Posted on: 29th Aug, 2012 10:43 am
my wife and i are looking to buy a home. my dad is a veteran and i was wondering: if we got the loan in his name and then refinanced in a year or two(to get his name off the loan), could we refinance through the va or would we have to use a conventional loan?
Does your dad currently have a VA loan? He cannot have more than one VA loan. To answer your question, no you cannot refinance a VA loan without being the person with the VA benefit. So, you would refinance into a FHA or Conventional loan.
Hi jamalmj!
Welcome to forums!
Unless you're a veteran, you won't be able to qualify for a VA loan. To know all about the eligibility criteria of VA loans, check out the given page: "http://www.benefits.va.gov/homeloans/eligibility.asp".
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless you're a veteran, you won't be able to qualify for a VA loan. To know all about the eligibility criteria of VA loans, check out the given page: "http://www.benefits.va.gov/homeloans/eligibility.asp".
Feel free to ask if you've further queries.
Sussane
Hello Guest,
Honestly, this law opened the opportunity for eligible veterans to get a VA refinance and lower their rate or shorten the term of the loan such as going from a 30 year fixed loan to a 15 year fixed rate.
:idea:
Honestly, this law opened the opportunity for eligible veterans to get a VA refinance and lower their rate or shorten the term of the loan such as going from a 30 year fixed loan to a 15 year fixed rate.
:idea:
Ignoring the issue of fraud and that's a big issue " you could look at an assumption after the loan is made and YOUR FATHER OCCUPIES AS HIS PRINCIPAL RESIDENCE. He'll 'normally' start off with no down payment and then have a funding fee slapped on to balance of loan so a refinance given this appreciation market is unlikely after only a year or so. Best bet is to avoid 'playing games' with VA financing. You wouldn't want your father to spend his golden years in Leavenworth. This is an exaggeration but still isn't worth trying to gimmick the system.
If cash is short or gift unlikely AND your income level works, wait for the flub affordable home grant programs around March of each year. You'll need $500 of your own money but then $5K is thrown into the pot as a deed restriction and can make things work with a FHA loan. Downside with FHA is that you'll have MIP but that's the cost of being honest
If cash is short or gift unlikely AND your income level works, wait for the flub affordable home grant programs around March of each year. You'll need $500 of your own money but then $5K is thrown into the pot as a deed restriction and can make things work with a FHA loan. Downside with FHA is that you'll have MIP but that's the cost of being honest