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Veterans and active duty service personnel with conventional home loans now have better options for refinancing thanks to a Department of Veterans Affairs (VA) guaranteed home loan. The Veterans’ Benefits Improvement Act of 2008, offers veterans new VA refinance options. These changes will allow veterans who have sub prime mortgages, the victims of predatory lenders, to take advantage of better VA refinance rates. These VA refinance rates will allow veterans to have more affordable monthly payments. A VA refinance can help those who deserve the help most, those that served our country.

These changes to the VA home loan refinance programs benefit veterans by allowing them to refinance up to 100% of the value of their home. Veterans were previously limited to 90% of their home’s value in VA home loan refinance programs. This, in addition to raising the maximum loan amount will permit more qualified veterans to take advantage of a VA refinance, potentially avoiding foreclosure or other hardships. Losing a home by foreclosure can be both financially and personally devastating. Our nations veterans deserve better.

Veterans who have an existing VA mortgage can benefit from a VA streamline refinance. This reduces the interest rate on your current VA home fixed rate loan quickly and often without a credit check or home appraisal.