FHA REFINANCE EXPERTS...
Testimonials from satisified customers....
VA Home Loan Information:
| We specialize in FHA home loans, FHA Benefits, FHA loan requirements offering the lowest FHA home loan rates in the U.S.! Specializing in FHA Streamline refinance, FHA streamline, FHA mortgage loans, FHA home mortgage, FHA loan eligibility, FHA loan guidelines. |
| Intercap Lending/Suburban Mortgage Company of New Mexico ~ Main: (949) 208-6868 Fax: (949) 419-9815 ~ 15420 Laguna Canyon Road, Suite 100 ~ Irvine, California 92618 |
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The more you know about Intercap Lending's home loan program, the more you will realize how little "red tape" there really is in getting a veteran home loan. These loans are
often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran's certificate of
eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic
processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application.
These loans are made by a lender, such as a mortgage company, savings and loan or bank. VA's guarantee on the loan protects the lender against loss if the payments are
not made, and is intended to encourage lenders to offer veterans loans with more favorable terms. The amount of guaranty on the loan depends on the loan amount and
whether the veteran used some entitlement previously. With the current maximum guaranty, a veteran who hasn't previously used the benefit may be able to obtain a VA loan
up to $240,000, depending on the borrower's income level and the appraised value of the property. The local VA office can provide more details on guaranty and entitlement
amounts.
Veterans who served on active duty and were discharged under conditions other than dishonorable, during World War II and later periods are eligible for VA loan
benefits.World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975)veterans
must have at least 90 days' service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days' active
service. Veterans of enlisted service, which began after September 7, 1980, or officers with service beginning after October 16, 1981, must, in most cases, have served at
least two years. VA regional office personnel may assist with additional eligibility questions.
often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran's certificate of
eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic
processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application.
These loans are made by a lender, such as a mortgage company, savings and loan or bank. VA's guarantee on the loan protects the lender against loss if the payments are
not made, and is intended to encourage lenders to offer veterans loans with more favorable terms. The amount of guaranty on the loan depends on the loan amount and
whether the veteran used some entitlement previously. With the current maximum guaranty, a veteran who hasn't previously used the benefit may be able to obtain a VA loan
up to $240,000, depending on the borrower's income level and the appraised value of the property. The local VA office can provide more details on guaranty and entitlement
amounts.
Veterans who served on active duty and were discharged under conditions other than dishonorable, during World War II and later periods are eligible for VA loan
benefits.World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975)veterans
must have at least 90 days' service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days' active
service. Veterans of enlisted service, which began after September 7, 1980, or officers with service beginning after October 16, 1981, must, in most cases, have served at
least two years. VA regional office personnel may assist with additional eligibility questions.
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.
The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA
direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties
with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near
metropolitan or commuting areas of large cities.
The VA loan allows veterans 100 per cent financing without private mortgage insurance or a 20 per cent second mortgage. A VA funding fee of 0 to 3.3% of the loan amount
is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. Since
there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance,
veterans may borrow up to 90% of reasonable value, where allowed by state laws.
VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan
is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.
The maximum VA loan guarantee varies by county. As of 1 January 2010, the maximum VA loan amount with no down payment is $417,000, although this amount may rise to
as much as $1,094,625 in certain specified "high-cost counties".VA also allows the seller to pay all of the veteran's closing costs as long as the costs do not exceed 6% of the
sales price of the home.
The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA
direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties
with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near
metropolitan or commuting areas of large cities.
The VA loan allows veterans 100 per cent financing without private mortgage insurance or a 20 per cent second mortgage. A VA funding fee of 0 to 3.3% of the loan amount
is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. Since
there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance,
veterans may borrow up to 90% of reasonable value, where allowed by state laws.
VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan
is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.
The maximum VA loan guarantee varies by county. As of 1 January 2010, the maximum VA loan amount with no down payment is $417,000, although this amount may rise to
as much as $1,094,625 in certain specified "high-cost counties".VA also allows the seller to pay all of the veteran's closing costs as long as the costs do not exceed 6% of the
sales price of the home.
VA Home Loan Information:
VA Home Loan History:
The original Servicemen's Readjustment Act, passed by the United States Congress in 1944, extended a wide variety of benefits to eligible veterans. The VA loan guarantee
program was especially important to veterans[2]. Under the law, as amended, the VA is authorized to guarantee or insure home, farm, and business loans made to veterans
by lending institutions. Over the history of the program, 18 million VA home loans have been insured by the government. The VA can make direct loans in certain areas for
the purpose of purchasing or constructing a home or farm residence, or for repair, alteration, or improvement of the dwelling. The terms and requirements of VA farm and
business loans have not induced private lenders to make such loans in volume during recent years.
The Veterans Housing Act of 1970 removed all termination dates for applying for VA-guaranteed housing loans. This 1970 amendment also provided for VA-guaranteed
loans on mobile homes.
More recently, the Veterans Housing Benefits Improvement Act of 1978 expanded and increased the benefits for millions of American veterans.
Until 1992, the VA loan guarantee program was available only to veterans who served on active duty during specified periods. However, with the enactment of the Veterans
Home Loan Program Amendments of 1992 (Public Law 102-547, approved 28 October 1992), program eligibility was expanded to include Reservists and National Guard
personnel who served honorably for at least six years without otherwise qualifying under the previous active duty provisions. Such personnel are required to pay a slightly
higher funding fee when obtaining a VA home loan.
Despite a great deal of confusion and misunderstanding, the federal government generally doesn't make direct loans under the act. The government simply guarantees
loans made by ordinary mortgage lenders (descriptions of which appear in subsequent sections) after veterans make their own arrangements for the loans through normal
financial circles. The Veterans Administration then appraises the property in question and, if satisfied with the risk involved, guarantees the lender against loss of principal if
the buyer defaults.
In association with the VA's program, the Servicemembers' Civil Relief Act protects service members from financial woes on their home loan that may occur as a result of
active duty commitments, freezing their interest rates at 6%.
program was especially important to veterans[2]. Under the law, as amended, the VA is authorized to guarantee or insure home, farm, and business loans made to veterans
by lending institutions. Over the history of the program, 18 million VA home loans have been insured by the government. The VA can make direct loans in certain areas for
the purpose of purchasing or constructing a home or farm residence, or for repair, alteration, or improvement of the dwelling. The terms and requirements of VA farm and
business loans have not induced private lenders to make such loans in volume during recent years.
The Veterans Housing Act of 1970 removed all termination dates for applying for VA-guaranteed housing loans. This 1970 amendment also provided for VA-guaranteed
loans on mobile homes.
More recently, the Veterans Housing Benefits Improvement Act of 1978 expanded and increased the benefits for millions of American veterans.
Until 1992, the VA loan guarantee program was available only to veterans who served on active duty during specified periods. However, with the enactment of the Veterans
Home Loan Program Amendments of 1992 (Public Law 102-547, approved 28 October 1992), program eligibility was expanded to include Reservists and National Guard
personnel who served honorably for at least six years without otherwise qualifying under the previous active duty provisions. Such personnel are required to pay a slightly
higher funding fee when obtaining a VA home loan.
Despite a great deal of confusion and misunderstanding, the federal government generally doesn't make direct loans under the act. The government simply guarantees
loans made by ordinary mortgage lenders (descriptions of which appear in subsequent sections) after veterans make their own arrangements for the loans through normal
financial circles. The Veterans Administration then appraises the property in question and, if satisfied with the risk involved, guarantees the lender against loss of principal if
the buyer defaults.
In association with the VA's program, the Servicemembers' Civil Relief Act protects service members from financial woes on their home loan that may occur as a result of
active duty commitments, freezing their interest rates at 6%.
"This letter is in regards to your employee sean balkman . in the time i have been working with sean he has gained a great deal of my respect and trust .i could not
imagine working with hundreds of yo-yo's like myself on a daily basis , i would go insane ! not only does he keep it together like a complete pro with facts and figures
he has handled me and my loan with an incredible amount of Patience and mer dilligence . the best customer service ive seen . i dont think that stuff can be taught .
in closing i believe any company that had 100 people like sean couldnt help being a very succesfull company ,he should be a roll model to his peers...... thank you"
Tim F.
"To whom it may concern,
I am Sean Balkman’s customer - Sean refinanced our 30 year fixed. He delivered. Not only did he lower our rate, but we were able to skip a payment and we were
refunded 8K+ from our previous loan charges.
Sean was prompt and professional in every aspect of the transaction; strong customer service skills. Every communication had purpose, no redundancy. He quickly
figured out that I prefer email and converted.
Overall, great experience!"
Dan L.
imagine working with hundreds of yo-yo's like myself on a daily basis , i would go insane ! not only does he keep it together like a complete pro with facts and figures
he has handled me and my loan with an incredible amount of Patience and mer dilligence . the best customer service ive seen . i dont think that stuff can be taught .
in closing i believe any company that had 100 people like sean couldnt help being a very succesfull company ,he should be a roll model to his peers...... thank you"
Tim F.
"To whom it may concern,
I am Sean Balkman’s customer - Sean refinanced our 30 year fixed. He delivered. Not only did he lower our rate, but we were able to skip a payment and we were
refunded 8K+ from our previous loan charges.
Sean was prompt and professional in every aspect of the transaction; strong customer service skills. Every communication had purpose, no redundancy. He quickly
figured out that I prefer email and converted.
Overall, great experience!"
Dan L.