Refinancing into a VA loan with a VA streamline irrrl

Hi, You would not be able to utilize an IRRRL VA refi loan unfortunately. But if you have some equity in your home you would still be able to save a bunch of money as rates are close to 4% on a refinance right now... maybe better. Let me know if you have any questions.

Hektor, a VA IRRL is an Interest Rate Reduction Loan where the current loan must be a VA loan in order to execute a streamline refi. If the current loan is NOT a VA Guaranteed Loan, then there is a possibility of converting to a VA loan but you should have your loan scenario reviewed by an experienced and trusted loan officer to determine whether that is the best option as opposed to refinancing the loan through a Freddie and Fannie product.

Some backstory info here first for you... The VA actually considers a non-VA Loan being refinanced into a new VA loan a "cashout refinance", not the Interest Rate Reduction Refinance Loan. (IRRRL). A VA to VA loan is usually referred to as a VA Streamline or aka the IRRRL. However, it is perfectly fine for a veteran or active military borrower to use their VA eligibility to put a new VA loan in place. Typically, you can go up to 100% of the appraised value if needed. Some restrictions may apply... On the plus side, the VA rates can be lower than conventional Fannie / Freddie rates available... in addition, there is no mortgage insurance on loans above 80% loan to value like there is on conventional loans. Therefore, most of the time, the VA loans are better overall on rate and payments. There are some things to consider, such as the VA Funding Fee, which can be rolled in on top of the loan. First time use is different than subsequent re-use for the amounts that the VA requires, so we would need to discuss that. As a direct lender we have access to request and obtain the Certificate of Eligibility and determine the eligible benefits available and what the funding fee will be. Note: If a veteran has any level of military disability (or will be eligble upon discharge), then the VA Funding Fee can be waived. Hope this helps! Let us know if we can be of assistance in WA and if you'd like to discuss your specific scenario in more detail. Land Home Financial Services, your Preferred Local Community Lender. Michael 206.423.4000

An IRRRL is only for VA to VA refinancing.. your going from conventional to VA.. in reality, if you have 20% equity or more, then you might want to look at conventional again.. VA is a great loan if you want to purchase using no money down and no mortgage insurance, but there's still an up front MI charge called the VA funding fee.. the fee varies, but expect to pay about 2.15% to 3.3%o f your loan amount..(waived if you have a military related disability).. there is no fee for conventional.. so you might get a slightly better rate using VA, but if you have to add thousands to your loan to get it, it might not be worth it.. try contacting a local mortgage broker and let them put together a side by side comparison.. then make your decision.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

You can't use the VA IRRL. An IRRL is a streamline refi of an existing VA loan. You can use the VA to refinance a conventional loan. It is just a standard VA loan with an appraisal and qualifying. Rates are fantastic on a VA loan. Let me know how I can help. Curt Tiedeman, NMLS: 35554, Branch Manager, 425.988.2501

Hektor, as mentioned you would not be able to use the VA IRRRL program but you could still refinance using VA financing. One of the downsides of a VA loan is that you are charged a funding fee, typically 2.15% of your loan amount but it can vary depending on type of military service and whether you have used VA financing before. As of today, loan pricing is such that I could very likely get you a sub 4% rate and pay the funding fee through a credit from the lender. The amount of your loan, your credit score and loan to value ratio are factors that will determine whether this is possible or not. Loan pricing is excellent right now. Feel free to call me at (888) 345-2554 for a completely no obligation review of your individual situation.

Unfortunately, you would not be able to utilize the Streamline IRRRL do do what you want. However it may make sense to refinance into a new VA loan to payoff the existing FNMA loan, and it may not. . VA loans have a funding fee (unless your wife has a disability waiver), that will eat up some of the cost savings. If you have 20% equity, then neither the VA nor the new conventional loan will have mortgage insurance. You need to have someone do a side-by-side comparison to compare all of the factors, including interest rate differences, closing costs, funding fee, how long do youplan to be in the home, etc. Odds are if you are planning to be in the home another year or longer, it willmake sense, but you need the comparison. Work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. 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. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are 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 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Your wife is definitely correct that the rate would be better on a VA loan, significantly better than 5.9%. As correctly stated by others, this would be a full mortgage and all the usual documentation would be needed including a new appraisal. As long as the home appraises for at least as much as the balance on your current mortgage you should be able to refinance and start saving money! I can help, no issue with a home in WA: pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013