No appraisal required on VA Streamline Refinances!
If you are looking for great VA Streamline Rates, you have come to the right place. We specialize in helping active duty and retired military with VA loans, and have especially low VA Streamline Rates currently.
The VA refinance program has changed this month and is now not requiring an appraisal on IRRRL (VA to VA) refinances. This will make the process even easier for all veterans. For the past couple years, we were only able to avoid an appraisal on some VA IRRRL's. This will make rolling over into great VA Streamline Rates that much easier!
A VA IRRRL does not require any income verification, and can be structured with no cash needed to close on your transaction. We can even help you skip 2 payments! This will allow you to get caught up on other bills.
In order to get the best VA Streamline Rates, you must have a credit score above 680. However, VA Streamline Rates are still excellent with a score all the way down to 620, which is the minimum credit score required. We can help you obtain your credit report fast, and are experts in helping you with tips to get the score up fast, if necessary.
In addition, if you need help with your Certificate of Eligibility, we can help there too! We can get most COE's in a matter of minutes. However, for the VA IRRRL, you do not need a Certificate of Eligibility, because your eligibility is already implied by the fact that you currently have a VA home loan. For lower VA Streamline Rates, we simply need to pull up a new "VA Case Number" and get rolling on a lower payment.
Call us today for a free consultation!
VA Streamline Rates
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The VA IRRRL Funding Fee is only .5%, and disabled veterans are exempt on paying the funding fee. If you are considering refinancing your VA loan, the VA IRRRL is the way to go.
In most instances, a VA IRRRL Refinance can be done at an extremely low rate with no closing costs except the funding fee, and in many cases, the funding fee will be paid for by the lender as well!
The low VA IRRRL Funding Fee is a stark contrast to the relatively high VA funding fee when purchasing a home, but the great value in a VA loan remains the fact that there is no monthly mortgage insurance payment.
The funding fee can be "financed" into your new loan. Here is an example of how the VA IRRRL Funding Fee is calculated:
$200,000 base loan amount
$1000 VA IRRRL Funding Fee (.5% x $200,000)
$201,000 total new loan amount
We can now also help if you owe more on your home than it is worth. We have lenders who have removed the requirement for an appraisal on a VA to VA IRRRL Refinance. It has never been a VA requirement to have an appraisal on this type of refinance, but lenders over the past years have implemented "overlays" into their guidelines, requiring an appraisal in most cases.
Here is a summary of all VA Funding Fees for different situations, from our VA website:
Purchase Loans
Type of Veteran
Down Payment
Percentage for First Time Use
Percentage for Subsequent Use
Regular Military
None
5- 9.99%
10% or more
2.15%
1.5%
1.25%
3.3%*
1.5%
1.25%
Reserves/ National Guard
None
5- 9.99%
10% or more
2.4%
1.75%
1.5%
3.3%*
1.75%
1.5%
Cash Out Refinance Loans
Type of Veteran
Percentage for First Time Use
Percentage for Subsequent Use
Regular Military
2.15%
3.3%*
Reserves/ National Guard
2.4%
3.3%*
* The higher subsequent use fee does not apply to these types of loans if the veteran's only prior use of entitlement was for a manufactured home loan
VA IRRRL Funding Fee (VA streamline refinance), Manufactured Homes, and Assumptions
Type of Loan
Percentage for Either Type of Veteran Whether First Time or Subsequent Use
VA IRRRL Funding Fee (VA to VA refinance)
0.50%
Manufactured Housing Loans
1.00%
Loan Assumptions
0.50%
We specialize in helping active duty and Veteran military with make-sense VA home loans!
VA IRRRL Funding Fee
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VA Streamline Refinance Loans to Eliminate Appraisal Requirement
Several lenders will soon lift the appraisal requirement on VA Streamline Refinance Loans, opening the door to many more Veterans who are aiming to take advantage of historically low mortgage rates.
Although VA has technically never required an appraisal on a VA Streamline Refinance Loans, lenders have had additional requirements over the past several years, called "overlays," that have required an appraisal in many cases. Although we have continued to be able to help many Veterans, some were not able to take advantage a lower rate and payment, despite a clean pay history, stable employment, and good credit.
So what does this mean for me?
This policy-shift means that we will now be able to help any Veteran who wants to lower their rate and payment. VA Streamline Refinance Loans will now be available to every Veteran even if you are underwater on your VA Loan.
You must be on time with your payments currently, and must be working, but income documentation (paystubs, W2s, tax returns) are not required on VA Streamline Refinance Loans.
We currently are offering a no closing cost option to help Veterans benefit from day one on VA Streamline Refinance Loans, eliminating a "break even" period to recover loan costs.
With interest rates at the lowest level in the history of our country, now is the time to take advantage of VA Streamline Refinance Loans to lower your rate and payment with no appraisal.
To find out more about VA Streamline Refinance Loans and other Veteran loans, visit our VA friendly website, VA Home Loan Help!
VA Streamline Refinance Loans to Eliminate Appraisal Requirement
Is your business on the right path? Here's a place where top agents meet for free marketing tips, strategies and business growing ideas. No tricks or gimmicks! RE Agent Success Strategies
Is your business on the right path? Here's a place where top agents meet for free marketing tips, strategies and business growing ideas. No tricks or gimmicks! RE Agent Success Strategies
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Is your business on the right path? Here's a place where top agents meet for free marketing tips, strategies and business growing ideas. No tricks or gimmicks! RE Agent Success Strategies
Is your business on the right path? Here's a place where top agents meet for free marketing tips, strategies and business growing ideas. No tricks or gimmicks! RE Agent Success Strategies
Find out if your current mortgage is backed by Fannie Mae with the handy Fannie Mae Loan Lookup tool.
Using the Fannie Mae Loan Lookup to see if you currently have a Fannie Mae loan is a critical first step to finding out if you qualify for the HARP Refinance Program.
The HARP Refinance program is designed to help home owners with current Fannie Mae loans to refinance into a lower rate and payment. You can find out quickly if you have a current Fannie Mae loan with the Fannie Mae Loan Lookup.
You will only need your home address to use the Fannie Mae Loan Lookup. For the Freddie Mac Open Access program, you need more information, but Fannie Mae make it easy for you to look up your loan.
If your current loan is owned by Fannie Mae, HARP qualification is not necessary certain. Although many home owners with Fannie Mae loans will qualify for the home affordable program, not all will.
For one, your Fannie Mae loan must have originated prior to June, 2009. The Fannie Mae Loan Lookup will not decipher this for you.
Secondly, you must not currently have mortgage insurance. Again, the tool will not tell you this.
We can help you determine in minutes if you qualify for the HARP Refinance program, with a no obligation consultation. Give us a call today!
Fannie Mae Loan Lookup
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Need underwater mortgage help? That's why we have created our new underwater mortgage help website, to assist homeowners who are in a negative equity or little equity position to take advantage of today's extremely low mortgage rates.
Here are some programs that can provide underwater mortgage help:
Fannie Mae DU Refi Plus: Government program for current Fannie Mae mortgages. Rumored to provide underwater mortgage help to all Fannie Mae mortgage holders starting March 17th because of new appraisal waiver for most situations.
Freddie Mac Open Access: Sister program to the Fannie Mae DU Refi Plus program, this underwater mortgage help program can help with current Freddie Mac loans.
FHA Streamline Refinance: No appraisal option available to provide underwater mortgage help if you currently have an FHA mortgage.
VA IRRRL Refinance: VA streamline program with no appraisal required for most situations. Rumored to open up no appraisal option to all current VA mortgages soon this year.
USDA Streamline Refinance: USDA's version of the streamline refinance with no appraisal.
We provide free underwater mortgage help and advice to discover your options. One of the best ways to get out of an underwater mortgage position is to lower your rate, payment, or term, so you can start paying down your mortgage balance faster!
Note that we don't have options to help lower your loan balance, that would be considered a loan modification, for which you must contact your current lender. We only provide underwater mortgage help and options to help lower your rate, payment, or loan term.
Underwater Mortgage Help
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I am a Colorado Mortgage Broker focusing on the Colorado Mortgage Market, with guaranteed 15 day closings on home purchase transactions in the Colorado market.
A former teacher, my philosophy is to educate my clients so they understand the loan process and can make informed decisions on the best options available for their long and short term financial goals.
Gold Star Financial is a Ann Arbor, MI based mortgage bank, recently appearing on the Inc 500. Gold Star has a customer-focused philosophy, always putting our customers first in order to deliver a high level of satisfaction in the home loan process.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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