Enhanced VA Mortgage Option
Enhanced VA Mortgage Option
A quote from Secretary of Veterans Affairs, Dr. James B Peake "Veterans in financial distress due to high interest rate subprime mortgages are potentially the greatest beneficiaries"
This program is designed to assist a large number of veterans with subprime loans refinance into safer 30 year fixed mortgages.
Up until now, the veteran needed to be in a VA loan originally to take advantage of a VA refinance via a program called the "Streamline VA Refinance Loan". The benefit being easy credit requirements.
The original loan need not be a VA loan to take advantage in this case. This new Enhanced VA Mortgage Option allows those Vets with conventional mortgages to refinance up to 100% of the value of their home - with no out of pocket cash.
Of course, you must be eligible in order to qualify, meeting the guidelines for VA Loan Eligibility.
Refinance VA loan info:
Enhanced VA Mortgage Option -
If you're a Veteran with a conventional home loan you may be able to take advantage of a new VA refinancing option signed into law OCT 2008.
If you did not take advantage of your VA home loan benefit for any reason in the past and you locked into a sub prime, high interest rate loan... this good news.
