VA Streamline Rates
No appraisal required on VA Streamline Refinances!
If you are looking for great VA Streamline Rates, you have come to the right place. We specialize in helping active duty and retired military with VA loans, and have especially low VA Streamline Rates currently.
The VA refinance program has changed this month and is now not requiring an appraisal on IRRRL (VA to VA) refinances. This will make the process even easier for all veterans. For the past couple years, we were only able to avoid an appraisal on some VA IRRRL's. This will make rolling over into great VA Streamline Rates that much easier!
A VA IRRRL does not require any income verification, and can be structured with no cash needed to close on your transaction. We can even help you skip 2 payments! This will allow you to get caught up on other bills.
In order to get the best VA Streamline Rates, you must have a credit score above 680. However, VA Streamline Rates are still excellent with a score all the way down to 620, which is the minimum credit score required. We can help you obtain your credit report fast, and are experts in helping you with tips to get the score up fast, if necessary.
In addition, if you need help with your Certificate of Eligibility, we can help there too! We can get most COE's in a matter of minutes. However, for the VA IRRRL, you do not need a Certificate of Eligibility, because your eligibility is already implied by the fact that you currently have a VA home loan. For lower VA Streamline Rates, we simply need to pull up a new "VA Case Number" and get rolling on a lower payment.
Call us today for a free consultation!
VA Streamline Rates
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VA IRRRL Funding Fee
The VA IRRRL Funding Fee is only .5%, and disabled veterans are exempt on paying the funding fee. If you are considering refinancing your VA loan, the VA IRRRL is the way to go.
In most instances, a VA IRRRL Refinance can be done at an extremely low rate with no closing costs except the funding fee, and in many cases, the funding fee will be paid for by the lender as well!
The low VA IRRRL Funding Fee is a stark contrast to the relatively high VA funding fee when purchasing a home, but the great value in a VA loan remains the fact that there is no monthly mortgage insurance payment.
The funding fee can be "financed" into your new loan. Here is an example of how the VA IRRRL Funding Fee is calculated:
$200,000 base loan amount
$1000 VA IRRRL Funding Fee (.5% x $200,000)
$201,000 total new loan amount
We can now also help if you owe more on your home than it is worth. We have lenders who have removed the requirement for an appraisal on a VA to VA IRRRL Refinance. It has never been a VA requirement to have an appraisal on this type of refinance, but lenders over the past years have implemented "overlays" into their guidelines, requiring an appraisal in most cases.
Here is a summary of all VA Funding Fees for different situations, from our VA website:
Purchase Loans
|
Type of Veteran |
Down Payment |
Percentage for First Time Use |
Percentage for Subsequent Use |
|
Regular Military |
None 5- 9.99% 10% or more |
2.15% 1.5% 1.25% |
3.3%* 1.5% 1.25% |
|
Reserves/ National Guard |
None 5- 9.99% 10% or more |
2.4% 1.75% 1.5% |
3.3%* 1.75% 1.5% |
Cash Out Refinance Loans
|
Type of Veteran |
Percentage for First Time Use |
Percentage for Subsequent Use |
|
Regular Military |
2.15% |
3.3%* |
|
Reserves/ National Guard |
2.4% |
3.3%* |
* The higher subsequent use fee does not apply to these types of loans if the veteran's only prior use of entitlement was for a manufactured home loan
VA IRRRL Funding Fee (VA streamline refinance), Manufactured Homes, and Assumptions
|
Type of Loan |
Percentage for Either Type of Veteran Whether First Time or Subsequent Use |
|
VA IRRRL Funding Fee (VA to VA refinance) |
0.50% |
|
Manufactured Housing Loans |
1.00% |
|
Loan Assumptions |
0.50% |
We specialize in helping active duty and Veteran military with make-sense VA home loans!
VA IRRRL Funding Fee
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VA Streamline Refinance Loans to Eliminate Appraisal Requirement
Several lenders will soon lift the appraisal requirement on VA Streamline Refinance Loans, opening the door to many more Veterans who are aiming to take advantage of historically low mortgage rates.
Although VA has technically never required an appraisal on a VA Streamline Refinance Loans, lenders have had additional requirements over the past several years, called "overlays," that have required an appraisal in many cases. Although we have continued to be able to help many Veterans, some were not able to take advantage a lower rate and payment, despite a clean pay history, stable employment, and good credit.
So what does this mean for me?
This policy-shift means that we will now be able to help any Veteran who wants to lower their rate and payment. VA Streamline Refinance Loans will now be available to every Veteran even if you are underwater on your VA Loan.
You must be on time with your payments currently, and must be working, but income documentation (paystubs, W2s, tax returns) are not required on VA Streamline Refinance Loans.
We currently are offering a no closing cost option to help Veterans benefit from day one on VA Streamline Refinance Loans, eliminating a "break even" period to recover loan costs.
With interest rates at the lowest level in the history of our country, now is the time to take advantage of VA Streamline Refinance Loans to lower your rate and payment with no appraisal.
To find out more about VA Streamline Refinance Loans and other Veteran loans, visit our VA friendly website, VA Home Loan Help!
VA Streamline Refinance Loans to Eliminate Appraisal Requirement
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