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VA Refinance Options

VA Refinance Options

VA Refinance Options

VA Refinance Options. Sometimes you are stressed out since you can’t make your house loan’s payments on time, or you require additional cash now, for a real need. Perhaps you need to pay your offspring college tuition, or maybe it’s time to remodel your house, and make improvements that will increase your home value’s for a future sale. Maybe you just want to take advantage of lower interest rates so you can save more of your hard-earned money in your own pocket. So now it may be the time for you to consider the many options available for refinancing your VA Home Loan. VA Refinance Options

Veterans Affairs mortgages, or VA loans, have become lifesavers for homeowners struggling to refinance with conventional loans. Low mortgage rates and tighter underwriting standards have led to a huge demand for VA loans from refinancers.  Also with interest rates near historic lows, it’s no wonder so many people are considering refinancing their homes mortgage and replacing their existing mortgage loans with a new, lower rate loans.

Refinancing is when you replace your house loan for a new loan, since that way you can obtain a lower interest rate, decrease your monthly payments or shorten the term of your loans. VA Refinance Options

Two Ways of Refinance

1st Option:
IRRRL Refinance

The interest rate reduction refinancing loan or IRRRL, is a kind of refinancing mortgage for veterans that has become in a great help for VA liens struggling to refinance with conventional loans, for their low mortgage rates and flexible underwriting standards.

If you want to refinance through this program, first you need to have a VA loan, which are loans that belong to a special loan program designed specifically for veterans and it can be issued by any VA approved lender and are guaranteed by the federal government. The VA loan’s main attractive is that veterans with qualifying credit and income can purchase a home with no money down, which makes buying a home extremely attractive for those who have served in the military. VA refinance options also offer feature flexible requirements, no private mortgage insurance (PMI), and extremely competitive mortgage rates. In order to qualify for a VA Loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. You may also qualify as the spouse of a service member who was killed in the line of duty.

If you want to refinance, first you need to have a VA loans, which are loans that belong to a special loan program designed specifically for veterans and it can be issued by any VA approved lender and are guaranteed by the federal government. VA loans also offer feature flexible requirements, no private mortgage insurance (PMI), and extremely competitive mortgage rates. VA Refinance Options

When you refinance your VA loan, your interest rate will be lower than your current VA loan rate, and for veterans is even better, because one of the biggest advantages of refinancing through this program is that the process requires minimum documentation. The VA does not require a credit check or appraisal for refinances(some lenders will still require these, as they have their own internal rules). VA home loan liens, can refinance up to 100% of the home’s value, and they don’t have to pay for mortgage insurance. Through this streamline program you also will pay a lower funding fee than you would pay under other VA loan options.

Requirements

In order to qualify for a VA Streamline, you must meet the following requirements:

  • Be current on your mortgage with no more than one 30-day late payment within the past year.
  • Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment. (The only time this condition does not apply is if you refinance an ARM to a fixed rate mortgage.)
  • You must not receive any cash from the IRRRL.
  • You must certify that you previously occupied the property.
  • You must have previously used your VA Loan eligibility on the property you intend to refinance (You may see this referred to as a VA to VA refinance).
IRRRL Guidelines
  • No appraisal or credit underwriting package is required when applying for an IRRRL.
  • An IRRRL may be done with “no money out of pocket” by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
  • When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase.
  • No lender is required to give you an IRRRL, however, any VA lender of your choosing may process your application for an IRRRL.
  • Veterans are strongly urged to contact several lenders because terms may vary.
  • You may NOT receive any cash from the loan proceeds.
Qualifications
  • An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance, and it will reuse the entitlement you originally used.
  • A Certificate of Eligibility (COE) is not required. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.
  • No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.
  • You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan.
  • The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL you need only certify that you previously occupied the home. VA Refinance Options
Loan Limits 

VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location.

2nd Option: 
VA Cash Out Refinance
VA Refinance Options

VA Refinance Options

VA Cash-Out refinancing, is an option for VA liens who have two mortgages and want to refinance them into one loan, with a lower rate. Unlike the IRRRL program, this Cash-Out refinance allows the borrower to pay off the first and second loans with the new loan, while also taking cash from the home’s value. Most lenders allow the VA liens to refinance up to 100 percent of the home’s value to pay off the old mortgages.

VA Refinance Options. Veterans generally choose to use the VA Cash-Out over other loan types because the period to pay off the loan is extended, and also, generally comes with a lower interest rate. Just like the VA Streamline Refinance loan, the home must be used as a principal dwelling by the owner with no set period of time that you have owned. To qualify for a Cash Out refinancing you must have sufficient equity.

There are really two kinds of “cash-out”: one is where you actually get cash at closing (in the form of a check usually) and other is where you don’t actually get the cash, but you take the money and pay off other debts that are not the VA loan that you are taking out.

It’s a common myth, some borrowers believe that they can’t get a VA cash out refinancing unless they have a mortgage already backed by the Department of Veterans Affairs (VA). This is simply not true. In fact, you may be eligible for this type of loan even if your current loan is FHA, conventional, a USDA home loan or any other type of mortgage. Many advantages can come with switching from one of these types of loans to a mortgage backed by the VA. It may be easier to get approved than with other programs, your monthly payments may be more affordable and you’ll get access to free mortgage counseling should your loan ever go into default. These are just some of the benefits VA borrowers can expect when they refinance from another loan program. VA Refinance Options

VA Refinance Closing Cost?

A loan closing costs can be add into the cost of the loan, allowing veterans to refinance without expenses. Sometimes it is also possible for the lender to take the brunt of the cost in exchange for a higher interest rate on your loan. The loan may not exceed the sum of the balance on the existing VA loan, plus allowable fees and closing costs, including funding fee that is 0.5 percent of the total loan amount and can be added to the loan balance, and up to 2 discount points. You may also add up to $6,000 of energy efficiency improvements into the loan. VA Refinance Options

BENEFITS OF REFINANCING
  • VA loan refinance offers to the applicants more flexible underwriting standards.
  • VA applicants don’t have to pay non allowable closing cost like lender document fees, recording fee above $17, notary fees, Transaction Coordinator fees, broker fees, etc. That you would have to pay with other loans.
  • Lower interest rates than other VA loans and standard loans. Providing to the applicants additional cash flow each month.
  • Applicants have the ability to change the terms of their loan, switching from an adjustable rate to a fixed-rate, or a 30 year to a 15 year loan in order to pay off their mortgage sooner.
  • With the Cash-Out refinance, applicants can get cash out from the equity in their home to help pay other obligations.
  • Additionally, applicants wanting to refinance from a different loan program into the VA Loan can do this through the Cash-Out refinance program.
When to Refinance?

VA Liens, who are considering a VA refinance options, should understand that synchronization is the most important when you are refinancing a mortgage. In most cases it wouldn’t make sense to refinance a mortgage, if you don’t plan on staying in that home for the near-future, just like it wouldn’t make sense to refinance at a time when interest rates are too higher. Your goal should be to achieve a lower interest rate that cuts monthly payments, significantly, decreasing the amount of interest paid over the life of the mortgage. VA Refinance Options

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