Options for Refinancing Veteran Loans

Bad news in the Economy is GOOD news for mortgage rates – and if you have a VA mortgage loan, it might be time to consider a refinance!  Seriously, if you are over 5.5% – you should call or txt today (919-649-5058).

One of the best options for a Veteran is an Interest Rate Reduction Loan (gotta’ love the military acronyms IRRRL)… also referred to as a Streamline. This refinance program is a government backed mortgage loan for active duty and prior service veterans who already have an existing VA loan.

Credit qualifying is not required. This means that even if you have bad credit, as long as you have not had more than 1 thirty day late mortgage payment in the last 12 months, you may still be eligible for a VA streamline refinance.

VA streamline refinancing lets you refinance your existing VA home loan with no out of pocket expenses. All closing cost and pre-paids can be rolled into the loan amount.

No appraisal is required! You can skip up to 2 payments, and get existing escrow account refunded back to you!

The Streamline program is just for Interest Rate Reduction- meaning this is NOT for the Veteran who is wanting to take cash out of the property.  The Cash Out Refinance Program for Veteran mortgage loans have these fetures:

• The cash-out proceeds can be used for any purpose.
• A VA home loan refinance under the cash-out program differs from the VA streamline refinance in that an appraisal is required and you must qualify for the loan.
• Also, unless you are exempt, VA  charges a 3% funding fee for this program, however, the fee can be rolled into the loan amount.

If you are considering a VA refinance, please call Steve and Eleanor Thorne, Mortgage Banker in Cary 919-649-5058.  We know how to make this program work for you!