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Old 03-28-2010, 05:03 PM
 
Location: Schaumburg
684 posts, read 2,663,685 times
Reputation: 845

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I need to refinance, just got divorced and my ex-husband will be buying a home with his mother.

I can't seem to find much information on refinancing with a VA loan other than from non-govt sites.

I I really wanted to use my VA loan down the road when I bought a different house, but it seems I won't break even on refinancing with an FHA unless I stay in my current home for more than 4 years (want to sell in 2-3 yrs). I

Would really appreciate it if someone can tell me the pros/cons of doing this.
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Old 03-29-2010, 09:55 AM
 
Location: Fuquay Varina
4,239 posts, read 6,205,448 times
Reputation: 10092
Your VA loan will be available to use again when the current VA loan is paid off. So if you use it to refinance now, you can use it again later. There are some small changes I think when using it the 2nd time but nothing major.
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Old 03-29-2010, 12:28 PM
 
Location: Plano, Texas
1,676 posts, read 6,340,108 times
Reputation: 684
Definitely use your VA benefits before you consider FHA. VA is much better loan. The benefits of the VA loan is no monthly private mortgage insurance.
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Old 04-15-2010, 02:40 PM
 
Location: Columbus, Ohio
34 posts, read 145,633 times
Reputation: 28
Be careful with either there's a lot more to it than just which is "best". Your First VA loan has upfront of 2.15%, your 2nd VA loan and every one after that has up front of 3.3. No monthly insurance though which is nice.

FHA has 2.25% up front cost built in, with monthly insurance, but it might be best to go with this if you HAVEN'T used your VA ever before. 2.25% + 2.15% < 2.15% + 3.3%.

Also something to consider with your time frame. If you are only going to be there for a really short time. Take a look at some some 5/1 ARM options. Your break even would be much sooner with fees, and your payments much lower. But be careful with this if you're not sure how long you will be there.


Email me if you have any questions or there is any way I can help.
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Old 04-15-2010, 03:18 PM
 
30,787 posts, read 17,022,851 times
Reputation: 6800
Quote:
Originally Posted by ChadMBell View Post
Be careful with either there's a lot more to it than just which is "best". Your First VA loan has upfront of 2.15%, your 2nd VA loan and every one after that has up front of 3.3. No monthly insurance though which is nice.

FHA has 2.25% up front cost built in, with monthly insurance, but it might be best to go with this if you HAVEN'T used your VA ever before. 2.25% + 2.15% < 2.15% + 3.3%.

Also something to consider with your time frame. If you are only going to be there for a really short time. Take a look at some some 5/1 ARM options. Your break even would be much sooner with fees, and your payments much lower. But be careful with this if you're not sure how long you will be there.


Email me if you have any questions or there is any way I can help.
Unless you have service connected disability, then the VA loan does not have any up-front fee.

Loan Guaranty Service, Home Page (U.S. Department of Veterans Affairs)
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Old 04-16-2010, 11:34 AM
 
Location: Plano, Texas
1,676 posts, read 6,340,108 times
Reputation: 684
If you have a service related disability, then the up-front fee is lowered or waived. All others must pay the fee.
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