How Can You Borrow More than the Value of Your Home?

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Can you borrow more than the value of your home with a VA loan? This is a question we hear a lot, so today we'll answer it for you! Here are some details to be aware of:

• On a VA purchase loan, veterans can borrow up to the appraised value of the home, including some costs and fees associated with the loan. 
• Home buyers interested in making their homes more energy efficient can add up to $6,000 of improvements to an energy-efficient mortgage.
• With a VA cash-out refinance, we can help homeowners refinance up to 100% of their home's value. Homeowners can use that cash to pay bills, renovate their home, etc. 

Did that answer the question? If you would like to discuss this topic in further detail, give us a call or shoot us a quick email. We'll set you up with a mortgage professional who will help you make the decision that's best for you and your family! 

Borrow up to $6,000 to make energy efficient improvements

Are you looking to apply for a mortgage? Get an application here 

Can you borrow extra money if you want to make home improvements?

VA borrowers can add up to $6,000 to their loan to make energy-efficient improvements to their home. Known as an Energy Efficient Mortgage, or an EEM, these unique loan products allow homeowners to make select upgrades and repairs to their property in order to maximize energy efficiency.

Spending money on energy improvements can lessen your heating, cooling, and other related energy costs for years to come. Those monthly savings on energy costs can be funneled into additional payments to the mortgage principle, or it can be used on dozens of other household necessities. 

Veterans interested in EEM should consult with their lender and be sure to arrange a home-energy audit from a professional firm! Call the Alex Caragiannides Lending Team today to speak with a knowledgeable mortgage specialist! 

Are You Eligible for a VA Loan?

Are you looking to apply for a mortgage? Get an application here 

If you are the spouse of a deceased veteran, are you eligible for a VA loan? This is a question we hear often, so today we'll try to answer it for you!

VA loans are available to some nonmilitary personnel, including both unmarried and remarried spouses. An unmarried spouse who's veteran died on active duty, or because of a disability connected to his or her service, is eligible for a VA home loan benefit. Surviving spouses who obtain a VA loan with the veteran before his or her death can also obtain an Interest Rate Reduction Refinance Loan (IRRRL), better know as a VA streamline refinance.  

Surviving spouses who are married upon or after turning age 57 and on or after December 16, 2003, may also be eligible for a VA home loan. Surviving spouses who are married before that date are no longer eligible to participate. The spouse of an active duty member who is listed missing in action or prisoner of war for at least 90 days is also eligible for a one time use of the VA home loan benefit.

For more details about VA loans, give the Alex Caragiannides Team a call to speak with a VA loan specialist! We would love to help you take advantage of this great program, and we thank you for your service!