VA Rate Reduction Loans, AKA VA IRRRL Or VA Streamlines [mortgagethings.blogspot.com]
McLean, VA (written by John Waggoner/USA Today) -- Interest rates hit another all-time low Monday, which is great news for borrowers but keeps savers in the land of no returns. The bellwether 10-year Treasury note yielded 1.46% Monday and went as low ... Sorry, Savers: Interest Rates Set Record Lows
VA Rate Reduction loans are simply a reduction in a current VA Mortgage holder's interest rate. In some cases this loan can also reduce the Veterans mortgage term, in turn allowing them to pay off their home faster.
What are the requirements for the VA Rate Reduction Program?
1) No Credit Check: The VA specialist must verify that the VA loan holder has not been more than 30 days late more than 2 times in the past 12 months. There is not a credit score requirement.
2) No Appraisal: Many clients are not required to get a new appraisal.
3) No Income Verification: VA does not require an income verification for the loan because the Veteran's payment will be reduced.
4) Minimum of 1 "skipped" mortgage payment, maximum of 2 "skipped" mortgage payments
5) Minimum of 1% Permanent Interest Rate Reduction: Our office will only complete VA Rate Reductions that significantly help Veterans.
We will only complete rate reductions if we can lower the Veteran's interest rate by a minimum of 1%. This is not a VA a requirement, this is a standard we implement.That's it. The VA Rate Reduction really is this simple. So your question will probably be, "How can this be? Why and how are you able to offer me this program with so few restrictions?"
The Department of Veteran's Affairs is already insuring your VA mortgage. Why would they make you requalify for a mortgage that will have a lower payment and interest rate than the mortgage you already have? You see, VA is already on the hook for insuring your mortgage. Thus, for clients that have had an acceptable VA mortgage payment history they are willing to waive the majority of the qualifying purpose.
Learn more information without any pushy sales reps or phone calls at www.vafharatereduction.com. Find More VA Rate Reduction Loans, AKA VA IRRRL Or VA Streamlines Articles
