VA Streamline in Wichita, KS
I am currently in the refi process using a VA streamline refinance. My wife and I need some extra money for some home upgrades. I was originally on a 15yr at 4.5%. We wanted to refi to a 30yr so we would have extra money throughout the month. The company Im working with told me that with the VA streamline, I couldn't refi for 30yr, only 25yrs. I was trying to find out if that was true. Your web site seemed very informative and I would appreciate if you could answer this question for me. Thank you by norveltnative from Wichita, Kansas. Apr 12th 2013
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Your lender is correct.. Under the VA guidelines, if you refinance you can only add 10 years to your original term.. so if you did a 15 year initially, then you can only go 25 years if you refi.. If however your loan was another loan product at 15 years, and you were refinancing into a new VA loan, then they would allow you to go 30.. but you cannot go more than 10 years above your original loan term VA to VA.. Here's a link to VA's Benefits Word Doc.. http://www.benefits.va.gov/WARMS/docs/admin26/pamphlet/pam26_7/ch06.doc .. 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
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
What is your current loan to value?
Chris Davenport (todaylending)
#20 ranked lender in Oklahoma - 36 contributions
You will not qualify for a streamline refinance if you're wanting to get cash-out. With cash-out you'll need a full appraisal and with a standard cash-out refinance you should be able to select any term you wish. I noticed your name. If I am making the right assumption you should also look into the Native American 184 rehab loan we offer.
James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions
You can do a VA for 30 yrs.
Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions
Good Evening! I would like to discuss a few options offline if you would be interested. Send me a direct message and I'll reply with some quick follow up questions. Through Lender411, you do not have to provide any personal email addresses and all the messages can be kept on this site if you'd like, so please feel free to reach out to me! Thank you and good luck!
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
Hi Norveltnative,William is correct. The maximum loan term is the original term of the VA loan being refinanced plus 10 years, but not to exceed 30 years and 32 days. For example, if the old loan was made with a 15-year term, the term of the new loan cannot exceed 25 years.There is another option. I can do a VA cash out refinance up to 100% of the appraised value of your home which would allow you to consolidate your debt while getting a new 30 year fixed rate VA mortgage to maximize your monthly saving.Please feel free to contact me for more information or help.John BurkeSenior Mortgage Banker Peoples Bank & Trust Co.Phone (877)228-9069 Fax (877)700-1283 http://www.valoansdoneright.com jburke@valoansdoneright.com
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