Interest Rates (Photo credit: 401K)
If you are a veteran who used your VA benefits to purchase a home and now are underwater there is now a way that you may be able to refinance and take advantage of the record low-interest rates that are available today without your home appraising at current market values. Even if you are not underwater and want to take advantage of the incredibly low rates, this is a way to easily make this happen.
This program is called VA streamline loan program and the new guidelines are effective May 15th 2012.
It is actually possible for you to get a loan up to $625,000 with no appraisal, no income documentation, no loan to value restrictions for owner occupants with no mortgage lates for the last 12 months. It is important to note that lenders sometimes have their own guidelines that they overlay on this VA program that may be more restrictive than what the VA program allows, so it is important to what questions to ask and to check with several lenders to see what they offer for their particular VA streamline program.
To get the information that will help you know what to look for when shopping for a lender click here to view the VA streamline guidelines as outlined by the VA http://www.benefits.va.gov/homeloans/irrrl.asp.
For those who are not veterans, but who are underwater and want to take advantage of the historically low-interest rates for refis available today check out my post about the HAMP 2.0 program.
For those who live in California, if you would like a list of lenders to start your search I would be happy to send you a list that will get you started on your research. Just leave your request in the comments.
See you in the neighborhood,
Karen Urata
DRE License # 01720025
B W Real Estate Group
(760) 609-0952
5-Star Award Winner San Diego Magazine 2010, 2011, 2012
Serving Buyers and Sellers in San Diego County
