Houston, Austin, San Antonio, Dallas, TX (PRWEB) January 20, 2012
As of January 1, 2012, the Department of Veteran Affairs changed a few of their standards for how calculations can be made to VA Loans by lenders, which are the methods used to calculate the VA Loan maximum amounts/minimum amounts. But what will these changes really mean for veterans and active duty military members who are ready to buy a home using a VA Loan in Texas cities like Austin, Dallas, Houston, and San Antonio? Veterans buying a home will need to re-learn what to expect (and how much they can receive) from their VA Home Loan.
With a proactive and supporting role, Security America Mortgage, Inc. recently announced the 2012 calculation changes to all of their connected military members in Texans as well as launching new location websites that support the need to spread the word to all military service members about how the VA Purchase in Texas will be affected.
The VA Home Loan Experts take a unique approach to showing how much better VA Loan amounts will be in the year going forward by reminding military members how easy buying a home can be with simplified examples of the VA Loan Process and VA Refinance. The good news is that the loan amounts are funded by lenders, like Security America Mortgage, Inc., and VA Loan amounts are all calculated by the mortgage company – not the VA. The VA only insures the VA guaranty loan up to a certain amount – which is kind of like a “promise” to the lender to pay a home loan for a veteran if they ever default on a loan for any reason.
For expert mortgage companies like Security America Mortgage, Inc., who specialize in VA Loan and Real Estate services for Texas home buyers, they can still offer VA loans that provide the lowest rates possible in 2012.
Since the 2012 VA Loan Calculations do not alter the great VA benefits, VA Loans can still be obtained by eligible members in order to:
1. Purchase or build a new home
2. Purchase a residential condominium unit
3. Purchase a residential cooperative housing unit
4. Repair, alter, or improve a residence owned by the veteran and occupied as a home
5. Refinance an existing VA or conventional home loan
6. Buy a manufactured home and/or lot
7. Install a solar heating or cooling system or other energy-efficient improvements
The 2012 calculations also make it easier for VA Loan Specialists at Security America Mortgage, Inc. to pre-approve VA Refinance Loans for military members buying a home in Texas cities like Austin, Dallas, and San Antonio. In fact, there are actually the three different VA Refinance options available for military individuals who want to save money by lowering monthly mortgage payments significantly in Texas. These VA Refinance Loan options are as follows:
VA Loan Refinance Option #1 - VA Streamline Refinance - Interest Rate Reduction Loan (IRRL):
VA streamline refinancing loan can be used when you already have a VA home loan financed with your current home. The only reason you would choose to refinance would be to achieve a lower interest rate using a "VA Interest Rate Reduction Loan (IRRL)." The VA IRRL enables lower interest rates on a current VA home loan and it can be achieved with no out-of-pocket closing costs to the homeowner - which is great!
VA Loan Refinance Option #2 – “Cash-Out” or Debt Consolidation Refinance:
If there is equity in the current VA loan financed with the home needing to be refinanced, the VA benefits give eligible veterans the option to refinance the VA home loan currently financed on the home - and then to receive a “cash out” payment that is up to 90% of the home’s equity value. The money left over from the home's appraised and calculated value can then be used for anything like; Paying off credit card debts, remodelling home improvements, or to save money for retirement.
VA Loan Refinance Option #3 - Conventional to VA Refinance Loan:
The Conventional to VA Refinance option requires a funding fee, which the government charges to insure a VA Home Loan with the lender. The fee is 2.2% for veterans who are first-time users for this type of loan. The good thing about the Funding Fee is that it can be financed into the cost of the loan.
For all states in the U.S. (except a few with different economies entirely) the 2012 VA loan limit is $417,000. There are several more reasons you can get more money on a home loan because VA does not actually provide the VA loan to the home buyer, the lender (mortgage company) does. This is why companies like Security America Mortgage, Inc. who support low VA loan rates for veterans, along with the new 2012 VA Loan calculations will breeze through the changes that will continue to help give the American Heroes the ultimate American Dream of owning a home. The first step to get there is to contact the best mortgage lender to help you each step of the way. The rest is history in the making!
Contact VA Loan Specialists in Austin at Security America Mortgage, Inc. to pre-approve YOUR VA Home Loan!