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VA stream Line for to off first and second mortgage

I have a VA loan last year I did a VA streamline, then a month later I got a 2 nd mortgage for 20,000 to enlarge 2 car garageSince rates went down again can I do another VA streamline and combine the 1st and 2nd mortgage? I presently owe 206,000 on my first mortgage and 19,700 and my second mortage by PaulNC from Holly Springs, North Carolina. Jan 30th 2013 Reply


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

Nope.. You can't combine 2 mortgages into one under the VA IRRRL program.. However, depending on what your home's value is, you might be able to refinance conventionally, combine both mortgages into one, without having to pay MI...The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com

Jan 30th 2013
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sorry my question is VA stream Line to payoff first and second mortgage

Jan 30th 2013
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Rob Ballance (rballance)
#47 ranked lender in North Carolina - 5 contributions

Was 100% of the proceeds from the second mortgage put into the garage? Email rob@mortgageauthority.com

Jan 30th 2013
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Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions

Paul, you could look to streamline the 1st and subordinate the 2nd lien or if there was equity available, VA allows cash out transactions up to 90% of the property's value in which you could combine the 1st and 2nd. What do you estimate the market value of your home is?

Jan 30th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

You wont be able to payoff both loans with a streamline. You could payoff the first and subordinate the second.

Jan 30th 2013
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Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

The VA Streamline is NOT an option as that can only be used to pay off existing debt insured by the VA, so that means only your 1st Mortgage is eligible. If it makes sense and you will save more than 5% on another VA Streamline, then it could be considered as long as the 2nd Lien will re-subordinate. Conversely, you can use your VA Benefits again to do a Standard VA IRRRL to pay off the 1st & 2nd, but you must have 10+% equity to do so as you will need to include the new closing costs in your new loan amount. I'd be happy to help as a Direct Lender in North Carolina! Please email me directly for any help you need!

Jan 30th 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

You will not be able to do a streamline to payoff the 1st & 2nd. What is the interest rate on the streamline loan you did last year?You might be best to just keep what you got for now unless your house appraises enough then you could look at doing a 90% ltv VA cash out loan and see if that benefits you.

Jan 30th 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

The VA Streamline Refinance will not allow you to combine the two loans. You could possible to a standard VA Loan, which will allow you to combine the two loans as long as the two loans do not exceed 90% of the appraised value. www.VA-IRRRL-Loan-MN.com

Jan 30th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

You can't do a VA streamline to add any new debt. You would have to look and see if it would make sense to either do the streamline again on the first only and subordinate the second. Depending on the current value you can also look at combining the two into one loan if it makes sense. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com if you have any questions. Ask for Benny or Michelle.You can check us out at www.BestMortgageOption.com

Jan 30th 2013
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 572 contributions

As others have mentioned, you can do a VA streamline to combine the 1st and 2nd - but if the equity is there (90% loan to value) you might be able to do a standard VA refinance to combine both loans. Your best bet is to contact a Lender 411 mortgage professional in your area. They can help you with your scenario. Good luck.

Jan 30th 2013
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions

only if there is enough equity in the home...

Jan 30th 2013
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John Schweer (johnschweer)
#24 ranked lender in Kansas - 163 contributions

Stick with the IRRRL on the first, leave the second alone and pay any extra to that loan.... unless you are a disabled veteran, combining the loans on the VA program will increase your VA Funding fee from 1/2% to 3.3% or from $1030 to $6798 which is 25% of the second morgage...... ..........As a fellow veteran, and originator with 14 yrs experience, you can rest assured I have your best interests at heart......Thank you for your time and consideration John Schweer Sr Mortgage Loan Originator ...... Office: 816-412-3568 ....... Fax: 816-410-2754 ....... Email: jschweer@dfckc.com

Jan 31st 2013
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