Increase in VA Refinance Loans
There is good news that more military servicemembers and veterans are using their VA Home Loan benefits than ever before, in spite of the sharpest downturn on record for the housing market, there has been a significant increase in the number of VA home loan volume, with more than 180,000 home loan guarantees issued. This is a marked increase compared with the same period one year earlier. According to the VA, the increase may be attributed to the scarcity of many no-downpayment conventional mortgages that were once readily available to the general home-buying public. The VA makes no-downpayment mortgages VA mortgages easier to access for veterans and military servicemembers. Veterans with qualifying income and credit scores are able to purchase a primary residence without putting any money as long as that sale price is within the appraised value of the home.
The VA also offers VA refinance loans for those times when you need to tap into your home’s equity. Whether you need to pay off your bills or make some household repairs, your home can be a source of funds .
IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a “Streamline” or a “VA to VA.” Except when refinancing an existing VA home loan guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase. The VA Streamline Refinance (IRRRL) is available to veterans who want to refinance their original VA Home Loan, and utilized their original eligibility when they purchased it. This loan allows you to refinance your current mortgage at a lower interest rate than you are currently paying. VA loans are an excellent benefit to those who have served. Be informed and obtain the best rates. No one deserves to attain the American Dream more than our Veterans.