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VA IRRRL Lenders? Any Recommendations?

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#1

Posted 06-08-2012, 12:22 PM

jmurrhee is offline

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VA IRRRL Lenders? Any Recommendations?

Hi all,

I was interested in getting an IRRRL (Interest Rate Reduction Refinancing Loan) from my current rate of 4.75% with USAA. I have only lived in the house 1.5 and has a LTV of 96%. I have a 760+ credit score but I have been told that doesn't matter since it is a VA loan.

Does anyone have any recommendations on lenders or know of any that offer the best rates/incentives?

Thanks

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#2

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06-09-2012, 01:40 PM

Boomancini L3: Novice Member sinceApr 2008 Posts190 Reputation 52 Followers 0 + Give Rep	Have you talked with USAA yet? Most lenders require an appraisal if they don't currently service your loan so USAA might be your best bet to do the IRRRL. If you are certain about the 96% LTV, then any lender will be fine, but like I said you'll have to do an appraisal.
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#3

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06-11-2012, 04:38 AM

tiedyed1 is offline

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Quote from jmurrhee

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Hi all,

I was interested in getting an IRRRL (Interest Rate Reduction Refinancing Loan) from my current rate of 4.75% with USAA. I have only lived in the house 1.5 and has a LTV of 96%. I have a 760+ credit score but I have been told that doesn't matter since it is a VA loan.

Does anyone have any recommendations on lenders or know of any that offer the best rates/incentives?

Thanks

There are VA IRRRL wholesale lenders that offer No income, No appraisal, 620 min credit score.
-Adam

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#4

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06-18-2012, 11:53 AM

saladdin is offline

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Quote from jmurrhee

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:

Hi all,

I was interested in getting an IRRRL (Interest Rate Reduction Refinancing Loan) from my current rate of 4.75% with USAA. I have only lived in the house 1.5 and has a LTV of 96%. I have a 760+ credit score but I have been told that doesn't matter since it is a VA loan.

Does anyone have any recommendations on lenders or know of any that offer the best rates/incentives?

Thanks

I'm at 812 score and 6 months into my loan with Penfed at 4.375. It dropped to 3.5 for a few days and I called them to refi. They said their requirements was 75% LTV.

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#5

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06-23-2012, 06:53 AM

dragon76 is offline

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Quote from tiedyed1

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There are VA IRRRL wholesale lenders that offer No income, No appraisal, 620 min credit score.
-Adam

Adam, any suggestions on lenders not requiring the appraisal? Like many, i'm underwater and my loan is VA.

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#6

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06-23-2012, 07:49 AM

tiedyed1 Old Hippy & Mortgage Pro Member sinceNov 2009 Posts392 Followers 6	dragon76, I just PM'd you. -Adam
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#7

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10-03-2012, 01:53 PM

CindyS9875 is offline

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dragon76, I just PM'd you.
-Adam

Adam,

I am looking for a VA IRRL, Not score driven and no appraisal required. This property is in the Kansas City Mo area. email me cseely@mchsi.com

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#8

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12-07-2012, 10:44 AM

Josh-MichaeleK is offline

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Quote from tiedyed1

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There are VA IRRRL wholesale lenders that offer No income, No appraisal, 620 min credit score.
-Adam

Tiedyed,
can you elaborate on the wholesale IRRL offerings?
Thanks

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#9

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12-10-2012, 06:14 PM

tiedyed1 is offline

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Quote from Josh-MichaeleK

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Tiedyed,
can you elaborate on the wholesale IRRL offerings?
Thanks

Generally speaking, within the resources I see:
Wells to Wells does not require an appraisal.
Otherwise, up to 105% LTV with drive by and 115% LTV with full appraisal.
640 minimum score.

-Adam

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#10

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12-11-2012, 08:14 AM

saladdin is offline

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I'm at 812 score and 6 months into my loan with Penfed at 4.375. It dropped to 3.5 for a few days and I called them to refi. They said their requirements was 75% LTV.

They told me the same.

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#11

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12-11-2012, 12:57 PM

Josh-MichaeleK is offline

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Quote from saladdin

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They told me the same.

I am at 80% LTV and 800 credit score, currently financed through BofA. Any recommendations for who is cheapest on the refi? Even BofA wants an appraisal, and their rates are pretty awful. It is looking like Navy Federal so far.

Thanks for the advice

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#12

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12-13-2012, 07:57 AM

saladdin is offline

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Quote from Josh-MichaeleK

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I am at 80% LTV and 800 credit score, currently financed through BofA. Any recommendations for who is cheapest on the refi? Even BofA wants an appraisal, and their rates are pretty awful. It is looking like Navy Federal so far.

Thanks for the advice

Navy Federal is probably the best bet.

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