Streaminglining your VA loan..

[Kelsar]

Just wondering if any other vets out there have got the same piece of mail I just did. The mail states you can lock in the new rate of 5% and skip two months payments, etc. etc... If anyone has more information or has actually done the streamline loan process, information would be appreciated.

 

[htw]

Just wondering if any other vets out there have got the same piece of mail I just did. The mail states you can lock in the new rate of 5% and skip two months payments, etc. etc... If anyone has more information or has actually done the streamline loan process, information would be appreciated.

Hell yeah, that'd be nice. My current one, from 12 years ago, is like umm.. 7% I think.

htw

 

[Armysoldier]

i just bought a house.. used my VA loan .. and yeah i have seen 4 diff cards in the mail with that crap on them

I have ignored them all for now

if anyone gets info that they are for real .. PLEASE let us know

ARMY

 

[Kelsar]

http://www.homeloans.va.gov/IRRRL.htm


I'm still looking in to it.

 

[orion949]

Interesting. This is the first I have heard of it, but it sounds like it could be very useful if you got shafted into a higher percentage rate to begin with.

 

[Kelsar]

even if you're a point above 5%, it's still worth it.

 

[Armysoldier]

as long as i wouldn't have to come outta pocket with any $$ .. i would think about it

 

[eqisdead]

Mine was locked in at I believe 6.375 percent about June last year but I also have bad credit which kicked me up at least half a percent.

eqisdead

 

[Madelyn]

I've been getting these and phone calls for the past 4 years I have had my VA loan. Just remember where you live you can always refinance your house into a different loan but your back to doing all the closing costs and all that god shit again. Unless someone calls me and tells me hey we are going to redo your loan at this really low interest rate and I have gotten offers at 4%. You will have to come out of pocket. So the government still fucked us gave those big companies all that money and your not going to see shit.... Give me 100 thousand toward my house and fuck my neighbor who couldn't pay his morgage... Anyway I am rambling about this shit again all I got left to say is I am active duty and I hope I don't have to move because I can't afford to sell my house... If I can stay here another 4 years i will retire here...

 

[Tapout]

I just refinanced my home a couple weeks ago. I bought the house in August at 6.5% and refinanced 2 weeks ago at 4.5%. It wasn't a VA loan but it gives ya an idea of what's going on atm. My credit score average is 797. Would be higher but one company reported it lower because of too many credit checks but oh well. I was able to skip 1 months payment which was nice. That covered Christmas and a nice 2 week break from work. If you're looking to do any refinancing or buying and your credit is killer, now is a good time. Things are getting tighter and tighter for loan approval is what I hear.

Tapout

 

[JimJohnson]

I just refinanced my home a couple weeks ago. I bought the house in August at 6.5% and refinanced 2 weeks ago at 4.5%. It wasn't a VA loan but it gives ya an idea of what's going on atm. My credit score average is 797. Would be higher but one company reported it lower because of too many credit checks but oh well. I was able to skip 1 months payment which was nice. That covered Christmas and a nice 2 week break from work. If you're looking to do any refinancing or buying and your credit is killer, now is a good time. Things are getting tighter and tighter for loan approval is what I hear.

Tapout

The highest credit score one can achieve is the magical FICO number of 850, which is a perfect score.

797 few more points wont really effect your interest at that point. You are already going to get the best the lender has to offer.

 

[Tapout]

Thanks JJ. I always wondered what the best I could get was. One of the companies reported 813 as my score but since they go off all 3 then it was lowered a bit. Not sure how I can get it any higher, not that it matters now that I have my house and loan. We'll see how long I can keep it up that high.

Tapout

 

[Kelsar]

These advertisements some of us vets are getting are stating:

1. No refinancing fee, no fee's what so ever - edit: Fine print-> must pay origination fee; VA allows you to include in new loan...
2. Lower your % interest
3. No equity required
4. Must have good credit
5. Never been more than 30 days late on a house payment

Here is some official stuff about the IRRRL:

http://www.vba.va.gov/ro/Roanoke/rlc/forms/irrrl.pdf

 

[CapriiRecords]

Streamline programs are almost always outside of VA programs. Streamlines are offered for everything from VA to ARM to conventional. If you choose to refinance through a streamline loan, you'll most likely lose your VA benefits, have to pay closing costs, and your have to qualify in the same way you did for the primary mortgage. So if you had a cosigner, they'd need to cosign again, if you had a secondary on the deed or note, they'd have to remain secondary - etc. Make sure you read all the fine print, and make sure that you will not lose any of your VA benefits if you do streamline.

Streamline loan programs are also not backed by the Fed, unless the loan is being offered through a federal entity - and I've never heard of that happening. Although with the link above - there could be some new VA assistance program I've never seen before.

Honestly from a real estate standpoint - VA loans are basically the best lending situation you can get into. They save you money, you don't have to worry about closing costs or your lien holder suddenly collapsing - and the best part is that they're fully transferable - which is a huge plus if you sell in the future and decide to do a buyer assumption for your loan. So again, if you do streamline make sure it's not going to take you out of your VA loan, and put you into something else.

 

[Kelsar]

Streamling or IRRRL your VA loan:

Government rates today were at 5%.
When streamlining you're paying .5-1% (shop this) of the remaining loan balance as a funding fee. This is assuming you're on a 30-year fixed.
You still have to pay closing costs - NO APPRAISAL IS NEEDED IF YOU'VE NEVER BEEN MORE THAN 30 DAYS LATE ON A PAYMENT -

Other closing costs will be:
Credit Repot
Flood Cert
Settlement or Closing Fee
Endorsements
Attorney's Fee
Title Insurance (you're a dumbass if you didn't get this)
Title Cert
Recording Fee
Hazard Insurance
Property Taxes

Avg total is $1K-$3K.


If you're at 5.875 or higher on a ... healthy house note... and refi to 5% you're probably going to save ~ 100-400 a month. There is money required upfront for escrow, but you get that back. You can also roll in these finance fee's into the life of the loan; it doesn't make sense to do that if you plan to move in the near future.

www.nbofkc.com is a great place to start shopping rates.

As always, read the fine print and make sure you SHOP your ass off. It's absolutely legit to request a Good Faith Estimate in WRITING!

 

[Chatwiththisname]

VA Loan

I recently purchased a house for 230k using my VA loan. My house-note at 6% fixed is 1645ish a month?? I actually pay 1700 a month however just to apply that little bit extra towards the principle.....So i've been getting these cards in the mail offering me to refinance at 4%...

My credit is amazing....i'm 25 yrs old and I got financed for this 230k loan as an E-3....LOL.

I've never been late on a note....ever....on anything......period....

Assuming I decided to refiance (and it was a 4% fixed) just the 2% difference in interest would save me astronomically....

currently out of the $1700 a month i'm paying $1135 a month is interest which means that after taking out for my yearly taxes and homeowners insurance etc that I'm only paying like $400 towards the principle....

Now at 4% interest about $756.66 is in interest.....so if I continued to pay $1700 a month on my house.....$787 give or take would go towards the principle...

at 6% over a 30 year period I would pay a total of $408,600 in interest

at 4% over a 30 year period I would pay a total of $272,400 in interest

thats $136,200 difference in the end....thing here being that if i continue paying the same amount a month with the decrease it won't take me 30 years to pay off the house.....seeing as how i'll be paying over twice as much towards the principle a month that is that much less interest I will occur over time, and in the long run I'll pay the house off soooooo much faster.....

Just wanted to note that yall have lit a lightbulb up and I think I should shop around for something like this.....

However when I origionally purchased my home, I think that I bored my realtor's and financers by reading over every last document from the sale.....which I intend to do again this time.....I don't like to have the wool pulled over my eyes and I will be cautious....I encourage you and any other Vets to look into the same thing.....its hard enough to stay in one spot for a long duration.....could imagine it being pretty damn hard to move and still have a retardedly high housenote with the intent to keep that house reguardless!

Anyway....gota goto sleep, PT in the AM! 5am comes early

 

[JimJohnson]

I just want to know how you afford a 1700 house payment as an E-3.

 

[Sum1]

I just want to know how you afford a 1700 house payment as an E-3.

Depending on where he's stationed his BAH could pretty much cover the whole payment (also whether or not he's married).

As a single E-5 I was getting over $1800 a month just for BAH (housing) in Hawaii.

 

[JimJohnson]

Depending on where he's stationed his BAH could pretty much cover the whole payment (also whether or not he's married).

As a single E-5 I was getting over $1800 a month just for BAH (housing) in Hawaii.

Your not getting a 230k house in hawaii.

 

[Sum1]

Your not getting a 230k house in hawaii.

He could... but the real question is... would it be a neighborhood he wants to live in?