The VA IRRRL program in Wheat Ridge CO is a refinance opportunity which can be used to lower your rate and payment for your Wheat Ridge Colorado VA Loan.
Many times, this can be done with little or no closing costs! The Wheat Ridge Colorado VA IRRRL allows you to obtain a lower rate and payment on your existing Wheat Ridge CO VA Loan. The other term for a VA IRRRL is a streamline refinance, because the process is fast and easy.
The first step to determining your eligibility is to talk to a Wheat Ridge Colorado VA Loan specialist about your options and the savings you will realize. You can also find out more about your Veteran benefits through the Wheat Ridge Regional VA Office.
It is important to determine that the refinance makes financial sense. Your lender can help you determine the savings. Because of the fact that we can do your Wheat Ridge Colorado VA IRRRL with no closing costs, you can benefit from day one. Qualification standards are not difficult.
Although VA will state that there is no credit check or minimum credit score requirement, lenders have overlays or additional requirements above what VA requires. Most lenders have a minimum credit score of 620, and you will get a better rate if you are above 640. It's also required to be 2 years out of a bankruptcy.
Although VA guidelines also state that you will not need an appraisal, in many cases we will need one. You can obtain a Wheat Ridge CO VA IRRRL Loan up to 125% of your home's value, but will get a much better rate if you owe less than the home is worth.
We will not need to verify your VA home loan benefits through ordering a new certificate of eligibility, because you already have your benefits confirmed due to the fact that you have a current Wheat Ridge Colorado VA Loan.
The VA funding fee is low, only .5% of your loan amount (ie on a $200,000 loan the funding fee would be $1000), and is either financed into the new loan, or in some cases we can pay the VA funding fee for you, meaning you will not have to bring anything to closing.
You can find out what your rate and payment will be by giving us a call in the office at 303-670-0137. You can learn more about our company at http://www.cohomesandloans.com. The first step to getting started is to fill out a loan application and have your credit checked. However, we do not believe in high-pressure sales tactics, and instead will give you honest advice and straight answers to your questions.
Thank you for your service to our country means the world to us, we would be honored to serve you!
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