12/5/2023 0 Comments Va mortgage calculator ncThis option is good for homeowners who are already under a VA loan and are looking for a lower monthly rate. VA streamline refinance loan: You can lower your interest rate and save money by refinancing your original VA home loan.Another alternative is to refinance at a lower percentage rate using the additional cash to cover any outstanding debts or financial needs. This provides an opportunity for qualified veterans to replace the existing mortgage, refinancing up to 100% of the home’s value. ![]() VA cash-out refinance loan: You can refinance with a VA cash-out loan even if your original home loan wasn’t a VA loan.These mortgages have better terms and work well when other financing options are non-existent. VA purchase loan: You can purchase a home with lower interest rates and no down payment if you are a current service member, veteran, or surviving spouse.There are multiple North Carolina VA loans available from Griffin Funding, including: In most cases, borrowers can get up to four times their entitlement amount. The entitlement works as a down payment substitute because it is a guarantee. The bonus entitlement is where the VA insures up to 25% of the loan amounts between $144,000 to the current conforming loan limit in the county established by the Federal Housing Finance Agency. In most cases, the basic and bonus may have to be used. The basic entitlement is when the VA insures up to 25% of loan amounts up to $144,000 or $36,000, whichever is less. ![]() Many people understand the terms basic entitlement and bonus entitlement. In some cases, the borrower may have to add a down payment to qualify. The maximum amount varies based on the borrower. For those looking to work with a NC VA loans mortgage broker or lender, they should not have any problems. What does full entitlement mean? That means you’ve never used the home loan benefit, have paid a previous VA loan in full and sold the property, or you’ve used the benefit but had a foreclosure or short sale and repaid in full. There is no down payment, and the lender is guaranteed that any default will be paid up to 25% of the loan amount. ![]() If you have full entitlement, North Carolina VA home loans have no limit for loans over $144,000. Calculate Your Debt Service Coverage Ratio (DSCR)
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