Borrowers with VA loans have the option to easily refinance to a reduced interest rate through a special program. This is commonly called IRRRL which stands for Interest Rate Reduction Refinancing Loan. Any VA authorized mortgage company can provide this service. The following is an introduction to refinancing VA home loan programs in Florida.
Benefits of VA Refinancing
An appraisal, credit check, and closing costs are not mandated by the VA, however, there is a loan funding fee charged. These are critical in declining markets. However, specific lenders will include an appraisal or credit check as part of their company mortgage criteria. Closing costs are almost always charged by mortgage companies, but the types and sum can vary from among companies. VA guidelines allow their funding fee and lender closing costs to be included in the loan amount so that veterans can refinance without out-of-pocket expenses. Energy improvements can also be included in the loan.
For refinancing under this program, the existing mortgage must be a VA loan. The interest rate on the new loan must also be lower than that of the old loan (the one exception to this rule is when refinancing from an adjustable rate mortgage to a fixed rate mortgage). Borrowers may not receive any proceeds from the refinance of the loan and no other mortgage, other than the current VA mortgage, may be included in the new loan. Homeowners must also certify that they used the property at some point as a primary residence. Other qualification criteria can apply based on individual mortgage companies.
Assistance with Refinancing VA Home Loan Programs In Florida
Veterans with VA mortgages can refinance with their existing mortgage company or go with a completely different one. Many financing companies are authorized to offer VA loans and can help with refinancing. The above details are provided only as an introduction. This information is considered accurate but is not guaranteed. It was prepared based on information available at the time the blog was published and is subject to change without notice. Always contact a local loan officer for current information and help. For a list of mortgage companies offering refinancing VA home loan programs in Florida, contact Sonny Solomon at The Keyes Company at 561-247-1047 or firstname.lastname@example.org.