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 to sign, but a relatively painless process to go through! Call to see if this loan can help you!!
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