what is the difference between a conventional and a VA mortgage for the purpose of refinancing?

VA is a program that insures Federal Mortgages for those who are eligible (Veterans). See the link here for more direct details: http://www.archives.gov/veterans/military-service-records/ Conventional are programs backed by Fannie Mae and Freddie Mac. There are many differences among all. If you have any specific questions or would like to get Pre-Approved or have some loan scenarios prepared, feel free to let me know and I'd be happy to work with you! See my profile for more details!

VA loan is government insured and typically will charge an up front mortgage insurance premium that they allow you to finance into the loan. It also has some other benefits depending on your loan to value. A conventional loan will not charge you an upfront mortgage premium and is not insured by the government.

There are a variety of differences. Primary among them is that you have to be an eligible veteran to qualify for a VA loan. The programs are originated and underwritten differently. Each has advantages and disadvantages. Would be glad to discuss with you and find out your particular needs and goals.

There are a number of differences. Primary among them is you have to be an eligible veteran to qualify for a VA loan. Loan origination, processing, and underwriting differ. Pricing and also varies slightly. There are pros and cons to each type of loan. Feel free to contact me if you wish to discuss your particular situation and needs.

The key difference between the two is that you have to a veteran in order to qualify for a VA loan refinance. There are then different qualifying factors for each program on top of that. While lower interest rates are often available for VA loans, they also often require mortgage insurance. We are lender that specializes in refinancing throughout the entire state of California, please feel free if you would like us to help you determine what refinance program will work best for you.

The main difference is if you have VA loan you can streamline it without an appraisal and the rates are lower. Its simple and easy. If it's a conventional then it takes a little longer and the rate is higher. If you can go VA it is probably your better option but talk to a LOCAL lender about your specific situation.

VA loans are government insured. Conventional loans are not. If I am reading between the lines properly, what you are really interested in is which loan is better for you. If you have less than 20% equity, and currently have a VA loan - your best loan option is a VA IRRRL refinance. VA refinance rates are great, and there is no mortgage insurance. This beats a conventional loan all day long. If you don't have a VA loan now, but are a vet... You need to have an appraisal and be at 90% loan-to-value or lower. If you have at least 20% equity, a standard conventional loan will usually be slightly better. With that said, there are a bunch of other variables. So go sit down with a local NON_Bank licensed loan officer to discuss your individual situation. In MN or WI, visit www.VA-IRRRL-loan-mn.com