Because a VA loan is backed by the government, banks do not require PMI (private mortgage insurance), an added monthly expense required for conventional loans. Being backed by the government also allows a lower interest rate to be offered. A down payment is not required when obtaining a VA loan, one of the only programs that still offers 100% financing.

Another program offered is a VA Streamline Refinance which includes:

• No out-of-pocket costs
• No appraisal required
• No income verification required to qualify
• Lower your rate with only 0.5% funding fee

New Cash-Out Refinance Option

Recent legislation has created a special opportunity for you to refinance your existing mortgage into a VA Loan with great benefits. The Veterans’ Benefits Improvement Act of 2008 allows you to free up cash with a Cash-Out Refinance, up to 100% of your current loan-to-value. Use the cash out program to pay off debt, make home improvements simply have more cash on hand each month.

Do you need a Vero Beach Mortgage Lender?
Apply with All American Mortgage Lenders today.

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