No Equity, Bad Credit Scores...No Problems

VA (Veteran Administration) and FHA(Federal Housing Administration) both have loans that do not require equity or credit scores to refinance into a lower interest rate for existing VA and FHA borrowers. If you are currently paying over 5.5% on your VA or FHA loan then you need to call me. With fixed mortgage rates for FHA and VA loans at or under 5.5% and getting close to the 4’s, right now it is a great time to refinance. VA and FHA have made it simple for home owners who have this type of loans to take advantage of low rates. VA loans the IRRRL (interest rate reduction refinance loan) and FHA the Streamlined Refinance are the best loans to lower mortgage rates today. All VA and FHA require is that you have made your mortgage payment on time over the last 12 months and in some cased they just want to see you have made 11 of the last 12 mortgage payments made. If you recently closed on a FHA or VA loan we just need to see you made your payments on time since you closed. By on time we mean your mortgage was not more than 30 days past due. They do require the mortgage to be current at time of closing. No need to provide income and asset documentation. No appraisals to worry about, it not required. No need to worry if you spent too much over the holiday season and your credit card payments have gone up since you last refinance, they don’t even look and debt ratios. It is truly a worry free refinance that will save you money monthly on your mortgage payment and lower your interest rate.


Low credit scores is NOT A PROBLEM. FHA and VA do not require credit score to qualify for the FHA Streamlined Refinance or the VA IRRRL. Some lenders will offer better interest rates for loans with higher credit scores. I strongly recommend taking a look at customer credit scores to see if the customer can benefit from having higher credit scores. If you currently have a FHA or VA loan and you don’t think you can refinance because of no equity you need to contact me or apply on line for one of these great loan products that will lower your interest rate.


In the last two years FHA and VA rate have been up to 7%. Many customers did a FHA Streamlined or a VA IRRRL to drop their rate into the 6’s within the last year. There is no limit on doing these types of loan so these clients are dropping their rates again into the 5’s for 30 Year Fixed Rate Mortgage with another FHA Streamlined or VA IRRRL. Many people believe that if you can not save a full 1% on your interest rate it is not worth doing. Since I do not charge an origination, discount fee, or appraisal fee for these loans and in most loans the lender pays for your other closing costs it is actually financial smart to do and FHA Streamlined or VA IRRRL as soon as you can save a ½% or more from your current rate.