VA Streamline Refinance: Removing Somone From The Loan

When you participate in the VA streamline / VA IRRRL program, can you remove one of the borrowers from the loan?

This question has been popular with lenders and so we figured we would put more information out about it.

Not unless you plan on fully qualifying for a new VA loan with the remaining person on the loan.

Many times when people get divorced, one spouse gets the house and they continue making the mortgage payment. When it comes time to refinance, in the VA streamline refinance program, both people on the loan still must sign and agree to the refinance – otherwise, it can’t be done as a VA streamline – it will have to be a VA full documentation loan (or perhaps a different type of full-documentation loan).

The VA streamline won’t allow you to remove borrowers, but you can add borrowers in the process. So for example, if you originally bought the house as a single person but have since been married and want to add your new spouse to the loan and title – you can do that with the VA streamline refinance program.

So you can add more borrowers, but you can’t subtract borrowers with the VA streamline refinance. VA is happy to have more people responsible for the loan, but not so happy to have less people responsible for the loan.

VA Loan Modification: New Video From Freddie Mac

VA Loan Modification: Freddie Mac Releases New Loan Modification Video

Many people across the country currently have a VA loan and are interested in seeing if a loan modification can help them. This week, a new video was released by Freddie Mac titled “Stop Foreclosure: Documents Your Lender Needs To Help You” and with many people all over the country calling their lender about a possible loan modification – this video should help explain what is needed. Most lenders are overwhelmed with people requesting loan modifications and this video will do an excellent job of letting people what their lender will require.

VA Loan Modification: Documents Your Lender Will Need

• Copies of your last years tax return
• For any other debt such as credit cards, car loans, etc. – have account balances and minimum payment amounts
• A copy of your most recent mortgage statement
• A copy of recent paystubs
• Any second mortgage or home equity line of credit statements that you have

VA Loan Modification: Hardship Letter

If you are wondering if you really need to write a hardship letter — don’t wonder. A well written hardship letter is a vital part of the loan modification process. A well written hardship letter that describes the “human story” can often be the key that makes the difference between your loan modification getting approved or denied – so don’t neglect it!

VA Streamline: 7 Things About The VA IRRRL Streamline Refinance

Many people contact us every day asking about the highlights of the VA streamline (also known as the VA IRRRL refinance program) so we thought we would put out a simple list of the basic requirements of the VA streamline / VA IRRRL refinance program.

1. You cannot get any “cash back” at closing when doing a VA streamline / VA IRRRL refinance.
2. The abbreviation “IRRRL” stands for Interest Rate Reduction Refinancing Loan and is also commonly referred to as a “VA Streamline Refinance”.
3. If you currently have a fixed rate VA loan, the new interest rate on your new VA loan must be lower than the interest rate on your current VA loan at the end of the VA streamline / VA IRRRL refinance.
4. If you currently have an adjustable rate VA loan, your interest rate can be higher than it is now as long as your new interest rate is a fixed rate when you participate in the VA streamline / VA IRRRL program.
5. With the VA streamline / VA IRRRL refinance program, no appraisal is required by the VA. It is possible that certain lenders will require an appraisal for their own purposes, but one is not required by the VA.
6. The VA streamline / VA IRRRL refinance can be done where you don’t have to pay any “out of pocket” closing costs. All costs may be rolled into your new loan.
7. You may use any VA approved lender – Veterans are encouraged to shop around.

Still have questions about the VA IRRRL / VA Streamline refinance program? Be sure to contact a VA IRRRL expert today! 888.448.2669

VA Mortgage Loans: What Are The Eligibility Criteria?

VA Loans: What Are The Eligibility Criteria?
From time to time, people ask about what it takes to be eligible for a VA loan so we thought we would note the main criteria. If you have more questions about whether or not you are eligible for a VA loan, be sure to consult with a loan officer who works for a FHA/VA approved lender, they can help you determine your eligibility.

1. Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime.
2. 2 years requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981
3. 6 year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses
4. If you are now on regular duty (not active duty for training), you are eligible after having served 181 days unless discharged or separated from a previous qualifying period of active duty
5. If you are an spouse of a veteran who died while in service who has not re-married
6. If you are a spouse of a service person who is currently MIA or a POW
7. If you are a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, you may be eligible