As the saying goes here in Texas, “Once a cash out, always a cash out.”  What that means to us in the mortgage business, is that once a Texas homeowner takes out a home equity loan or line of credit on his or her primary residence, the only loan they can get in future on that property is going to be a Texas cash out (A-6) loan.  A standard “rate and term” refi is no longer an option and you are limited to refinancing every 12 months.  HOWEVER, there is ...

Great news! We’ve had the same VA funding fees for many years, but that will change November 17th, 2011.  (Was originally October 1, 2011, but there was a delay). The VA has decided to lower the funding fee charged on VA loans. Here is a downloadable PDF ”Old vs. New” Summary of the changes from the highest rate to the lowest:

Nowadays an appraisal is typically needed for all home loans, but aren’t VA “streamline” refinance loans meant to be “streamlined” and not require an appraisal? Yes, that’s correct; however, most investors who fund these VA refinance loans are now requiring appraisals. For our investors, it depends who your current lender is as to whether or not we will require an appraisal on a VA Streamline Refinance Loan. In the case where an appraisal is required, your home will need to appraise for an amount that covers your new loan, including ...