When you think of refinancing, you probably picture mounds and mounds of required paperwork to get your loan processed. The good news is that this is not the case with the VA Streamline Refinance. The only IRRRL documents required to lower your interest rate are documents that prove that your housing payments are made on […]
What are the IRRRL Program Pros and Cons?
The IRRRL program offers a variety of benefits to veterans on top of the benefits they already receive with low interest rates, flexible guidelines, and low closing costs. As with any mortgage, however, there are a number of IRRRL Program pros and cons that you should be aware of before you decide to refinance. Your […]
VA Guarranty Limits on Joint Loans
Joint loans are something that the VA looks at a little differently than any other program. Because of that, you must understand what they are and what the VA guaranty limits are as a result of the loan being considered a joint loan. What is a Joint Loan? A joint loan is a loan which […]
A Guide to VA Energy Efficient Mortgages
VA Energy Efficient Mortgages give you the opportunity to make energy efficient changes to your home while you purchase or refinance it. The program is simultaneously completed with your standard purchase or refinance and the energy efficient changes can be done either before you close or wait until after the fact when you have the […]
What are the Different Types of VA Refinance Loans?
VA refinance loans offer veterans many different options; you are not stuck with just a rate/term refinance as some people assume. The VA enables you to refinance for many reasons whether that means lowering your rate; changing your term; or taking cash out of the equity of your home. Each refinance program reuses the entitlement […]
VA Cash-out Refinancing Guidelines
VA loans can easily be refinanced in several ways. The most common form is the VA IRRRL which strictly allows you to refinance your current mortgage into a lower rate with no cash-out. The other option is to refinance with VA cash-out refinancing, enabling you to tap into the equity in your home. How Much […]
What Closing Costs can you Include in the IRRRL?
Closing costs are often the one thing that holds a veteran back from refinancing because it can cost so much out of their own pocket to lower their interest rate. The good news is that with the IRRRL program, you can include most, if not all of your closing costs into the loan making it […]
Who can Obtain an IRRRL?
IRRRL stands for Interest Rate Reduction Refinance Loan, which is a VA program. It is the equivalent of a streamline refinance as it requires very little verification to get qualified. The only requirements to obtain an IRRRL are that you currently have a VA loan that you used your entitlement on to secure the loan […]
What Type of Homes can you Purchase Using VA Funding?
If you are planning to purchase using VA funding, you do not have to assume that you are restricted to a single-family home. While these home types are the most common and often the easiest to secure funding on, there are a variety of types of homes you can purchase using VA funding. Single Family […]