There are a few exceptions.
General Program Requirements
Persons who may qualify for these refinancing loans include:
- Veterans (including Reserve and National Guard members who were called to active duty)
- Active duty service members
- Current Reserve and Guard members (usually after 6 years of reserve service)
- Certain surviving spouses
Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration are considered to be active duty members and veterans, once discharged.
Length-of-service requirements apply in most cases.
Veterans must have been discharged under conditions other than dishonorable.
You will need a valid Certificate of Eligibility (COE). You can get one from VA or from a lender using the Automated Certificate of Eligibility (ACE) program.
If you need to obtain your COE, contact a lender about obtaining your COE or download VA Form 26-1880, complete it and mail it (with proof of service) to our Winston-Salem Eligibility Center at:
VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120
You can download the form at http://www.va.gov/vaforms/.
For overnight delivery:
VA Loan Eligibility Center
251 N. Main Street
Winston-Salem, NC 27155
Toll free number: 1-888-244-6711
E-mail: nceligib@vba.va.gov
Loan Terms
Market Interest Rate, VA funding fee, and no pre-payment penalties.
Maximum loan term cannot exceed 30 years. Monthly payment
frequency.
You should talk with a
lender to learn more about dollar limits. VA’s guaranty is
limited.
Application Process
For more information, see the Program Contact Information below.
Program Contact Information
For more information on this program, please visit:
http://www.homeloans.va.gov
Please contact a Regional Loan Center to discuss purchase and refinancing issues:
http://www.homeloans.va.gov/RLCWEB.htm
Managing Agency
Veterans Benefits Administration (VBA)
http://www.vba.va.gov
|
