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va: VA Interest Rate Reduction Refinancing Loan! - 05/29/09 07:29 PM
I just helped a client reduce his VA loan to 5% (zero points) with an "IRRRL" loan! No appraisal necessary, no income verification necessary, and no asset verification necessary! Leave all 3 blank on the application!
The loan must be VA to VA must result in a lower rate (unless going from adjustable VA to Fixed) can be no money out of pocket by including closing costs in the loan You must NOT receive any cash from the loan proceeds no appraisal, so loan to value ratio is not a concern discounted funding fee and lower underwriting fees Lot's of disclosures … (0 comments)
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va: 103% financing in today's market?!?!? YES! - 08/28/08 02:04 AM
I am just wrapping up yet another wonderful 100% financing VA LOAN!!!!!
The way a VA Loan works is you pay a "Funding Fee" to the government up front. This Funding Fee is basically a mortgage insurance you pay for up front and then the government insures the loan against forclosure. The VA allows the borrower to roll the Funding Fee into the loan and now we are at 103% financing. Get this: you can even add another $6000 to the loan if you wish to upgrade the appliances to something more efficient! There is no monthly mortgage insurance fee; … (3 comments)
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