VA approved; Iconic Mortgage Corp – NMLS #1547953. Not affiliated with the Dept. of Veterans Affairs or any government agency.

VA streamline refinance loan Miami Fort Lauderdale Florida

2.75% (2.949% APR) RATES 15 YEARS TERM
Find out which new VA benefits you are missing out on in 2017.
See if you Qualify for an Escrow Refund check up to $5,000
VA Home Loans Benefits:
  • culito 0 Down loans
  • culito No cash out of pocket
  • culito Qualify within 24hrs
  • culito Escrow refund check up to 5k

FREE RATE QUOTE


What is your branch of service?

Where is your home located?


What is your price range?


What is your ZIP code?


What is your email address?


What is your name?


What is your current street address?


What is your phone number?


THANK YOU!

We Will Contact You Shortly!

What is your branch of service?

Lower Rates, Better Service. That’s the Iconic Difference

97.8% Customer Recommendation Rating!

4.7 out of 5 Average Customer Satisfaction Rating

VA streamline refinance loan Miami Fort Lauderdale Florida

VA streamline refinance loan Miami Fort Lauderdale Florida

VA streamline refinance loan Miami Fort Lauderdale Florida

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. VA streamline refinance loan Miami Fort Lauderdale Florida

The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program Miami Fort Lauderdale Florida is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.

The VA loan allows veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA Miami Fort Lauderdale Florida; this fee may also be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for a VA Interest Rate Reduction Refinance. VA streamline refinance loan Miami Fort Lauderdale Florida

VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans. VA Miami Fort Lauderdale Florida will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.

The maximum VA loan guarantee varies by county. As of 1 January 2012, the maximum VA loan amount with no down payment is usually $417,000, although this amount may rise to as much as $1,094,625 in certain specified “high-cost counties”. VA streamline refinance loan Miami Fort Lauderdale Florida

The VA loan application is a standardized loan application form 1003 issued by Fannie Mae also known as Freddie Mac Form 65. It is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements on a VA loan application under the provisions of Title 18, United States Code, Section 1001, et seq.

You will need the following paperwork to apply in Miami Fort Lauderdale Florida:

Copies of your W2 statements for the past two years, so your gross household income can be confirmed, Streamline Refinance loan Miami Fort Lauderdale Florida.

Copies of your previous two pay stubs, VA streamline refinance loan Miami Fort Lauderdale Florida

Documentation of other assets (checking accounts, savings accounts, financial investments, trust funds, etc.), Streamline Refinance loan Miami Fort Lauderdale Florida.

If self-employed, two years of consecutive tax returns will be required. Streamline Refinance loan Miami Fort Lauderdale Florida.

The Veteran also needs to supply their DD 214 or Certificate of Guarantee Streamline Refinance loan Miami Fort Lauderdale Florida.

Qualifying for Veteran Home Loans. Streamline Refinance loan Miami Fort Lauderdale Florida.

The Veteran Loan program is designed for veterans who meet the minimum number of days of completed service. Some of the other eligibility requirement for the VA loan program and some specific home loan benefits include the length of service or service commitment, duty status and character of service. The program does allow for benefits to Surviving Spouses.

The VA Miami Fort Lauderdale Florida does not have a minimum credit score used for pre-qualifying for a mortgage loan, however, most Lenders require a minimum credit score of at least 620.

A Veteran who has used their entitlement to previously purchase a home may have entitlement left to purchase another one. If you previously purchased a home using your VA Benefits, then you might still have some of that “Entitlement” available to you for the purchase a new home. To Calculate Maximum Entitlement available, consider the following:

If your previous home was purchased using a VA Loan Miami Fort Lauderdale Florida, and that loan was paid off by the new owners, the full entitlement may have been restored.

If you sold your home to someone and allowed them to assume your VA Loan, then you might have the full entitlement restored, if one or more of the purchasers were also Veterans.

If you still own the home, and you are renting it out – you might be able to purchase a new home using your partial entitlement, but there are several restrictions.

Allowable Income Sources used to qualify for a VA Loan Miami Fort Lauderdale Florida include: Retirement Income, Social Security Income, Child Support, Alimony and Separate Maintenance, BAH, BAS, and Disability Income. Dependency and Indemnity Compensation (DIC) for a Surviving Spouse can also be included. In addition, stable, documented income from employers remains the best income source for VA loans. VA streamline refinance loan Miami Fort Lauderdale Florida

VA STREAMLINE REFINANCE LOANS. Streamline Refinance loan Miami Fort Lauderdale Florida.

Create Cash Flow with VA Streamline Refinance (IRRRL) Miami Fort Lauderdale Florida

VA streamline refinance loan Miami Fort Lauderdale Florida

VA streamline refinance loan Miami Fort Lauderdale Florida

Since 1980, the VA has offered the Interest Rate Reduction Refinancing Loan (IRRRL) as a way for current VA homeowners to lower their interest rates with little or no out-of-pocket costs. It’s also called a “Streamline Refinance” or a “VA to VA Loan.”

A VA Streamline Refinance (IRRRL) allows you to refinance your current mortgage at a lower interest rate than you are currently paying. In fact, except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed-rate, the Streamline Refinance or IRRRL must result in a lower interest rate (when refinancing from an existing VA ARM loan to a fixed rate VA loan, the interest rate can increase).

The IRRRL is available to veterans who want to refinance their original VA Home Loan and utilized their original eligibility when they purchased it. VA streamline refinance loan Miami Fort Lauderdale Florida

“No Cost” Streamline Refinancing even lets veterans refinance VA mortgages and incur no out-of-pocket expenses. Your lender can pay your costs, in exchange for a higher interest rate. Or you can roll the closing costs into your new Streamline Refinance Loan. The Streamline 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 (as long as the interest rate on the new loan is lower than the rate on the old loan…unless you are refinancing an ARM to a fixed rate mortgage).

A VA Streamline Refinance can be accomplished faster and with less documentation than a typical home refinance loan. No appraisal or credit underwriting is required by VA (however, your lender may require an appraisal and credit report). A certificate of eligibility is not required. Your lender may use an e-mail confirmation procedure for your IRRRL in lieu of a certificate of eligibility.

No lender is required to make you an IRRRL, however, any lender of your choice may process your application for you. Beware of lenders who contact you suggesting that they are the only lender authorized to offer IRRRLs; any lender may make offer an IRRRL. And while it might be the best place to start shopping for an 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 Home Loan. In fact, veterans are strongly urged to contact several lenders. There may be big differences in the terms offered by various lenders that you’ll want to know about.

Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Not true; the only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

Remember: your IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the VA Home Loan entitlement you used originally. 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. If you have your Certificate of Eligibility, take it to the lender to show your prior use of your VA entitlement.

The occupancy requirement for an 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 IRRRL, you need only certify that you previously occupied it.

The loan 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. Sometimes, adding all of these items into your loan can result in your owing more than the fair market value of your house; that will reduce the benefit of refinancing since your payment will not be lowered as much as it could be. In that case, keep in mind that you could have difficulty selling the house for enough to pay off your loan balance.

IRRRLs can be an opportunity to reduce the term of your loan 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), you may see a very large increase in your monthly payment… and that increase could be more than you can afford.

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. VA streamline refinance loan Miami Fort Lauderdale Florida

 

A QUICK OVERVIEW. Streamline Refinance loan Miami Fort Lauderdale Florida.

No loan assumptions are allowed. Miami Fort Lauderdale Florida

The veteran cannot receive any cash back. Miami Fort Lauderdale Florida

VA does not require an appraisal, any income or employment verifications, no credit report and no termite report, yet the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing. Miami Fort Lauderdale Florida

Any other liens must be subordinated to the VA loan Miami Fort Lauderdale Florida.

Talk to your lender about the best refinancing options available through your VA Home Loan program. Whatever you need, the VA Home Loan program is here to serve you.

Eligible veterans, reservists, and Active Duty personnel and their eligible spouses with suitable credit, sufficient income and a valid Certificate of Eligibility (COE) can take advantage of 100% financing options with a VA Mortgage Miami Fort Lauderdale Florida, guaranteed by the Department of Veterans Affairs. The property must be occupied by the veteran as their primary residence. VA streamline refinance loan Miami Fort Lauderdale Florida

  • Finance options up to 100% Streamline Refinance loan Miami Fort Lauderdale Florida.
  • Fixed rate (payments stay the same through term) Streamline Refinance loan Miami Fort Lauderdale Florida.
  • Max loan amounts determined by property location Streamline Refinance loan Miami Fort Lauderdale Florida.
  • No Private Mortgage Insurance (PMI) or Upfront Mortgage Insurance Premium (UMIP) required Streamline Refinance loan Miami Fort Lauderdale Florida.
  • Seller contributions up to 4% are allowed Streamline Refinance loan Miami Fort Lauderdale Florida.
  • Refinance options. Streamline Refinance loan Miami Fort Lauderdale Florida.

VA Streamline Refinances. Streamline Refinance loan Miami Fort Lauderdale Florida.

The VA streamline refinance program is also known as the VA IRRRL Miami Fort Lauderdale Florida, which stands for Interest Rate Reduction Refinancing Loan Miami Fort Lauderdale Florida. It’s exclusively for those with VA home loans.

If you currently have a VA loan, consider a VA IRRRL. It’s an easy way to refinance your VA loan to the lowest fixed rate available and lower your monthly payments with minimal out-of-pocket costs. VA streamline refinance loan Miami Fort Lauderdale Florida

  • Available for existing VA mortgages Miami Fort Lauderdale Florida only Streamline Refinance loan Miami Fort Lauderdale Florida.
  • No appraisal required Streamline Refinance loan Miami Fort Lauderdale Florida.
  • No VA-required inspections Streamline Refinance loan Miami Fort Lauderdale Florida.
  • Fixed-rate terms Streamline Refinance loan Miami Fort Lauderdale Florida.

Refinancing can be a great option to help reduce your monthly mortgage payments and save money or to tap into your equity and pull as much as 90% out.  The Department of Veterans Affairs provides options to do both, a VA Streamline Refinancing loan or VA Cash-Out Refinancing loan.

Option 1: VA Streamline Refinancing Loans Miami Fort Lauderdale Florida (aka Interest Rate Reduction Refinance Loan (IRRRL)) Streamline Refinance loan Miami Fort Lauderdale Florida.

A VA Streamline Refinancing loan allows you to reduce your monthly payment or shorten or extend the term of a VA loan.  Minimum documentation is needed as the VA does not require a credit check or appraisal (some lenders may require these).  The IRRRL Miami Fort Lauderdale Florida also allows many borrowers to bypass the much stricter underwriting standards that lenders impose on conventional loans.  It’s called the Streamline Refinancing loan because it’s typically a more streamlined approval and underwriting process. VA streamline refinance loan Miami Fort Lauderdale Florida

VA Streamline Refinancing Benefits: VA Home Refinance Loan Streamline Refinance loan Miami Fort Lauderdale Florida.

Lower monthly payments Miami Fort Lauderdale Florida

No out-of-pocket costs required Miami Fort Lauderdale Florida

Lower funding fee (generally .5 percent of total loan amount) Miami Fort Lauderdale Florida

Funding fee and closing costs can be added to loan balance Miami Fort Lauderdale Florida

Allows refinances up to 100 percent of home’s value Miami Fort Lauderdale Florida

No appraisal required, in some cases Miami Fort Lauderdale Florida

No income, employment or credit report verification required by the VA Miami Fort Lauderdale Florida

No termite report required by the VA Miami Fort Lauderdale Florida

No need to obtain a new Certificate of Eligibility Miami Fort Lauderdale Florida

Extend your repayment period Miami Fort Lauderdale Florida

Option 2: VA Cash-Out Refinancing Loans Streamline Refinance loan Miami Fort Lauderdale Florida.

With a VA Cash-Out, Refinancing Loan homeowners can refinance up to 90% of the appraised value plus all closing costs (conditions apply).  Whether you need money to make home improvements, consolidate two mortgages, consolidate high-interest credit card debt or pay for your child’s college tuition a “Cash Out” home loan Miami Fort Lauderdale Florida is an excellent option provided to military homeowners who have equity in their homes.  This option was made available by The Veterans’ Benefits Improvement Act of 2008. VA streamline refinance loan Miami Fort Lauderdale Florida

VA Cash-Out Refinancing Benefits Streamline Refinance loan Miami Fort Lauderdale Florida.

Take advantage of the equity in your home

Pay for home improvements

Consolidate two or more mortgages

Use cash for emergencies and more

Pay off higher interest rate debts

Lower monthly mortgage payments

Lock in a lower interest rate

Extend your repayment period

Eligibility Streamline Refinance loan Miami Fort Lauderdale Florida.

VA refinancing loan eligibility is similar to home purchase VA loans Miami Fort Lauderdale Florida.  Speak to an approved VA mortgage lender to determine if you qualify. VA streamline refinance loan Miami Fort Lauderdale Florida

Remember with a VA loan it’s easier to qualify than a conventional loan, loans are backed by the U.S. government and there is no private mortgage insurance!

The VA’s Streamline Refinance program, also known as a “VA to VA” loan or Interest Rate Reduction Refinancing Loan (IRRRL), allows you to lower the interest rate on your mortgage with few or no out-of-pocket costs. This is only available to you if you have already used your eligibility for a VA loan on the property you intend to refinance, and is probably the best option for you if you just want to refinance your existing loan at a lower interest rate. VA streamline refinance loan Miami Fort Lauderdale Florida

Streamline Refinance Advantages:

  • Refinance your existing VA loan to a lower interest rate.
  • This loan can be done with “no out of pocket money” by including all costs in the new loan, or by making the new loan at an interest rate high enough to enable you to pay the costs.
  • The VA does not require an appraisal, income or employment verifications, a credit report or termite report, as long as the current mortgage has been paid as agreed for the last 12 months and is up to date at the time of refinancing.
  • You are allowed to include up to $6,000 in your refinancing loan for the purpose of energy efficient home improvements. VA streamline refinance loan Miami Fort Lauderdale Florida

Streamline Refinance Basics:

  • No assumptions are allowed.
  • Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed-rate, the refinance must result in a lower interest rate.
  • 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.
  • The VA has a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.
  • You cannot receive any cash back.
  • You don’t need to use your Certificate of Eligibility (COE) for the refinance — your lender can use the VA’s e-mail confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.
  • Any other liens must be subordinated to the VA loan. VA streamline refinance loan Miami Fort Lauderdale Florida

VA IRRRL Refinance Streamline Refinance loan Miami Fort Lauderdale Florida.

The VA Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA Streamline Refinance, is one of the best options for existing VA loan holders who want to take advantage of lower interest rates or refinance into a fixed-rate mortgage. VA streamline refinance loan Miami Fort Lauderdale Florida

Refinancing to a lower interest rate can save borrowers thousands of dollars over the life of their loan. Key aspects of the VA Streamline refinance include:

  • Closing costs and fees can be rolled into the new loan Streamline loan Miami Fort Lauderdale Florida.
  • There is no need to request another Certificate of Eligibility (COE) Streamline Refinance loan Miami Fort Lauderdale Florida.
  • In some cases, there is no appraisal or minimum credit score required Streamline loan Miami Fort Lauderdale Florida.
  • Streamline refinance can often be completed quickly with little paperwork Streamline Refinance loan Miami Fort Lauderdale Florida. Streamline loan Miami Fort Lauderdale Florida.
  • Borrowers need only show prior occupancy of the property being refinanced Streamline Refinance loan Miami Fort Lauderdale Florida.

VA IRRRL Refinance Requirements Streamline Refinance loan Miami Fort Lauderdale Florida.

The IRRRL refinance option is fairly quick and uncomplicated, but it does come with a few requirements and guidelines.

Borrowers who choose this refinance type are not allowed to extract cash from their equity, and they can only refinance a property on which they have already used their VA loan eligibility. For a full list of eligibility requirements, check the Department of Veterans Affairs website.

It is important to note that even though the VA does not require appraisals or credit underwriting, VA lenders can and often do have their in-house requirements for VA Streamline Refinance loans.

 

VA Cash-Out Refinance

 

The

VA Cash-Out Refinance

is best suited for qualified homeowners who want to take cash out of their home’s equity to pay for bills, make home repairs, cover emergency expenses, etc. It also allows qualified borrowers without a VA loan to refinance into the program. VA streamline refinance loan Miami Fort Lauderdale Florida

When a borrower takes advantage of their Cash-Out Refinance option, they are getting a new mortgage at a value higher than what they owe and taking the difference in cash.

The main features of the VA Cash-Out refinance include:

  • Borrowers are allowed to use their Cash-Out refinance option, regardless of loan type. This means FHA, conventional and USDA loans can all be refinanced using this option. Streamline loan Miami Fort Lauderdale Florida.
  • Qualified borrowers can, in some cases, refinance up to 100 percent of their home’s value. Streamline loan Miami Fort Lauderdale Florida.
  • Veterans with conventional loans can refinance into a VA loan.
  • Cash-Out Refinance loans follow the standard VA loan credit and underwriting process. Streamline loan Miami Fort Lauderdale Florida.

It can be easy to confuse a Cash-Out Refinance with a home equity loan, but they have several key differences. A home equity loan is a second loan alongside an existing mortgage. A Cash-Out Refinance loan replaces your current home loan. VA streamline refinance loan Miami Fort Lauderdale Florida

VA Cash-Out Requirements

If a borrower has already been through the VA purchase process, they will find the process for a VA Cash-Out refinance is very similar. Some of the requirements include:

  • Borrowers need to meet a lender’s credit score requirement and have an appraisal on the property Streamline loan Miami Fort Lauderdale Florida.
  • You have to currently occupy the property you’re refinancing Streamline loan Miami Fort Lauderdale Florida.
  • Borrowers may be able to refinance up to 100 percent of the home’s value Streamline loan Miami Fort Lauderdale Florida.

Speak with a Home Loan Specialist today

Contact us: (888) 352-9005

service@iconicmortgage.com 

AbbevilleAshvilleBessemerCentreville, Daphne, Livingston, Monroeville, OneontaRainbow CitySpringvilleAlamedaLos ÁngelesMonterrey, Pasadena‎, San FranciscoSan José, Santa Bárbara‎, Long Beach‎, Orange, Palm Springs, Colorado Springs‎ Denver‎Central CityFort LuptonLouisville, WestminsterDelaware CityHarrington, Lewes, New CastleRehoboth BeachWilmington, MilfordCoral GablesDoral, Fort LauderdaleHialeah‎Homestead‎, JacksonvilleMiami Beach, North Miami Beach‎, Orlando‎, South MiamiAthens, Boston, ColumbusGeorgetown, Kennesaw, Doraville, Aberdeen, Cambridge, College Park, FrederickGaithersburgHagerstown, Seat PleasantWestminsterAnn Arbor‎, Algonac, Bay City, BrightonCharlotte, Croswell, Farmington, Albemarle, BelmontClinton,  Greenville, Kings MountainLexington, Morganton, Oxford, Washington, Wilmington, Winston-SalemAdair Village, Adrian, Astoria, Banks, Brownsville, Central Point, DallasGold BeachJacksonville, McMinnvilleAllentownBethlehemBradfordGreensburg, JohnstownPittston,  Warren, Adams, Baneberry,  Brownsville, Clarksville, Dayton,  Elkton,  Germantown, Hendersonville, Kingsport, MadisonvilleMitchellville New HopePortland, Virginia, Washington 

Ready to Apply? Get Started With Your VA Home Loan Today!