VA Loan Refinance

The Veterans Mortgage or VA loan was originally known in 1944 as the Servicemen’s Readjustment Act or (the GI Bill of Rights). This GI Bill became law by way of President Franklin D. Roosevelt signing it. The law provided United States veterans to purchase a federally insured or guaranteed home with no down payment. Since that time about 30 million service men and women have taken advantage of the Roosevelt’s Bill.

IMPORTANT: The first step to refinancing your MA home with a VA loan is to obtain your DD214 records and complete a certificate of eligibility form.

VA Interest Rate Reduction Loan (IRRL) is a fantastic option for MA home owners. It allows you to refinance with less paperwork and many instances without having to have an appraisal inspection done on the property.

The VA has a refinance program that is available to veterans of any status. You can refer to the VA page in the “Mortgage Types” section for more information about VA eligibility. The VA program allows the MA veteran to refinance their current loan into a lower interest rate setting by utilizing an automated appraisal or with some lenders without having an appraisal done at all. This is a lender specific guideline so make sure to ask The Mortgage Buddy for details.

Congress has laid out the following loan limits for VA loans in MA. Just like Conventional or FHA loans, in MA the VA loan limits are organized by county.

County Loan Limit
Barnstable $417,000
Berkshire $417,000
Bristol $417,000
Dukes $625,500
Essex $440,000
Franklin $417,000
Hampden $417,000
Hampshire $417,000
Middlesex $440,000
Nantucket $625,500
Norfolk $440,000
Plymouth $440,000
Suffolk $440,000
Worcester $417,000


Un-remarried Surviving Spouses/Spouses of POW or MIA Serviceperson:

  • Are an un-remarried spouse of a veteran who died while in service or from a service connected disability, or
  • Are a spouse of a service person missing in action or a prisoner of war

Note:  Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit.  However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility.  VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.