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Refi VA Loan on Fathers Home

I inherited my fathers mobile home in Bakersfield, CA and it is currently under a VA loan. I am not a veteran but I want to refinance the home under the VA loan program for the better rate. Is this possible? Credit is Excellent, Property value is $256k and I own $112k. by VERDIAS_DORA1955903 from Bakersfield, California. Jul 17th 2018 Reply


Gilbert Ayala (ayalagilbert@gmail.com)
#1431 ranked lender in California - 1 contribution

VA Loans can only be refinance up to 100% of the value by providing a copy of your military discharge documents, if you not a VA person, we can always refinance your property with a normal conventional loan as long as your property is certify as installed on permanent foundation.If you need any help with the process for refinancing , please give a callGilbert 562-805-9143 ayalagilbert@gmail.com

Jul 17th 2018
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Unfortunately only a veteran and their spouse or another veteran can get a VA loan. The advantage of VA loans is a slightly lower rate and no MI. From the Loan to value you currently have it doesn't appear you would have mortgage insurance. You typically have the option to buy down the rate, you can use some of the equity to increase the loan amount to do that if your looking for the lowest payment. Let me know if I can answer any other questions,Jaylene DorrisNMLS 1422572Easylending4u@gmail.com

Jul 17th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,428 contributions

Only the veteran or the un-remarried spouse can use VA for financing. If you were financing a single family home.. (not a manufactured home) the rate would be very similar conventional vs. VA.. but when you price it as a MFH.. then VA does have an advantage.. but regardless, unless you or your spouse is a veteran with available benefits, and this is your primary residence, then you cannot use VA for financing. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jul 18th 2018
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 705 contributions

Can't you have to either be a VET or be a window of a VET and not re-married...Conventional seems the way to go if that helps...

Jul 18th 2018
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