The Broomfield CO VA IRRRL program is an incredible refinance opportunity which you can use to lower the rate and payment on your current Broomfield CO VA Loan. Many times, this can be done with little or no closing costs!
The VA IRRRL refinance allows you to convert your existing Broomfield CO VA Loan into a lower rate and payment. The VA IRRRL refinance is also called a a streamline refinance, because the process is fast and easy.
First, you must determine your eligibility by talking to a Broomfield Colorado VA Mortgage Loan specialist about your options and the savings you will realize. Find out more about your Veteran benefits through the Denver Regional VA Office.
Learn about your savings going into the transaction, so that you know ahead of time that it makes financial sense. Because of the fact that we can do your Broomfield 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. The minimum credit score with most lenders is 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. If you owe less on your home than it’s worth (up to 100% of your home value is acceptable), you will be able to get a better rate, but can still obtain a Broomfield Colorado VA IRRRL up to 125% of your home value.
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 Broomfield Colorado VA Loan. The low VA funding fee is only .5% of your new loan amount (for example on a $200,000 loan the funding fee would be $1000), and is either financed into the new loan, or many times we can pay the VA funding fee for you, meaning you will not have to bring anything to closing.
You can find out what rate you can qualify for by giving us a call in the office at 303-670-0137. To find out more about our company, visit http://www.cohomesandloans.com. The first step to getting started is to fill out a loan application and have your credit checked. We are standing by to give you honest advice and straight answers to your questions. Thank you for your service to our country- it means the world to us!
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