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VA Refinance Guideline Changes in Illinois and Wisconsin

Posted by Dennis Hardy on Nov 15, 2008

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Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. These new options are available as a result of the Veterans’ Benefits Improvement Act of 2008, which the President signed into law on October 10, 2008.

The new law makes changes to VA’s home loan refinancing program. Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property. These types of loans were previously limited to 90 percent of the value.

Additionally, Congress raised VA’s maximum loan amount for these types of refinancing loans. Previously, these refinancing loans were capped at $144,000. With the new legislation, such loans may be made up to $729,750 depending on where the property is located.

Increasing the loan-to-value ratio and raising the maximum loan amount will allow more qualified veterans to refinance through VA, allowing for savings on interest costs or even potentially avoiding foreclosure.

Additional Illinois and Wisconsin VA mortgage information can be found on our website www.AmeristarMadison.com

For loan amounts over $417,000 please visit our Jumbo VA Loans page for details.

Ameristar Mortgage is your Illinois and Wisconsin VA mortgage banker:

Dennis Hardy
Toll Free: (877) 240-5840 x23
dennis.hardy@ameristarmadison.com

www.AmeristarMadison.com

Visit my blog at http://www.ameristarmadison.com/blog/

VA eligibility information can be found here: http://www.ameristarmadison.com/va_elig.htm

To View the VA Benefits Act of 2004 visit http://www.ameristarmadison.com/announcements/va_benefits.htm

VA mortgage loans are available to all qualified Illinois and Wisconsin Veterans including VA loans in Chicago, Milwaukee and Madison.

www.AmeristarMadison.com

Blog entry: http://www.ameristarmadison.com/blog/content/illinois-va-loans-wisconsin-va-mortgage-home-loans-refinance-cash-out-refinance-chicago-va-milwaukee-va-madison-va/

Blog entry: http://www.ameristarmadison.com/blog/content/wisconsin-va-mortgage-loans-illinois-va-home-loans/

Blog entry: http://www.ameristarmadison.com/blog/content/illinois-va-loans-wisconsin-va-mortgage-chicago-va-milwaukee-va-madison-va-loans/

PDF of the VA announcement

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