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Can I refi into another VA home loan?

I currently have a VA loan at 4.75%, is it possible for me to refinance into another VA home loan at a cheaper rate, or do I need another loan type? My husband is dead, but was a veteran and served for 20 years. Is it possible for me to do this? by betnum_564_561 from Salem, Oregon. Jan 16th 2012 Reply


Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions

It would appear as if the main concern is if you can obtain new VA financing after the death of your husband. The quick answer is YES. Of course there is a lot more to actually obtaining new financing. Contact a local LICENSED Loan Officer, give them a full application, and let them explain all the requirements and options to determine if you can qualify, and if it makes financial sense to actually do anything.

Jan 17th 2012
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Lea Snyder (LeaSnyder)
#6 ranked lender in Oregon - 18 contributions

Yes, it is. Call me anytime and I will be happy to walk you through the process! Lea Snyder, 503-577-3895. You can also visit me on Facebook at Lea Home Loans. MLO# 39346.

Jan 16th 2012
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

You can so long as you have not remarried. Contact a local mortgage broker, not a bank, and apply with them. They can guide you to collect the right paperwork and help you through the process. WilliamAcres.com

Jan 16th 2012
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Yes you can as long as you haven't re-married. Contact a local mortgage company to get you started.. Ask them if they do VA Interest Rate Reduction Refinance Loans (IRRRL). This program allows you to refi an existing VA loan into another VA loan with reduced costs & less paperwork.

Jan 17th 2012
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Shon Atabaki (ShonAtabaki)
#48 ranked lender in Washington - 95 contributions

Yes!

Jan 17th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

Once you have a VA loan, you are eligible to refinance the loan into a new VA loan using VA's Streamline Refi process. As a Vet's widow, you should be eligible. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have the ability of walking you through the process. It is easy and inexpensive to do a Streamline Refi. He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Jan 17th 2012
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