No PMI for the GI
There are many reasons for veterans to take advantage of their G.I. Bill entitlements when it comes to home purchase. One of the overlooked benefits is that there is no need for PMI or Private Mortgage Insurance with a veterans mortgage. This often forgotten, until closing cost time, but very expensive item makes a big difference in the amount of out of pocket cash needed when it’s time to go to settlement for a conventional mortgage.
A Veterans mortgage underwritten by the Veterans Administration is also eligible for VA home refinance under a broad range of conditions. The big difference between a non-veteran refinance and one done with the new VA streamline refinance mortgage is that there are no credit checks or income verification needed for the VA home refinance.
In fact the main financial concern for a VA streamline refinance mortgage is that you have not been late more than once in the 12 months previous to your application for the VA streamline refinance mortgage.
Thanks to recent action taken by the FED the mortgage rates are being held low to help stimulate economic growth. So now is a great time to take advantage of the new and refinance mortgage options made available by actions of the office of Veterans affairs.
