VA IRRRL Streamline: Owning Multiple Properties

Pretend for a moment that you own multiple properties.

Pretend that you have a VA mortgage loan on your primary residence and have another property that is an investment property.

For whatever reason, you have been forced to do a short sale on your investment property – and you have missed more than 5 payments in a row on the property.

But you have always been current on your current VA loan that is your primary residence.

Can you participate in the VA IRRRL streamline program?

It depends on the lender.

If this situation sounds like your situation (or similar) be sure that you explain it in detail to your loan officer who can help you find a lender who will only require a Verification of Mortgage (VOM) on the loan you are currently wanting to streamline.

Even though most lenders today will require that you provide an updated VOM on all properties that you own, it is still possible to find a lender who only requires an updated VOM on the property that you are trying to streamline.

You just have to know where to look.

Oh – and as always, the lenders on the VA streamlines seem to be changing the rules at least weekly – so be sure to keep in contact with your loan officer until your deal funds just to be sure.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: