VA Mortgages are loans backed by the Veteran's Administration and allow for qualifying military veterans and/or active duty service members to put no money down without having to pay monthly mortgage insurance. VA loans do charge an up front fee called a VA Funding Fee rather than charging monthly mortgage insurance. This fee is waived if the VA considers you a disabled veteran. The VA also allows for veterans with less than perfect credit and those with higher qualifying ratios and very little equity in their homes to refinance. A VA refinance when your existing loan is also a VA backed loan has a .5% Funding Fee and are offered only in 30 year and 15 year fixed programs.
If you currently have a VA loan, you may qualify for a VA refinance that does not require any new qualification or appraisal. Call Lance for details.
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