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VA Streamline loan: rate 5.5% with 4.5k closing in oregon, is that good?

House is in Hillsboro Oregon, 97123. I'm doing the refi through Citimortgage, I've been shopping around to see if there is a better deal out there, but so few place do VA I'm having a difficult time finding lenders. Any pointers would be appriciated. Thanks!
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July 29 2009 - Hillsboro
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Answers (12)

You'll only have an appraisal if your new loan is higher than your old one (at least, that's the case with FHA Streamline loans, so I assume it's the same with VA)

Incorrect on both counts. Neither requires an appraisal with the qualifyer that you are partially correct.

The FHA streamline will need one if the new base loan amount exceeds the old total loan amount. In many cases the new loan amount does exceed the old loan amount on an FHA streamline without an appraisal, the key items is whether the new base loan amount exceeds the old total loan amount. 
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July 29 2009
She does not need to go to VA's website, Colorado Lender does a ton of these loans and will get much better terms with him. Yimphoba. you are correct in not needing an appraisal, income, or assets.  
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July 29 2009
Yours sounds like a good deal. The paperwork is minimal. You'll only have an appraisal if your new loan is higher than your old one (at least, that's the case with FHA Streamline loans, so I assume it's the same with VA). If you borrow more than your current loan, there will be an appraisal. If you do a "no-cost" loan where you don't pay any fees, the interest rate will be higher than it otherwise would.

It's impossible to evaluate your loan, interest rate and costs without looking at a closing statement. But if you aren't happy, shop around a little. Go to VA's website amd you can probably find a list of approved lenders.

Good luck to you.
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July 29 2009
VA Streamline is not supposed to require credit either but I have seen some lenders requiring it... some even an appraisal. Sign of the times.
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July 29 2009
You can definitely do better.  Rate should be lower than 5.5%  Fees are about right depending on what's included in $4500. 
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July 29 2009
You can do better.

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July 29 2009
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Hi, the loan amount is 305k. Thanks so much for all the quick answers. A VA streamline, doesn't require an apprisal or income verification. Husband and myself both have 760+ credit scores. The funding fee is being tacked on to the loan amount. Hopefully that answers some questions so I can get a better answer. :) Thanks again.
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July 29 2009
The only fees (these are estimated ) you are responsible for on a VA are:

Appraisal if required $500
Credit if required $25
Flood $15-$20
Recording $175
Bonafide Discount Points
Origination up to 1%
.5% Funding fee (waived with service connected disability 10% or more)

Pre-paid interest, taxes and insurance is on your dime as well. Best of luck!
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July 29 2009
email or call Nic, Colorado Lender, he does a lot of VA and most likely with better terms than that.  
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July 29 2009
Stay with the VA if your financing requirements are near the top end of your home's value.  If not, consider a conventional loan.
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July 29 2009
You're having a hard time finding a lender who does VA in OR?  I can always recommend someone if you like.

Like Nic said, the loan amount will determine a lot.  Honestly, it's almost impossible to pay high closing costs on a VA streamline.  The lender fees are limited to 1% origination, they don't allow the lender to charge many different fees and the lender must pay your escrow fee. 

Are you including the .5% VA Funding Fee in the closing costs?  What rate are you paying now?
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July 29 2009
Loan amount?


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July 29 2009
 
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