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    VA Loan Guide
    The VA program is one of the few remaining no-down payment programs in the market. Learn all about using your VA loan benefit.
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    VA Home Loan: Do You Have What it Takes?
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    The VA loan limit for 2017 is $424,100. But it could actually be substantially more if you buy a home in a high-cost county. Se...
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    VA Financing & Mortgages Options
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    IRRRL Facts for Veterans
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    IRRRL stands for Interest Rate Reduction Refinancing Loan,also known as a "Streamline" or a "VA to VA" loan.
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    What Is a VA Guaranteed Home Loan?
    Military.com
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    Top 3 VA Home Loan Tips
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    We've scoured the Internet to find the 3 most helpful tips to help you take advantage of this exclusive benefit.
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    VA Loan Forms
    Military.com
    In order to receive your Certificate of Eligibility for VA loan benefits, you will need to submit your request for a Certificat...
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    6 Unbeatable Benefits of VA Loans
    Veterans United Home Loans|
    Here's a look at six of the biggest, most unbeatable benefits of the VA home loan.

Enhanced VA Mortgage Options Available

Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan.  These new options are available as a result of the Veterans' Benefits Improvement Act of 2008, which the President signed into law on October 10, 2008.

"These changes will allow VA to assist a substantial number of veterans with subprime mortgages refinance into a safer, more affordable, VA guaranteed loan," said Secretary of Veterans Affairs Dr. James B. Peake.  "Veterans in financial distress due to high rate subprime mortgages are potentially the greatest beneficiaries."

The VA has never guaranteed subprime loans.  However, as a result of the new law VA can now help many more veterans who currently have subprime loans.

The new law makes changes to VA?s home loan refinancing program.  Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property.  These types of loans were previously limited to 90 percent of the value. 

Additionally, Congress raised the VA's maximum loan amount for these types of refinancing loans.  Previously, these refinancing loans were capped at $144,000.  With the new legislation, such loans may be made up to $729,750 depending on where the property is located.

Increasing the loan-to-value ratio and raising the maximum loan amount will allow more qualified veterans to refinance through the VA, allowing for savings on interest costs or even potentially avoiding foreclosure.

Originally set to expire at the end of this month, the VA's authority to guaranty Adjustable Rate Mortgages (ARMs) and Hybrid ARMs was also extended under this new law through September 30, 2012.  Unlike conventional ARMs and hybrid ARMs, VA limits interest rate increases on these loans from year to year, as well as over the life of the loans. 

Since 1944, when home loan guaranties were offered with the original GI Bill, the VA has guaranteed more than 18 million home loans worth over $911 billion.  This year, about 180,000 veterans, active duty servicemembers, and survivors received loans valued at about $36 billion.

For more information, or to obtain help from a VA Loan Specialist, veterans may call the VA at 1-877-827-3702 or visit www.homeloans.va.gov

If you're ready to use your VA Loan benefit, use the Military.com VA Loan application.

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Featured VA Loan Articles

  • VA Loan Closing Costs: An Added Benefit
    Besides the advantage of requiring no down payment for qualified VA borrowers, there's also a distinct advantage for the borrow...
  • White suburban home.
    IRRRL Facts for Veterans
    Military.com
    IRRRL stands for Interest Rate Reduction Refinancing Loan,also known as a "Streamline" or a "VA to VA" loan.
  • US Map Showing High Cost Counties
    VA Loan Limits for High-Cost Counties 2017
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    The VA loan limit for 2017 is $424,100. But it could actually be substantially more if you buy a home in a high-cost county. Se...
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