The brutal truth about VA streamline loans.
In today’s market place many things have changed. With the downturn of America’s economy, banks have felt the need to tighten their belts and thus impose more strict guidelines on your VA streamline loan requirements.
Here is a brief look at the latest guidelines to date!
Verification of Employment –
I know what your thinking.. “I don’t need no stinking verification of employment.” Well…., truth is, you may. Based on your current employment status, whether your active duty or not, and the lender your working with, all play a part in this becoming a potential issue.
Look on the bright side this is an easy fix!
If your active duty, all you need to do is forward the little electronic statement that is available online to all military personnel. Send 60 days history from your latest LES and your good! Easy.
If your working a “regular” job you should easily be able to obtain your last 60 days worth of paystubs from your personal records or human resources.
You may also need an appraisal-
Let’s face it….banks are scared shitless the market is going to get worse NOT better. They don’t want to be caught holding the bag or in this case YOUR house. For example, the south Florida area, with Miami in particular, have experienced massive mortgage fraud, catastrophic drops in real estate values, and unprecedented foreclosure rates. All this adds up to timid lenders and required appraisals for any refinance.
What does this mean for you? Well for starters, be prepared to pay for an appraisal. Like it or not it could happen.
A banks philosophy is simple – “Always error on the side of caution.”
Don’t believe everything else you read online
I know many websites advertise VA streamline loans or IRRRL’s with no paperwork. Don’t buy into this garbage!! What your reading is very old OUTDATED information. Sadly many mortgage brokers and VA lenders alike don’t care about you and consequently never update their websites. And why should they? Who wants to be the barer of bad news? This is a classic bait and switch scenario. Don’t fall victim.
Honesty will cost you customers.
I actually had a client hang up on me yesterday because I warned him that we may need to documentation for the va streamline loan he was asking for. My client basically told me I didn’t know what I was talking about and promptly hung up the phone.
Without a doubt, I could have led this customer along, waiting until we got into the loan process and THEN told him after it was too late to back out. I could have closed the loan and walked away with a nice paycheck. But that type of behavior is less than honorable.
In this life all you have is your good name. Mine is worth protecting.
The market is HOT, rates are LOW. Now IS the time to get a streamline refinance or VA IRRRL. Just be prepared to furnish a couple documents if needed.
ACT NOW!!
If your interested in getting the best VA Loan available simply fill out our quick “pre-qualification” form located on the home page of www.valoans.com
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