VA Guaranty Calculation Examples The following examples illustrate some common situations involving VA-guaranteed loans. They are by no means comprehensive. Due to variations in the amount of entitlement available to an individual veteran, loan limits for individual counties, and purchase prices for homes, situations may arise which are not covered here. Lenders are encouraged to contact the appropriate VA Regional Loan Center prior to closing a loan if there are questions about the VA guaranty calculation. Example 1 Veteran has full entitlement available and is purchasing a home for $300,000 where the county loan limit is $417,000. $417,000 X 25% = $104,250 Maximum Guaranty and Available Entitlement $300,000 X 25% = $75,000 Guaranty and Down Payment Combination Required Since VA's gua... 09/15/2009

The Federal Reserve's plan to lower interest rates is working... With interest rates again below 5.00% and lenders getting backed up,  I thought I would pass along a few tips to make the refinance process a little less stressful.  1. Get an accurate balance of any mortgage liens on your property- 1st, 2nd mortgage's or HELOC's, or other items you may have purchased that are liens on your property ie. new windows, furnace.  If you plan to keep your HELOC (home equity line of credit) open, contact that lender and ask for their "subordination requirements" and get a contact number for that department. 2. Pull together all the necessary items you may need in order to speed up the application process:    A.  2008 & 2007 W2 Forms    B.  Paystubs - Covering a 30 day period'    C.  1-2 Months b... 01/15/2009

Tacoma, WA - Mortgage Rates Interest rates for home loans under $506,000 in Pierce, King and Snohomish counties continued their trend under 5.00% for the second straight week.  We are starting to see a lot of refinance activity, especially those with equity and good credit scores.  What some people don't realize is that there are several factors that determine the final interest rate they will pay on a mortgage.  Gone are the days you can call and just ask "What's Your Rate?"  Here is a brief list of all the factors that can increase or decrease the interest rate you will pay on a mortgage or home loan: 1. Credit Score -Your most important score is the middle score.  For example if you have a high score of 759, a mid score of 739, and a low score of 702, the 739 becomes your "decision s... 12/15/2008

Good news for home buyers or borrowers looking to take advantage of today's low interest rates.  This puts mortgage rates at historic lows.  Here's a sample of a recent rate quote from All Tech Mortgage this morning:  12/10/2008 Refinance:  Paying off the existing first mortgage Value of home: 350,000 Loan Amount: 280,000 Current Rate 6.25% Loan Type:  Conventional Fico Score: 746 Rate Quoted:  4.875% 30 day lock (4.984% apr) Loan Fee:  1% + 3rd party closing costs or 5.25% with 0 loan fee with 3rd party costsMonthly Payment Savings: $212.00 Rates fluctuate daily so if you are considering refinancing or buying a new home -- The time to lock in and Save is Now! For high loan balances up to 75% LTV with credit scores + 740, Paying off the existing first mortgage only, the above scanerio w... 12/10/2008