VA refinance mortgage rates Miami Fort Lauderdale Florida
If you’re a disabled veteran, you may be aware of the many benefits that you qualify for through the Department of Veterans Affairs. Mortgage rates Miami. However, many veterans are unaware of the fact that they may qualify for reduced mortgages and property taxes as a result of their disability. VA refinance mortgage rates Miami Fort Lauderdale Florida
But in order to qualify for these benefits, you need to show your VA Benefits Award Letter, also referred to as an award letter. Mortgage rates Miami. This is a letter that comes from the Department of Veterans Affairs and shows your level of disability and a number of your monthly benefits. However, the problem that many veterans have is that they either misplace the letter or need another copy and don’t know how to get another. VA refinance mortgage rates Miami Fort Lauderdale Florida
If you or another veteran are receiving disability and want to qualify for a reduced VA loan, you will need to provide your Home Loan Expert with your award letter. Mortgage rates Miami. The easiest way is to create an account on benefits and download the documents you need from there. You may also call your regional VA office and they will be able to walk you through the process. VA refinance mortgage rates Miami Fort Lauderdale Florida
If you have not yet applied for disability, and are looking to use your VA loan benefits, you’ll need to have an approval from the VA before you can receive your benefit. Mortgage rates Miami.
A friend and team member just went through the process of applying for the information with his dad and said it was incredibly easy. Mortgage rates Miami.
He created an ebenefits account and printed off the actual awards letter application. They filled out the application and gathered the following information:
2 most recent bank statements. Mortgage rates Miami.
3 years of tax returns. Mortgage rates Miami.
2 most recent pay stubs. Mortgage rates Miami.
2 most recent social security awards letters. Mortgage rates Miami.
After returning the application along with the above documents to the local regional office, it took about a month for them to review his application because they had all the documents up front. VA refinance mortgage rates Miami Fort Lauderdale Florida
If you have already been receiving benefits and need a copy of the awards letter, remember, go to ebenefits and you can download all of your documents and approvals there. Mortgage rates Miami. Or if you prefer to talk it over with a person, call your local regional VA office and they can help you. VA refinance mortgage rates Miami Fort Lauderdale Florida
VA IRRRL. Mortgage rates Miami.
The VA IRRRL is a refinance mortgage loan available to homeowners with existing VA mortgages. The program, which is commonly known as the VA Streamline Refinance, simplifies home refinancing by waiving the documentation typically required by a bank, including income and employment verification, bank account and credit score verification, and an appraisal of the home.
This VA IRRRL information is accurate as of today, January 29, 2017.
What Is A VA Streamline Refinance/VA Loan? Mortgage rates Miami.
VA loans are loans which belong to a special loan program designed specifically for veterans. VA loans can be issued by any VA-approved lender and are guaranteed by the federal government. VA refinance mortgage rates Miami Fort Lauderdale Florida
The VA loan’s definitive characteristic 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. Mortgage rates Miami.
In addition, VA loans 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. Mortgage rates Miami. You may also qualify as the spouse of a service member who was killed in the line of duty.
Officially known as an Interest Rates Reduction Refinance Loan (IRRRL) by the government, the VA Streamline Refinance is sometimes called a VA-to-VA Loan.
Generally speaking, almost all active duty and/or honorably discharged service members are eligible for a VA purchase or streamline refinance loan. Mortgage rates Miami.
The VA Streamline Refinance (VA IRRRL) Loan. Mortgage rates.
The VA Streamline Refinance is also known as the Interest Rates Reduction Refinance Loan (IRRRL). The IRRRL allows you to refinance your current mortgage interest rates to lower rates than you are currently paying. VA refinance mortgage rates Miami Fort Lauderdale Florida
The Streamline loan rates are extremely popular because of its ease of use: once you have already been approved for your initial VA purchase loan, it is relatively simple to lower your interest rate and experience considerable savings. VA refinance mortgage rates Miami Fort Lauderdale Florida
In most cases, a loan rates officer or lender with expertise in VA loans should be able to complete the loan within a month’s time in most cases. VA refinance mortgage rates Miami Fort Lauderdale Florida
VA loan rates closing costs can be rolled into the cost of the loan rates, allowing veterans to refinance with no out-of-pocket expenses. Mortgage rates Miami. Sometimes it is also possible for the lender to take the brunt of the cost in exchange for higher interest rates on your loan rates. VA refinance mortgage rates Miami Fort Lauderdale Florida
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. Mortgage rates Miami.
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 fixed rates mortgage.) VA refinance mortgage rates Miami Fort Lauderdale Florida
You must certify that you previously occupied the property. Mortgage rates Miami.
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.) Mortgage rates Miami.
The VA Cash-Out Refinance Loan. Mortgage rates Miami.
A secondary VA refinances loan type is the VA Cash-Out refinance loan. The Cash-Out refinance allows borrowers to refinance their conventional or VA loan into lower rates while also taking cash from the home’s value.
Functionally, the VA Cash-Out refinance loan replaces your existing mortgage instead of functioning like a home equity loan, which it is often confused for. Mortgage rates. A qualified borrower can refinance up to 100 percent of their home’s value in some cases.
The Cash-Out refinance loan is a loan type available in any form – whether USDA, FHA, or conventional. Mortgage rates. 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. Mortgage rates. There is no set period of time that you must have owned your home, however, you must have sufficient equity to qualify for the loan.
VA Streamline Refinance Frequently Asked Questions. Mortgage rates.
Do I need my Certificate of Eligibility (COE) for a Streamline Refinance? Mortgage rates.
Since you used your Certificate of Eligibility to get your first VA loan, it isn’t needed to qualify for a streamline refinance your existing VA mortgage.
Does the VA control mortgage interest rates for VA loan types? Mortgage rates.
No, they do not. Although the VA offers an easy, straightforward process for veterans, VA mortgage rates are set by the banks who buy and sell mortgages.
No, you do not. In fact, it is encouraged that you shop around between various lenders, as each will offer various interest rates for your VA loan. All that matters is that the lender is VA-approved. Because so many lenders out their finance VA loans, it makes sense to shop around.
Do I have to go through the credit check and appraisal process again when refinancing? Mortgage rates.
There is no requirement from the VA for another credit check or appraisal process because you have already been approved for a loan. However, many lenders require a credit check and appraisal to guarantee that you are still financially stable enough to pay for your mortgage and also, that the house’s market value is still higher than their maximum loan amount.
Do I have to be eligible for better interest rates to qualifying for a Streamline Refinance? Mortgage rates.
Not if you meet certain conditions. If you are going from a fixed mortgage to another fixed mortgage, the VA requires that your IRRRL is a lower interest rate, but if you are moving from an adjustable rate mortgage (ARM) to a fixed rates mortgage, the VA will allow you to refinance to a higher interest rate.
Can I receive cash-in-hand at my VA Streamline Refinance closing? Mortgage rates.
Yes, you may receive up to $6,000 cash-in-hand at your IRRRL closing. The cash, however, must be used for energy-efficiency improvements and must be a reimbursement for improvements made within 90 days prior to closing. Some VA borrowers will receive a cash disbursement of “old” escrow funds, too. VA refinance mortgage rates Miami Fort Lauderdale Florida
What is the maximum allowable VA IRRRL loan size? Mortgage rates.
There is no maximum loan size limit for a VA loan. However, a VA Streamline Refinance will be limited to the existing loan balance plus any accrued late fees and late charges, plus typical loan costs and the cost of any energy efficiency improvements.
In general, the borrower(s) obligated on the original VA loan must be the same as borrower(s) obligated on the refinancing. However, this is not always possible. As an example, assume that a veteran and spouse are obligated on an existing VA loan.
An IRRRL is possible in all of the following scenarios: Divorced veteran alone; Veteran and different spouse; and, spouse alone because the veteran died. An IRRRL is not possible for a divorced spouse alone, or a different spouse alone because the veteran died.
Can I use the VA Streamline Refinance for an investment property? Mortgage rates.
Yes, you can use the VA Streamline Refinance for an investment property. You must only certify that you previously occupied the property as your home. The property does not have to be your primary residence.
Can I use the VA IRRRL if my loan is behind or delinquent? Mortgage rates.
Yes, you can VA Streamline Refinance a loan which is behind in payments or delinquent. Your lender will want to know that the cause of the delinquency has been resolved, and you must be willing and able to make the payments on the new VA loan.
Lastly, you will be asked to provide a letter to explain the delinquency along with additional supporting documentation. The Department of Veterans Affairs will make a final determination whether the IRRRL should be approved. VA refinance mortgage rates Miami Fort Lauderdale Florida
No, the HARP 2.0 mortgage is separate from a VA loan, and HARP 2 loans must be currently backed by Fannie Mae or Freddie Mac.