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Posts Tagged va refinance

Can I Do A VA Streamline Right After I Buy A Home?

Jan 3

Posted by Craig_Walton in VA Loans, VA Streamline | Comments off

Can you do a VA streamline loan right after buying a home? Yes. You don’t have to wait any time at all to do a VA streamline. In fact, there are very few criteria that you do need to meet in order to qualify for one of these interest rate reduction loans.

Most importantly, you need to be a veteran and your current home has to have a VA loan for the mortgage. After that, you must make sure that you are up to date on your payments and have an interest rate currently of over 5%.

Regardless of whether you are in a fixed rate or variable rate mortgage, the VA streamline will lock you into a very low, fixed rate mortgage. The VA rates for these loans are some of the lowest in the country right now. For every percentage that you save, you can look forward to a savings of a few hundred dollars, depending upon the total value of your mortgage.

Think about what you can do with a few hundred dollars extra in your pocket each and every month. You can pay off credit card bills, start a savings account or even pay it back on your mortgage and pay off your house quicker than you would have been able to otherwise.

You don’t have to get a home appraisal, which means you don’t have to worry about being rejected for the loan because your house is worth less than what you owe. The great benefit of going through the VA is that you get a few extra perks than the rest of the world.

You don’t have to pay any money out of pocket, either. All of the closing costs can be added back into the total amount of the loan so that you don’t have to worry about where to come up with any money.

If you buy a home and qualify for a fairly high mortgage rate, you can immediately turn around and qualify for a VA streamline loan. This may drop your percentage rate lower than your initial contracted price and lock you in for the entire length of your mortgage. So even if you decided on a variable rate, you can now get a fixed rate so that you get to take advantage of these lower than ever VA streamline rates all because you are a veteran.

Whether you had your house for a month, a year or a decade, you may qualify for a VA streamline loan, so fill out the application and find out if you are approved today.

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VA Streamline Helped With My Family Budget

May 31

Posted by Admin in Refinancing, VA Streamline | Comments off

I needed to get a va streanline with bad credit. It was pretty much the only way I could get a refinance in this market. My credit is not too good, but I had no late payments in the last year. Also, my income is not too good. Also, my house has depreciated a lot as well. Fortunately, the VA streamline only requires 12 months of good payment history. There was no appraisal or closing costs to pay. This refinance allowed me to get a lower interest rate as well as a lower payment, which has considerably eased my family’s financial numbers for the better.

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The Game Has Changed

May 20

Posted by Admin in VA Streamline | Comments off

When the housing market fell out, the va streamline without an appraisal loan sort of fell out with it. Lenders started requiring the homes to be of enough value to justify the refinance whereas before, they could write loans up to 150% percent of their value and lots of people got on board that train. It may not have been the smartest thing to do because what it created was people getting themselves into even more debt with no hope of ever coming out of it. It is hard to look at someone in their face and tell them they do not qualify for help.

Since the housing market is coming back a little, the rules on obtaining a va streamline without an appraisal are changing as well. They aren’t as strict as they were before when you had to have almost perfect credit to afford even the most run down of houses. I personally feel it is the Fed’s fault for allowing it to happen but there again, the borrowers could have backed out at any point

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Mortgage Insurance On VA Refinance

Apr 4

Posted by Admin in Refinancing, VA Loans | Comments off

MoWe have often been asked, “Why is there no Mortgage Insurance on a VA Refinance?” I think that it is important to understand what Mortgage insurance is first.  Mortgage insurance is a financial guarantee for the lender that will help to reduce or eliminate a loss in the case of a default by the borrower, and it is usually required on loans where there is less than twenty percent equity. That means if you are purchasing a home with less than twenty percent down or refinancing to more than eighty percent of your home’s value, you are going to be required to pay mortgage insurance.  In other words, mortgage insurance spreads the risk between the lender and the insurance company.

On a VA Refinance, the borrower is required to pay a VA Funding Fee. The VA funding fee is added to your loan and it goes to the Veterans Administration. This amount is essentially an insurance premium to the VA to guarantee your loan. The guarantee means the lender is protected against loss if you, as the borrower, neglect to reimburse the loan.  This is also why the VA allows for 100% Financing.

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