VA Streamline or IRRRL Refinance - updated guidelines

12-26-2012 update:    Many current VA Loans are eligible for Streamline Refinance (aka IRRRL) with out a new Appraisal.    Please contact us direct to see if your loan qualifies - 760-752-4480 direct. 

VA Streamline or IRRRL Refinance - updated guidelines

As of July 9, 2010,  We now require an appraisal for IRRRL Transactions.   All VA Streamline or IRRRL Refinances now require a conventional appraisal and a maximum Loan to Value of 100%.   

The VA IRRRL is also known as  the Earl,  VA Streamline Refinance, and VA Refinance.   While the VA does not require an appraisal for a VA Streamline Refinances or IRRRL, banks have begun to require an appraisal to guarantee their investment.   The reason is that the VA Guarantees 25% of the loan amount, but if your loan amount is more than your home is worth, the guarantee amount from the VA will not help the Lender break even if the new VA IRRRL goes into default or foreclosure.  Without the appraisal, it  is a mortgage loan with inadequate collateral in the case of default or foreclosure.   

VanDyk Mortgage requires a conventional appraisal for a VA Streamline Refinance,  a 640 middle credit score, and that your monthly mortgage payments have been made on time for the last 12 months and that a new IRRRL would benefit the Veteran with monthly savings.  

Here is another post that we did awhile back that contains many of the details of the VA IRRRL Streamline Refi.   Call us today to get started with your VA IRRRL and start saving money on your monthly house payment.  866-900-2342. 

VanDyk Mortgage is a Proud VA Direct Lender.   VanDyk Mortgage has been making FHA & VA loans since 1987.   We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender.    Go with the Government Loan Pros, go with VanDyk.   Visit us at http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.  

We are your VA & VA Jumbo Direct Lender and FHA & FHA Jumbo Direct Lender and we offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Jumbo Streamline refinance, FHA Jumbo Purchase, FHA Streamline, VA, VA Streamline, VA Jumbo purchase, VA Jumbo Refinance, VA Cashout refinance, FHA Rehab 203K, VA,Conforming & Jumbo Loans.  

As a VA Lender, we offer VA Loans in all areas of California and Washington including the following areas for VA, FHA and Conventional loans:California,Southern California, Northern California, Washington,  San Diego, San Marcos, CA, WA, GA, FL, MO, MI, TX, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, Santa Ana, Seattle, Washington, Bellevue, Kirkland, Redmond, Lynnwood, Olympia, Tacoma, Puyallup, Buckley, Auburn, Kent, Federal Way, Seatac, San Francisco, San Jose, Carson, Gardena, Hawthorne, Lawndale, Inglewood, Ladera Heights, View Park, Windsor Hills, Baldwin Hills, Fox Hills, Culver City, Beverly Hills, Malibu, Santa Monica, Brentwood, Calabasas, Encino, Bel Air Estates, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, San Marcos, San Diego, Rancho Bernardo, Carlsbad, Escondido, Poway, Oceanside, Vista, Encinitas, Carmel Valley, Scripps, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Long Beach, Artesia, La Palma, Cerritos, Compton, Lynwood, Bellflower, Temecula, Murrieta, Southern California, Northern California, Washington, Everett, Lynnwood, Tacoma, Kent, Federal Way, Auburn, Renton, Bellevue, Redmond, Kirkland, Whittier, Santa Fe Springs, Downey, Irvine, Newport Beach, Los Angeles, San Bernardino, Riverside and Orange County. VanDyk Mortgage is your FHA Lender & VA Lender of choice.