VA Rate Reduction Loans, AKA VA IRRRL Or VA Streamlines [mortgageloan-processor.blogspot.com]
Cory Kessenich with Inlanta Mortgage gives an overview of the VA streamline refinance program. The VA Interest Rate Reduction Refinancing Loan, also known as the VA IRRRL, is a condensed version of a basic refinance loan. The primary purpose of this loan is to lower the interest rate and nothing else. This type of loan does not allow the borrower to tap into the equity of the home and get cash at closing. The main idea is to lower the interest rate in order to lower the payments. Resources: Detailed VA IRRRL mortgage information: www.madisonmortgageguys.com VA funding fee information: www.madisonmortgageloans.com VA Loan limits including high cost areas: www.madisonmortgageloans.com Visit us online at www.madisonmortgageloans.com Cory Kessenich Mortgage Consultant Toll Free 877-240-5810 cory.kessenich@madisonmortgageguys.com www.realestatemarbles.com NMLS ID# 208789
mortgageloan-processor.blogspot.com VA Streamline Refinance Information (VA IRRRL)
Complete review of the VA mortgage loan program, including a Q&A, information on the VA Streamline Refinance program, and mortgage rates. VA Streamline Refinance: The VA IRRRL Mortgage Program (Plus Rates)Posted ...
VA Rate Reduction loans are simply a reduction in a current VA Mortgage holder's interest rate. In some cases this loan can also reduce the Veterans mortgage term, in turn allowing them to pay off their home faster.
What are the requirements for the VA Rate Reduction Program?
1) No Credit Check: The VA specialist must verify that the VA loan holder has not been more than 30 days late more than 2 times in the past 12 months. There is not a credit score requirement.
2) No Appraisal: Many clients are not required to get a new appraisal.
3) No Income Verification: VA does not require an income verification for the loan because the Veteran's payment will be reduced.
4) Minimum of 1 "skipped" mortgage payment, maximum of 2 "skipped" mortgage payments
5) Minimum of 1% Permanent Interest Rate Reduction: Our office will only complete VA Rate Reductions that significantly help Veterans.
We will only complete rate reductions if we can lower the Veteran's interest rate by a minimum of 1%. This is not a VA a requirement, this is a standard we implement.That's it. The VA Rate Reduction really is this simple. So your question will probably be, "How can this be? Why and how are you able to offer me this program with so few restrictions?"
The Department of Veteran's Affairs is already insuring your VA mortgage. Why would they make you requalify for a mortgage that will have a lower payment and interest rate than the mortgage you already have? You see, VA is already on the hook for insuring your mortgage. Thus, for clients that have had an acceptable VA mortgage payment history they are willing to waive the majority of the qualifying purpose.
Learn more information without any pushy sales reps or phone calls at www.vafharatereduction.com. Related VA Rate Reduction Loans, AKA VA IRRRL Or VA Streamlines Issues
