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Benefits of VA Refinance Mortgage Programs

Tuesday Nov 18, 2014
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The VA mortgage refinance program is the strongest loan on the market today for many reasons. We’ll give you the low down on these loans today. If a veteran wants to refinance a mortgage that is not currently under the VA program, Indigo Mortgage can refinance 100% of the loan into a new VA loan. If a veteran seeks to pay off debts through refinancing, that is a possibility as well. Indigo Mortgage works with a VA lender that will even allow 95% loan to value cash-out for any purpose. The VA offers a streamlining process that does not require an appraisal and no income qualifications, allowing veterans to lower their rates or shorten their terms relatively hassle free.

However, all VA loans still require the veteran who is borrowing to have a good credit score- usually about 620. If you qualify, now is a great time to pursue this program, for refinancing or to streamline, as rates are now at historic lows. Just as with VA purchase loans, our lenders can offer credits to help pay the veteran’s closing costs, at the same rate, or even better than what other lenders are offering. Don’t forget to ask about these credits- it can save thousands of dollars in closing costs!

The VA never has mortgage insurance, but it does require a funding fee that can be financed. For first time use, the funding fee is 2.15%, with subsequent use bumping up to 3.3%. Depending on circumstance, for example, if the veteran borrower is receiving VA disability benefits, the funding fee is often waived.

Indigo Mortgage is a locally owned and operated company, serving homebuyers in Colorado and New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage in Colorado Springs at (303) 571-5700. Indigo Mortgage in Colorado proudly focuses on VA Loans. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in Colorado and New Mexico.

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