Let us be your VA interest rate reduction lender of Texas. Call your VA San Antonio lender and we will help you every step of the way to reach your goals of the best loan possible.
VA refinances fit under one of two programs. The first is what I like to call the regular refinance which means basically we are refinancing a loan which does not have a current VA mortgage on it. In the industry this is also called a cashout refinance. Please do not get confused with logic here, as you will not be allowed to receive any cash back in the state of Texas on any type of VA product!
When paying off a current VA mortgage with a new VA mortgage the loan to value ( loan amount compared to appraised value) will be limited to 100% before the VA funding fee is/can be financed into the loan amount. When paying off a conventional loan and converting to a VA loan program the loan to value is limited to 95% when applying for a single family residence. If the property is a duplex, triplex or fourplex different loan to values will apply.
We can do VA loan amounts greater than $417,000, called VA jumbo. This program has a very competitive interest rate when compared to the conventional option. If the veteran has a VA recognized disability and therefore the VA funding fee is waived, this becomes the best option without question. The only downside is that the escrows must be included in the monthly payment.
The credti score currently on VA refinances is 640
A VA interest rate reduction loan allow us to refinance an existing VA loan with reduced closing costs. The VA funding fee on an VA interest rate reducation also know as an IRRRL( Interest Rate Reduction Refinance Loan is reduced to one half percent or 0.5%. The borrower does have to meet credit requirements and be currently employed or receive retirement or self-employed income, but does not have to qualify for the new monthly mortgage payment.
A benefit many times forgotten, is if a VA home is later converted to investment property we are able to refinance the investment property with same rate or very close to as if property was still owner occupied.