The VA Streamline Refinance program allows Veterans to refinance their current VA mortgage without the need for an appraisal.  VA Streamline Refinances are also known as VA IRRRL.  The acronym VA IRRRL stands for Veterans Administration Interest Rate Reduction Refinancing Loan.  Technically, the VA does not require that lenders require a home appraisal with this program.  Most lenders do have their own appraisal requirement for all VA refinances, including the VA IRRRL.   For Veterans with a VA Mortgage in Pennsylvania, we do have available a VA Streamline Refinance without an appraisal.

 

Why do most lenders require an appraisal for the VA IRRRL if the VA itself doesn't require an appraisal?

VA mortgages are backed by the VA but the money used to fund the loan actually comes from the lender and not the VA.  In case of default, the lenders are compensated by the VA but this is often not a dollar for dollar compensation and the lenders are still on the hook for some potential losses.  This fear of loss causes many lenders to have their own guidelines on top of the base VA guidelines, these are known as underwriting overlays.  Most but not all lenders require an appraisal and we do have access to the VA IRRL without an appraisal.

 

Can I refinance with the VA IRRRL if my current mortgage is not a VA loan?

No, the VA Streamline Refinance program can only be used to pay off a current VA mortgage.  You can refinance a non-VA mortgage using your VA benefits with a full VA refinance. (link) The full VA refinance would require income verification and a home appraisal.  You can read about a Pennsylvania VA Refinance with this link -----> Pennsylvania VA Refinance. 

 

What are the income requirements?Pennsylvania VA Streamline Refinance

A verbal verification of employment will be completed

 

Is the any minimum Credit Score required?

640 credit scores and above are eligible

 

What if there was a late payment on the mortgage?

No late mortgage payments allowed in the last 12 months

 

What is the VA Funding Fee?

The VA Funding Fee is .50% of the loan amount for VA Streamline Refinances.  As with the other VA programs, this is typically financed into the loan amount.  There is no Funding Fee for Veterans with a service connected disability.

 

 

If you would like more information about improving your current Pennsylvania VA Mortgage with a new VA Streamline Refinance feel free to contact me.

  

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Keith Landis is a Licensed Mortgage Loan Officer covering all of Pennsylvania.  He can be reached toll free at 877 334 6094 or on his cell at 412 726 1654 or by email at klandis@keystonehomefinance.com 

NMLS # 137243

further information can also be found here....

 

pennsylvania mortgage news

trulia - keith landisfacebook keith landisPennsylvania HARP Mortgage

 

Freddie Mac HARP Mortgage Refinance Program in Pennsylvania
01/28/2013
share
Freddie Mac and HARP The Home Affordable Refinance Program, commonly known as HARP is available for Freddie Mac mortgages. When the HARP 2. 0 program rolled out at the end of 2011, it offered holders of Conventional Mortgages the opportunity… more
Pennsylvania HARP Refinance : Unlimited Loan to Value is Available
10/03/2012
share
Since the HARP 2. 0 program rolled out in October of 2011, a lot of lenders have either reduced their Maximum Loan to Value (LTV) or done away with the program altogether after taking on an initial wave of applications. For many lenders, their… more
Pennsylvania USDA Mortgages : How the Annual Fee Increase Affects You
09/03/2012
share
Another change has occurred to Pennsylvania USDA Mortgages … Last fall the USDA began including an annual fee with their mortgages. This fee is included with the monthly payment and is intended to help keep the USDA Mortgage… more
3% Down Conventional Mortgages do exist… but are they worth it?
07/21/2012
share
3% Down Conventional Mortgages do exist… but are they worth it? The answer to the question depends on the circumstance of the borrowers. Conventional mortgages have Loan Level Pricing Adjustments. Loan Level Pricing Adjustments.. more
VA Mortgages : If you have VA Benefits, you might as well use them
07/08/2012
share
Whether buying a home or refinancing your current home, if you are a Veteran and are entitled to VA Benefits, you may want to consider the Pennsylvania VA Mortgage program. One of the main benefits of the VA Mortgage program is that there is No… more
FHA Streamline Refinance Program is now cheaper for many Homeowners
06/04/2012
share
HUD has announced a change to the FHA Streamline program that will make refinancing an FHA Mortgage in Pennsylvania and the rest of the country much cheaper for many homeowners. Essentially, HUD is drastically reducing the amount of Mortgage… more
HARP is available for Freddie Mac Mortgages
05/18/2012
share
Freddie Mac and HARP The Home Affordable Refinance Program, commonly known as HARP is available for Freddie Mac mortgages too. When the HARP 2. 0 program rolled out at the end of 2011, it offered holders of Conventional Mortgages the… more
FHA Mortgages: Documenting the Transfer of Gift Funds
05/05/2012
share
FHA Mortgages and Gift Funds FHA Mortgages allow borrowers to use Gift Funds to meet the 3. 5% down payment requirement. When using Gift Funds to purchase a home it is important that Gift Funds be documented properly to avoid any issues with the… more
Qualifying for a Pennyslvania HARP Mortgage
04/15/2012
share
Qualifying for a Pennsylvania HARP Mortgage ■ only for mortgages currently owned or backed by Fannie Mae or Freddie Mac prior to June 2009 ■ no deliquent mortgage payments in the last 6 months and only a total of one 30 day late payment is… more