The VA offers veterans a VA refinance loan that requires no down payment.
A veteran must obtain a certificate of eligibility from the VA and get approval for a specific loan limit.
There are varying time-in-service requirements, depending on the era of service and whether the veteran served as an officer or enlisted servicemember.
Veterans of the Persian Gulf War era, which began August 2, 1990, and is ongoing, are eligible for VA home loans if they completed 24 months of active duty, or the full period of active duty (at least 90 days of a reserve call-up), or were granted a hardship or early discharge. A reservist who has not been called up for active duty is eligible for a VA home loan after six years of selected reserve service.
According to Texas Veterans Home Loans, a veteran pays a 1 percent flat lender fee as well as recording costs and credit report expenses.
The buyer can purchase discount points to reduce the interest rate on the loan. The Department of Veterans Affairs requires a veteran to pay a funding fee, but the veteran can roll the fee into the loan. In May 2011, the funding fee for a VA loan for first-time veterans and those on active duty is 2.
VA Refinance Loan | Refinance VA Loan With A VA IRRRL
VA IRRRL rules include the following provision borrowers should be aware of when deciding what to include in the loan amount…
“The lender may also set the interest rate on the new loan high enough to enable the lender to pay all closing costs, as long as the requirements for lower interest rate and payments (or one of the exceptions to those requirements) are met.”
Choose carefully when deciding which closing costs to pay up front when your refinance VA loans, and which costs to put into the loan amount. Too many add-ons to the refinancing loan and your monthly payments may actually increase rather than go down
A VA IRRRL allows existing VA borrowers to refinance quickly and affordably. The VA requires no appraisal and no credit re-qualifying for streamlines. The VA IRRRL MUST have a benefit to the veteran. Knowing all of the information to be able to provide an accurate good faith estimate as well as
being able to see if there is in fact a beneift to the veteran is an important part of the process.
VA Reinance Loan | Tips to Refinance VA Loan
The most valuable characteristic for veterans is that the Streamline IRRRL gives them the ability to use a VA refinance loan without needing to provide any cash up front.
The VA IRRRL allows a Veteran or in some cases, the widow of a Veteran to refinance their loan into a lower rate or from an adjustable rate to a fixed rate without getting a new appraisal or providing a lot of new documentation.
The Veteran’s Administration doesn’t care about the present value of your loan, instead they are more concerned that you have been making your payments on time.
You can be deliquent and apply and still get some help. The VA IRRRL program requires very minimal documentation, and can help veterans start saving money on their monthly mortgage very quickly.
One other thing to note about this VA loan refinancing program… Because the VA IRRRL program is also known as a “streamline” loan, you cannot receive any cash back at closing.
Vets can take advantage of historically low interest rates with…
NO Income verification
NO appraisal necessary
NO equity needed
And LESS THAN PERFECT CREDIT qualifies
You can close in about a week…
And you can qualify right over the phone
Then call us and at least get a little more information….
The call is FREE… And so is the info…
More Info On VA Refinance Loan & Tips to Refinance VA Loan