You may want to check to make sure VA doesn't require your house to be inspected before they give you the loan. If they find anything wrong, like the need for a new roof, you won't get the loan until its replaced. Moms house was sold "as is" because of this I don't think I could have sold the house to someone trying to get a VA or FHA loan.
"The VA provides a single option for refinancing from a conventional to VA loan and it's simpler to use than you may think. It comes as a surprise to some, but one of the myriad benefits of VA loans is that qualified veterans with non-VA home mortgages can refinance into a VA loan and reap the program's benefits."
Bad move, the VA will charge you funding fees as well as origination fees. On average, you will pay about $10-$15k more in interest on a VA loan over a 15 year conventional loan.
Are you trying to do this to suspend mortgage payments that the orange man and demented old guy put in place? The blank check they have been writing is soon going to bounce, per say. They are giving PPP, discarging it, then giving EITC credit on discharged funds then giving RFF and SVG to cover the same crap besides state funding for grants for the same things. Confusing right?
The vets, long term unemployed and other individuals will pay the price for some bad decisions.
As far as I know the main benefits of a VA loan are that you don't need a down payment and you don't need mortgage insurance. Since you already have a mortgage neither of those would do anything for you. You can refinance with any mortgage company whose terms and rates interest you.
Wow, this is a lawyer question for certain I would think. We do have a few folks here who are somewhat familiar with such legal things, but I would check with a lawyer to find out the answer to this. I have no idea how VA mortgages work. Sure hope someone else does. Igloo? Stacy? Any ideas?
"The VA provides a single option for refinancing from a conventional to VA loan and it's simpler to use than you may think. It comes as a surprise to some, but one of the myriad benefits of VA loans is that qualified veterans with non-VA home mortgages can refinance into a VA loan and reap the program's benefits."
Are you trying to do this to suspend mortgage payments that the orange man and demented old guy put in place? The blank check they have been writing is soon going to bounce, per say. They are giving PPP, discarging it, then giving EITC credit on discharged funds then giving RFF and SVG to cover the same crap besides state funding for grants for the same things. Confusing right?
The vets, long term unemployed and other individuals will pay the price for some bad decisions.
I personally would not refinance.