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- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Charger Fan....You are missing a letter in your ID
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Sorry you are a charger fan, but I won't hold that against you. Your REQ ID is missing another letter, can you double check it?
- Michael Mazursky, "FHA Mortgage"
- Contributions:314
The quote ID did not work for me. What state are you in?
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
FHA I'd venture to say California since he is a Chargers fan.
- Michael Mazursky, "FHA Mortgage"
- Contributions:314
I guess that would be a safe assumption.
- charger_fan
- Contributions:10
sorry - it is ZR HBXVVVM
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Would venture to guess you haven't recieved any quotes because alot of lenders have filters set up to where they wouldn't even see a 100% request. We know some pretty good lenders on here from Cali that we can have take a look for it....Hold on
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Oops you're in NV...Sorry
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
AND they are charger fans too!
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Charger Fan.. Colorado is right in that we see 100% refinances all the time and the product that you are looknig for is probably the only way to do it and not many people qualify for it. That and I do not know a lot of people on here diving into NV. That being said, now that you have posted this thread someone should get back to you.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
I can take a look at it for you if you'd like Charger. We can't openly solicit biz on these threads but since you're asking I can offer to help. 5.5% is attainable this morning but it would involve some fees. Since your estimation is that you are at 100% you would have to be able to bring those funds to closing.
- Michael Mazursky, "FHA Mortgage"
- Contributions:314
For an IRRL you can roll in all the closing costs. The borrower does not have to bring any money to closing. You can roll in two payments. The main thing is the VA Funding Fee. Need to make sure if they are exempt or not.
- charger_fan
- Contributions:10
Correct me if I'm wrong, but I believe with a IRRRL, closing costs can be worked into the loan. I found the following on the VA website:
"An interest rate reduction finance may be done by including all costs in the new loan or by setting the interest rate on the new loan high enough to enable the lender to pay all loan closing costs..."
- Nic Netherton, "Colorado Lender"
- Contributions:7219
- Clay Branch, "Georgia Loans"
- Contributions:7837
Since there is no appraisal, it's not really 100%. You can roll all of it in.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Good point Clay. Guess I made the assumption he/she may be pretty close to the original purchase price since was just recently bought. And thought there were rules about going over the original loan amount. Guess that proves the old adage about assuming eh?
- charger_fan
- Contributions:10
Unique, what do you mean by its not really 100%? Instead of a higher rate, the closing costs could be rolled into a higher loan amount, meaning no funds required from me correct?
- Clay Branch, "Georgia Loans"
- Contributions:7837
Joe, excellent question. Will have to check that but if I am not misremembering, I believe you can just add on to whatever the balance is. I do remember this is the best mortgage on the face of the earth.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
I have actually never done a IRRL before so I would be curious to know.
- Clay Branch, "Georgia Loans"
- Contributions:7837
Charger, no appraisal is ordered so no one can calculate the loan to value. You should be able to take the lowest rate and add all closing costs. Want to check going above the original loan amount and will post again on that.
- charger_fan
- Contributions:10
jcaf,
go to vba.va.gov/ro/roanoke/rlc/forms/irrrl.pdf which gives excellent info about the loan.
Also, it says to use VA Form 26-8923, IRRRL Worksheet to calculate the maximum loan amount.
- charger_fan
- Contributions:10
current balance is about $301K in case you need it for the Form.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Just checked on it with U/W Clay and she sees nothing metioning that. Their big concern with these is the net tangible benefit. So dropping a full point on a 300k would qualify you would think.
- Clay Branch, "Georgia Loans"
- Contributions:7837
CL, that's it. You have to get a lower interest rate and show a tangible benefit. Below is the typical verbage. You can roll all c costs including 2 discount points in LA. No cash out.
The loan may not exceed the sum of the outstanding balance on the existing
VA loan and allowable fees and closing costs, including discount points and
funding fee.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Thanks for the link Charger Fan. Because of your good deed the NFL has agreed to shorten the game to 55 minutes :)
- Clay Branch, "Georgia Loans"
- Contributions:7837
Charger, looks like you have an excellent quote on your request.
- charger_fan
- Contributions:10
wondering if anybody has had a chance to work out the numbers yet using the IRRRL worksheet.
no offers yet, am I limited to nevada only lenders/brokers?
- Clay Branch, "Georgia Loans"
- Contributions:7837
Charger, we posted at the same time. Check your request now!!
- charger_fan
- Contributions:10
Unique,
just checked. only CL's is showing. maybe it'll show in a few.
Refinance - VA IRRRL
I submitted a request last Thursday and have yet to receive a response. ZR - HBXVVM is the id #.
I'm at 6.5% fixed and would like to lock in to a lower rate.
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