VA Loan News Updates!
Recent News Updates
February 2nd, 2008
Late Payment History
March 3rd, 2008
Investment Property Loans
April 15th, 2008
Debt to Income Ratio
May 20th, 2008
Selling a VA Home
Converting from a conventional loan to a VA
Eligible veterans who currently have a conventional loan can still look at refinancing into a VA loan. This is not the same as the VA streamline refinance mentioned elsewhere. If the circumstances are favorable the borrower can use their VA eligibility to refinance.
If the borrower has an adjustable rate mortgage or a high fixed interest rate, then converting can be worth looking into. The biggest hurdle in changing to a VA loan is there is the VA funding fee of 2.2% on this type of refinance. However, if the borrower is exempt from the VA funding fee this can make the refinancing even more lucrative.
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