Tag Delaware Veterans Loans

Tag Delaware Veterans Loans

VA Renovation Loan Program

John Thomas July 12, 2019 Tags: , , , , , , , , , ,
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This VA Loan Helps Finance Veterans’ Home Renovations!

VA Renovation Loan – We respect and value our Veterans. That’s why we have a special loan program that will help Veterans finance their home renovations. So if you’re a Veteran who is eager to build equity by upgrading your property, call us today at 302-703-0727 to get started, or you can APPLY ONLINE.

What Is a VA Renovation Loan?

The VA renovation loan is a VA-guaranteed loan program that allows qualified homebuyers to purchase or refinance a home and finance its repairs, renovations and/or improvements. It is a one loan and one closing that includes an escrow account to make the repairs after closing. Keep Reading...

Delaware Veteran Loans

John Thomas January 4, 2011 Tags: , ,
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Delaware Veteran Loans

Delaware Veteran Loans are mortgage loans for Veterans that are made by mortgage lenders such as banks or mortgage brokers but are backed by the United States Government through the Veterans Administration.  The GI Bill that was signed into law in 1944 by President Roosevelt created the home loan program for Veterans to ensure they had access to housing.   Eligible veterans are able to use a VA loan to purchase or refinance a property.  The Delaware VA Loan is the best loan option for veterans hands down.  Get 100% financing with a VA loan which means NO Down Payment!  Call 302-703-0727 to get started on Delaware Veteran Loan or APPLY ONLINE.

Who is Eligible for Delaware Veteran Loans?

Delaware Veterans must first determine if they are eligible for a VA loan by applying for a Certificate of Eligibility (COE) from the Veterans Administration.  Eligibility is based on the type of service, length of service, and type of discharge.  In order to be eligible the Veteran must have served in one of the following branches of service:

  • US Navy
  • US Army
  • US Air Force
  • US Coast Guard
  • US Marines
  • The Oceanic & Atmospheric Administration
  • Public Health Service

What are the benefits of Delaware Veteran Loans

The benefits of a Delaware VA Loan are as follows:

  • 100% Financing
  • No Down Payment Required
  • Seller Can pay up to 4% toward Veterans Settlement Charges
  • No pre-payment penalty
  • No Monthly Mortgage Insurance (MI)
  • Very Competitive Interest Rates
  • Keep Reading...

    Delaware Veteran Loans – Free Online Workshop – November 2, 2010

    John Thomas October 29, 2010 Tags: , ,

    Free Online Workshop for Delaware Veterans who want to know the 10 Insider Tips on Delaware VA home loans. Online Workshop is scheduled for Tuesday, November 2, 2010, at 8:30 PM.  The seminar will explain in detail, the top 10 questions veterans ask about VA Home Loans.

    Attend the Free Online Workshop from the comfort of your own home by registering online. You can get all your questions answered live during the Online Workshop.



    For a Complete list of seminars visit Free Delaware Real Estate Seminars.

    APPLY ONLINE today to be pre-approved for a mortgage to buy your first home in Delaware.

    John R. Thomas – NMLS 38783

    Certified Mortgage Planner – Primary Residential Mortgage, Inc.

    302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

    248 E Chestnut Hill Rd, Newark, DE 19713

    Delaware VA IRRRL Guidelines – (VA Streamline Refinance)

    John Thomas July 9, 2010 Tags: , ,
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    Delaware VA Lender

    Delaware Veterans Administration IRRRL Refinance Loan Guidelines (VA Streamline Refinance)

    If you currently have a Veterans Administration Home Loan, commonly called a VA Loan, then you have the option to do a streamline refinance to lower your interest rate called a Delaware VA IRRRL.  This is called a Delaware VA IRRRL Refinance, which stands for Interest Rate Reduction Refinance Loan.  You must currently have a VA loan on the property you want to refinance in order to qualify for a VA IRRL.

    VA doesn’t require an appraisal on the property or any kind of credit check but most lenders will require a credit check to verify a minimum of 600 middle FICO score.  Some lenders may also require a conventional exterior appraisal on form 2055 but this is NOT a requirement of the Department of Veteran Affairs, it is a lender overlay.

    VA doesn’t require a new certificate of eligibility for a VA streamline refinance, you will instead get a Prior Loan Validation from VA that can be used by the lender instead.  The VA IRRRL can be done with “no money out of pocket” because you can roll all of the closing costs into the new loan.  The Veterans Administration states that you can roll in your loan payoff, plus allowable fees and closing costs, including funding fee and up to 2 discount points.

    The occupancy requirement for a VA IRRRL set forth by VA is different than when you bought the house.  When you purchase a home with a VA Loan, you must certify that you are going to live in the property as your primary residence.  But when you do a VA Streamline refinance, you only certify that you previously occupied the property.

    You are not allowed to pay off any other mortgages on the property other than the existing VA Loan.  If you currently have a second mortgage, the second mortgage lien holder must agree to subordinate the second mortgage to the new first VA Loan.  If second lien holder refuses to subordinate their loan then you will not be able to complete a VA IRRRL Refinance.

    The Delaware VA IRRRL Loan Process is very Simple:

    1) No income verification required

    2) No assets verification required

    3) No appraisal needed for most lenders, some only require an exterior inspection form 2055.

    4) Funding Fee is only 0.5% which can be financed and if disabled you are exempt from funding fee.

    5) All closing costs and prepaid items can be financed into the new loan

    • Can close with no money at the settlement
    • Can skip next month mortgage payment because rolled into the payoff

    If you are a veteran or the surviving spouse of a veteran then you can apply for VA IRRRL refinance in Delaware, Maryland, New Jersey, Virginia or Pennsylvania by calling 302-703-0727 or you can APPLY ONLINE.   We can close these loans in as little as 10 days so apply now

    John R. Thomas – NMLS 38783

    Certified Mortgage Planner – Primary Residential Mortgage, Inc.

    302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

    248 E Chestnut Hill Rd, Newark, DE 19713

    Why A Delaware VA Loan?

    John Thomas September 24, 2007 Tags: , ,
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    The more you know about our Delaware home loan program for Veterans, the more you will realize how little “red tape” there really is in getting a Delaware VA loan. These loans are often made without any down payment at all which means a veteran can get 100% financing. Aside from the veteran’s certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of Delaware mortgage loan. And if the lender is approved for automatic processing and the Lender Appraisal Processing Program (LAPP), 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 or for VA to review the appraisal.Lenders are also able to use VA recognized automated underwriting systems, such as Loan Prospector and Desktop Underwriter, to facilitate the underwriting process. This makes the VA Loan a great program for Delaware First Time Home Buyers who meet the eligibility requirements.

    Helping Spouses and Qualifying Family Members Find a Delaware Home

    =&0=&of Delaware =&1=& members who died during active duty or as a result of a service-connected disability. This makes it an invaluable program for the families of fallen military members. To qualify, you must be:

  • An un-remarried spouse of a Delaware Veteran who died while in military service or from a service-connected disability
  • A spouse of a Service member who is missing in action or a prisoner of war
  • A surviving spouse in receipt of Dependency and Indemnity Compensation (DIC) benefits in cases where the Veteran’s death was not service-connected
  • Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death
  • Keep Reading...