Exclusive VA Refinance Solutions for California Military Homeowners

California Veterans have recently been taking advantage of low rates by refinancing their mortgages, either currently VA loan or currently Conventional or FHA, into new VA mortgages. There are several reasons, and many advantages the VA program has over other types of loan programs in California. Below are some of the options available.

 VA Refinance or better known as the IRRRL

Interest Rate Reduction Refinance Loan or simply put The IRRRL.  The IRRRL has been known for refinancing those who have a current VA loan, but at a higher interest rate than current rates. This is a very easy program since there is no income qualifying. It used to be that there was also no appraisal required, but that has changed changed for most lenders. Most lenders now require either a full appraisal, a “drive by” non interior appraisal, or an AVM (Automated Valuation Model). Not us. We are the only VA Lender that can offer a VA IRRRL Refinance with no value consideration, what so ever. We can do this loan because we have a uniques direct relationship with Ginnie Mae, who oversees all Government Home Loans. Because of this relationship we don't need to apply all the investor overlays that other lender apply. Like the need for an appraisal on a VA IRRRL Streamline Refinance program. We are your VA Loan Bailout Lender for California’s Underwater VA Loan.

Veterans can save tens of thousands of dollars over the lifetime of their home loan by taking advantage of this rate reduction program, but Vets should also make sure the deal makes sense. Most lenders will use YSP (Yield Spread Premium) to cover most, if not all, of the closing costs associated with an IRRRL. But there is still a half point Funding Fee financed into the loan which should be included in a break even analysis to determine whether an IRRRL makes sense for the Veteran or not. Also, many lender advertise that the borrower can skip one or even two payments. California military homeowners should be aware of what skipping a payment does. It’s not like the interest that is due just disappears. It just get added onto the loan balance. So in reality, Veterans aren't just skip actually having to make that payment now. With the average time in a home these days around 5 years, makes this really a no issue in the whole scheme of things. Plus its nice to not have to make that payment and relax for a couple of months.

Cash Out Refinance to 100% on Current VA Loan in California. Are you sitting on some Equity?

The VA does allow cash to go back to the Veteran but most lenders cap you at 90%. However, we will allow for cash going back to the Veteran up to 100% of the home value. Whether you need 90% or 100% or your properties value, the fact that you can refinance at a low 30 year fixed rate, not have mortgage insurance, and would be potentially consolidating high interest credit card debt is something to consider. Your California VA lender should be able to prepare custom loan scenarios giving you a complete breakdown of your options, as well as a side by side analysis of your current loan as it compares to a VA refinance. Tap into your Equity today with the 100% Cash Out VA Refinance.

Exclusive VA Refinance Solutions for California Military Homeowners