Home financing rates are way down for everyone, but if you are a serviceman or veteran you may qualify for an even better deal with the VA Cash-out Refinancing program. The Veterans Benefits Improvement Act of 2008, which was signed on October 10, 2009, included new refinancing options for you. One of these new options is called VA Cash-out Refinancing.
Anyone who is having problems meeting their monthly mortgage payments can work with their lender and get the terms of their mortgage changed. The government is offering lenders incentives to restructure the terms of home loans to avoid foreclosure proceedings. Most lenders jump at the chance to restructure loans; the foreclosure process costs lenders more money, and that’s not acceptable in the money lending industry. Homeowners can now structure a deal using the federal stimulus package where they only pay about thirty one percent of their monthly gross income.
Where do you apply for assistance through the President’s program? Is there a government agency that you need to contact? You will contact the Loss Mitigation Representative at Suntrust to apply for a loan modification whether through this government program or not. You may be able to find out quite a lot of application information on the Internet about Suntrust and the program in general.
You must be able to pass a credit check if your credit is not good you will not qualify for this program and you will need to be income qualified to match the loan amount you are seeking. An appraisal of your home is also required and the home you want to do VA Cash-out Refinancing on must be owner occupied. Lastly, this loan program is only good for up to $417,000.00. If this criteria matches your situation you are in for a great deal.
If the loan is owned by Freddie Mac or Fannie Mae a homeowner could refinance their home with no equity or negative equity, if they meet certain qualifications. The homeowner must be able to make monthly payments within thirty days of the due date, and the value of the home has to be at least ninety five percent of the loan value. Any increase in equity helps increase the chances of qualifying for refinancing assistance.
Learn more about Obama Mortgage Relief Plan Qualifications.
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