VA Loan VA Streamline loan in Miami Fort Lauderdale Florida
Loans – A Great Option for Veterans. VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
A VA loan in Miami Fort Lauderdale Florida is a mortgage loan in Miami Fort Lauderdale Florida guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country. VA Loan VA Streamline loan in Miami Fort Lauderdale Florida
VA Loans Benefits of VA Loans. VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
- You can buy a home with no money down.
- You can refinance your home up to 100% of the value of your home.
- You never have to pay PMI (Private Mortgage Insurance).
- Sellers can pay your closing costs.
- They are usually easier to get because the Government insures the loan in Miami Fort Lauderdale Florida so that there is much less risk to the lender.
- If you already have a VA Loan in Miami Fort Lauderdale Florida you might be eligible for a VA Streamline Refinance.
- Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA or if they are considered to be at least 10% disabled.
Who is eligible for a VA Loan?
- As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
- You may be eligible for a VA loan in Miami Fort Lauderdale Florida if any one of these statements describes you:
- I served 181 days during peacetime. (Active Duty)
- I served 90 days during wartime. (Active Duty)
- I served 6 years in the Reserves or National Guard.
- I am the spouse of a service member who was killed in the line of duty.
- I currently receive disability payments from the VA.
What is the VA Funding Fee and is it required?
Yes, it is required. It is a fee paid directly to the Department of Veteran’s Affairs so that they can guarantee your loan in Miami Fort Lauderdale Florida and provide you with the opportunity to receive a loan in Miami Fort Lauderdale Florida with little to no money out of pocket.
How much is the VA Funding Fee? VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
It depends on several factors including Whether you are Active Duty, Retired, Guard or Reserve and whether you this is the first-time use, subsequent use or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.
Do I have to pay the VA Funding Fee out of pocket? VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
No, you can include the VA Funding Fee in your loan in Miami Fort Lauderdale Florida and pay the funding fee over the course of your loan.
Do I still have to pay other normal closing costs like Appraisal, Title, and Escrows?
Yes, however with a VA loan in Miami Fort Lauderdale Florida if you are purchasing a new home the seller can pay for all or part of your closing costs.
What is a VA Streamline Refinance? VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don’t have to provide bank statements, W2s, job verification or paychecks.
VA Streamline Loans or VA Streamline Mortgages are more formally known as VA STREAMLINE IRRRL’s—Interest Rate Reduction Refinance Loans—within the VA. These refinance loans are one of the major benefits of using your VA Loan in Miami Fort Lauderdale Florida Benefits over other types of financing.
Why a VA Streamline? VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
No out-of-pocket costs: Closing costs can be covered by the lender
Potentially, no appraisal is required
No income verification (although verification of employment is usually required). Important for those who are self-employed or have a tough time with a stable income.
The California VA Streamline Refinance is available for those already in a VA loan.
Here’s a quick overview of the VA Streamline Mortgage:
- While the VA doesn’t require an appraisal, today’s lenders may require a conventional appraisal to determine that there is sufficient value to refinance the home.
- The new loan in Miami Fort Lauderdale Florida can usually be completed without cash needed at closing. The California Veteran’s new loan in Miami Fort Lauderdale Florida can include:
- The existing VA Loan
- Allowable fees/charges
- New pre-paid charges (setting up the new impound account)
- Up to two discount points (to lower the rate further)
- New VA Funding Fee (.5% of the loan in Miami Fort Lauderdale Florida amount unless the Veteran is exempt due to a service-related disability
- Eligibility (basic) for this loan in Miami Fort Lauderdale Florida requires
- Current loan in Miami Fort Lauderdale Florida being refinanced is a VA loan
- Loan in Miami Fort Lauderdale Florida must be current
- New payment is lower than the current (refinancing from an ARM to a fixed rate is the exception)
- No cash back at closing
STREAMLINE IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a “Streamline” or a “VA to VA.” Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed-rate, it must result in a lower interest rate.
When refinancing from an existing VA ARM loan in Miami Fort Lauderdale Florida to a fixed rate, the interest rate may increase. No appraisal or credit underwriting package is required by VA. You should be aware, however, that lenders may require an appraisal and credit report anyway.
A certificate of eligibility is not required. Your lender may use our email confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.
* If you have a non-VA Home Loan in Miami Fort Lauderdale Florida (FHA, Conventional, or other) and cannot make your payments because of a hardship, we can help. Click Here Now!
A STREAMLINE IRRRL may be done with “no money out of pocket” by including all costs in the new loan in Miami Fort Lauderdale Florida or by making the new loan in Miami Fort Lauderdale Florida at an interest rate high enough to enable the lender to pay the costs. (Remember: The interest rate on the new loan in Miami Fort Lauderdale Florida must be lower than the rate on the old loan in Miami Fort Lauderdale Florida unless you refinance an ARM to a fixed rate mortgage).
No lender is required to make you an STREAMLINE IRRRL, however, any lender of your choice may process your application for an STREAMLINE IRRRL. While it might be the best place to start shopping for an STREAMLINE IRRRL, you do not have to go to the lender you make your payments to now or to the lender from whom you originally obtained your VA Loan.
Veterans are strongly urged to contact several lenders. There may be big differences in the terms offered by the various lenders you contact.
Some lenders may contact you suggesting that they are the only lender with authority to make STREAMLINE IRRRLs. Remember – Any lender may make you an STREAMLINE IRRRL.
Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan in Miami Fort Lauderdale Florida amount which may be paid in cash or included in the loan.
You must NOT receive any cash from the loan in Miami Fort Lauderdale Florida proceeds.
An STREAMLINE IRRRL can be done only if you have already used your eligibility for a VA loan in Miami Fort Lauderdale Florida on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the entitlement you originally used. You may have used your entitlement by obtaining a VA loan in Miami Fort Lauderdale Florida when you bought your house, or by substituting your eligibility for that of the seller if you assumed the loan. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.
Apply for your STREAMLINE IRRRL Loan in Miami Fort Lauderdale Florida Now!
The occupancy requirement for an STREAMLINE IRRRL is different from other VA loans. When you originally got your VA loan, you certify that you occupied or intended to occupy the home. For an STREAMLINE IRRRL, you need only certify that you previously occupied it.
The loan in Miami Fort Lauderdale Florida may not exceed the sum of the outstanding balance on the existing VA loan, plus allowable fees and closing costs, including funding fee and up to 2 discount points. You may also add up to $6,000 of energy efficiency improvements into the loan.
NOTE: Adding all of these items into your loan in Miami Fort Lauderdale Florida may result in a situation in which you owe more than the fair market value of the house and will reduce the benefit of refinancing since your payment will not be lowered as much as it could be. Also, you could have difficulty selling the house for enough to pay off your loan in Miami Fort Lauderdale Florida balance.
Some lenders offer STREAMLINE IRRRLs as an opportunity to reduce the term of your loan in Miami Fort Lauderdale Florida from 30 years to 15 years. While this can save you a lot of money in interest over the life of the loan, if the reduction in the interest rate is not at least one percent (two percent is better) and lots of new loan in Miami Fort Lauderdale Florida costs are rolled into the new loan, you may see a very large increase in your monthly payment.
Beware: It could be a bigger increase than you can afford
No loan in Miami Fort Lauderdale Florida other than the existing VA loan in Miami Fort Lauderdale Florida may be paid from the proceeds of an STREAMLINE IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan in Miami Fort Lauderdale Florida will be a first mortgage.
VA Home Loan VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
At Intercounty Mortgage Network, when you apply for a VA home loan, your mortgage loan in Miami Fort Lauderdale Florida originator will also be a veteran. Our veterans helping veterans program was created to help veterans complete the loan in Miami Fort Lauderdale Florida process as streamlined and simple as possible. Our veteran loan in Miami Fort Lauderdale Florida officers understand the unique situations that apply to veterans and the VA loan in Miami Fort Lauderdale Florida process.
VA Streamline Refinance (STREAMLINE IRRRL) VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
In addition to new VA insured home loan in Miami Fort Lauderdale Florida mortgages, which require no down payments, we also specialize in VA home loan in Miami Fort Lauderdale Florida streamline refinancing where we may be able to refinance your existing mortgage with no employment verification or income check. You may qualify for an interest rate reduction refinance loan, or STREAMLINE IRRRL. Also, another benefit to a VA home loan in Miami Fort Lauderdale Florida is no private mortgage insurance, that is, not only does the VA not require PMI, but it also prohibits lenders from requiring it.
For more information on a VA insured home loan in Miami Fort Lauderdale Florida or our VA loan in Miami Fort Lauderdale Florida streamline refinance process (STREAMLINE IRRRL), please fill out our fast quote form. All information submitted is kept safe and secure.
What type of home can I buy with a VA loan? VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
A VA home loan in Miami Fort Lauderdale Florida must be used to finance your personal residence within the United States or its territories, but you have many choices regarding the type of home you purchase.
- Existing single family home.
- Townhouse or condo in a VA-approved project.
- New construction residence.
- A manufactured home and/or lot.
- Home refinances. Certain types of home improvements.
How do I apply for a VA guaranteed loan? VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
You can apply for a VA loan in Miami Fort Lauderdale Florida with any mortgage lender that participates in the VA home loan in Miami Fort Lauderdale Florida program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan. You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request for A Certificate of Eligibility for Home Loan in Miami Fort Lauderdale Florida Benefits, to one of the VA Eligibility Centers, along with proof of military service. In some cases, it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it’s best to provide such evidence.
What are the negatives of a VA Loan? VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
- VA loans made prior to March 1, 1988, can be assumed with no qualifying of the new buyer. If a buyer of such a property defaults, the veteran homeowner may be liable for funds.
- Some sellers may be hesitant to work with someone who is acquiring a VA loan in Miami Fort Lauderdale Florida because of their past reputation of taking longer to process than conventional loans. While the time may still be a little longer, getting a VA loan in Miami Fort Lauderdale Florida is not the lengthy ordeal it once was.
- Sellers are often asked to pay a portion of closing costs, so they may not be eager to negotiate the sales price of the home.
What are the benefits of a VA Loan? VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
- 100% financing, no down payment loans are common.
- No Private Mortgage Insurance (PMI).
- No penalties if you prepay the loan.
- Competitive interest rates.
- Loan in Miami Fort Lauderdale Florida qualification is sometimes easier than if you were applying for a conventional loan.
- Sellers can pay all closing costs.
Applying for a VA Streamline Refinance Loan in Miami Fort Lauderdale Florida After Marriage or Divorce VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
The VA Streamline Refinance mortgage loan in Miami Fort Lauderdale Florida requires all of the signers on the original VA loan in Miami Fort Lauderdale Florida to be included on the Streamline Refinance loan in Miami Fort Lauderdale Florida documents. The main reason the VA calls this loan in Miami Fort Lauderdale Florida a Streamline Refinance is they have the information already on file for all borrowers who are on the original VA mortgage loan. Since the VA has already approved the original loan in Miami Fort Lauderdale Florida based on this information, not much paperwork is required to process the Streamline loan in Miami Fort Lauderdale Florida as compared to a standard VA mortgage loan in Miami Fort Lauderdale Florida used for the purpose of buying a new home.
If you want to remove a co-borrower from your original VA mortgage loan, you will not be able to qualify for Streamline Refinancing. Instead, you will have to apply for a new VA loan in Miami Fort Lauderdale Florida which requires a full credit check, appraisal and other verifications associated with the standard VA mortgage loan in Miami Fort Lauderdale Florida application process.
Divorce VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
If you are divorced and you want to refinance your VA loan in Miami Fort Lauderdale Florida with your civilian ex-spouse, you will first need to determine who will keep the home. When you are letting your civilian ex-spouse keep the home, the VA recommends that you have your ex-spouse apply for a regular refinance loan, and if they are approved the loan in Miami Fort Lauderdale Florida should be just in their name. This will remove you from the original mortgage loan, and free up your VA loan in Miami Fort Lauderdale Florida eligibility so you can then buy another home that can be financed by a new VA mortgage.
If you decide to apply for a VA Streamline Refinance loan in Miami Fort Lauderdale Florida with your ex-spouse, and they are going to be responsible for the loan, your VA loan in Miami Fort Lauderdale Florida eligibility remains tied to the property even though you are not making any of the mortgage payments.
Marriage or Remarriage
If you have an existing VA mortgage loan, and you decide to get married or remarried, your new spouse can be added to the Streamline Refinance loan. To remain in compliance with the VA, make sure to check with your lending institution to find out what documentation they require in order to add your new spouse to the Streamline mortgage loan. This can include a credit check on your new spouse, verification of their income, or any other pertinent information the lender needs in order to process your new spouse’s loan in Miami Fort Lauderdale Florida application.
Due to the low rates, more veterans are taking advantage and lowering their current VA home loan in Miami Fort Lauderdale Florida rates with no appraisal, no credit check, no worries of faxing in pay stubs, bank statements or W2’s. You can too. It’s there for you and can be done in a matter of days, not weeks.
BASICS OF THE VA Streamline IRRRL VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
The VA Streamline refinance loan, referred to by IRRRL (Interest Rate Reduction Refinance Loan) or the shorter “IRRL” (Interest Rate Reduction Loan), can be done only if you have already had a VA loan in Miami Fort Lauderdale Florida on the property you intend to refinance. The only way it can be done is a VA to VA refinance reusing the original entitlement you used on that property, either from the purchase of that property or if you had substituted your eligibility for that of the seller on the purchase if you assumed the loan. You may also refinance from a VA loan in Miami Fort Lauderdale Florida that was previously refinanced to, at a term no greater than 10 years above the current remaining term on your mortgage.
NO STREAMLINE APPRAISAL VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
VA does not require an appraisal on the IRRRL (Interest Rate Reduction Loan) or “VA Streamline Refinance”. In today’s declining housing markets, this feature is more beneficial than ever, especially when there are certain areas of the country where value swings exceed $100,000 with today’s more conservative appraisals. And with normal conforming loans or even FHA loans that have specific equity requirements, any value below your expectation could be the difference that keeps you from taking advantage of lower interest rates and monthly savings as a result. In addition, with no appraisal, that will cut your third party closing costs down by up to $600 in certain states making the refinance even more beneficial knowing your lender won’t be charging you any fees either.
Most lenders out there have stopped allowing VA streamline refinances without appraisals. VAloanlending.com is your access to get you connected with a VA lender that doesn’t require an appraisal which allows you the opportunity to lower your rate where normally a low appraisal would not.
*VA doesn’t require appraisals, however, it is up to lenders to determine what leniency they will give towards valuations to secure the loan.
NO INCOME IN STREAMLINE VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
This is another time-saving feature. There is no need to search all over your house for those W2’s or that pay stub you just shredded. In addition, maybe you’re wondering about not making enough money to qualify now that you or your spouse is making less money for one reason or another. As long as you have a job, that’s all that matters.
NO PMI VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
There is NO Mortgage Insurance required on any VA loan. So you can benefit more on your refinance by not having to pay unnecessary PMI to your lender.
NO LENDER FEES VA Loan VA Streamline loan in Miami Fort Lauderdale Florida.
Again, most VA lenders charge a flat fee to help you obtain a VA loan. This is called an Origination fee. Because VA limits the types of charges to the customer, this is the customary place you would find a lender charge for their services. This fee is WAIVED when you inquire about a VA loan in Miami Fort Lauderdale Florida through VAloanlending.com. Any Loan in Miami Fort Lauderdale Florida Discount options can be discussed with you by your VA Loan in Miami Fort Lauderdale Florida Specialist.