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It is possible for me to refinance using VA streamline (IRRRL)?

Hi there,

My wife and I bought a house back in Oct 2009 for 243K. In hindsight, we should of paid no more than 230K or just walked away but that's another story. Anyway, we have a 5.375% interest rate on a VA loan, and we are wondering if we'd qualify for a IRRRL, even though I'm pretty sure given the current housing market our house is worth around 215-220K?

Thanks
  • September 13 2011 - Tolland
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Answers (6)

Try your servicer first, there are still a few servicers who will do the IRRRL with no appraisal required.

You might not want to mention your thoughts of walking while you are applying.
  • September 13 2011
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Thanks! Ya....I won't mention how I regret buying the house in the first place.
  • September 13 2011
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If your servicer will not do it there are a few lenders that will. There are also a few that tell you no appraisal but still run an AVM so ask about that too. 
  • September 13 2011
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I recommend you contact your servicing Lender to ask about a streamline refinance of your VA loan.

The typical servicing Lenders are BofA, Chase, Wells Fargo ... 
  • September 18 2011
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the typical service lender is the one that services your loan. i.e. whom you make out the check each month.

anyhow, IRRRLs don't require an appraisal.
  • September 19 2011
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Profile picture for FarmerJel
Check with USAA, they offered the best 30yr IRRRL by far.

Have to look elsewhere for hybrid IRRRL's though, since they don't offer that.
  • January 15 2012
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