Category Archive: FL VA IRRRL

FL VA home loans save Veterans more money

Hundreds of Florida home owners with current FL VA home loans, have taken advantage of today’s even lower fixed rate VA home loans.  As a home owner with an already approved VA home loan and with a 12 month on-time payment history, refinancing to a lower interest rate and lower monthly payment can be accomplished without an appraisal.

If you want to refinance and enjoy a lower rate using your VA Entitlement; consider changing your current FL FHA loan or Fannie Mae mortgage to a new VA home loan.  You can comfortably borrow up to 90% of the VA appraised value and qualify for that lower payment even if you have a 2nd mortgage.  Yes, the 2nd mortgage lender will be required to subordinate to the new VA first mortgage, but there is no limit with VA on the CLTV or combined loan-to-value.

Remember too that there are several advantages with respect to Veterans entitlement with a FL VA home loan mortgage.

  • No matter how much you borrow, there is no private mortgage insurance requirement with a VA home loan, saving you even more on monthly payments.
  • Enjoy streamlined approvals when refinancing a current VA home loan using VA IRRRL or interest rate reduction refinance loan. Typically, with a verification of employment and recent 12 month mortgage history, there are no income or assets required.  Veterans with VA loans, under VA IRRRL, have basically already been approved making refinancing easier.
  • Veterans with service-connected disabilities can save even more as they may be exempt from paying the VA Funding Fee.

Even if you have refinanced in the past, it may make sense to speak with a FL VA mortgage professional and determine if refinancing to today’s extremely lower VA fixed rate home loan makes sense.  Remember to always review recovery periods before refinancing!  For more information on this type of refinance as well as others, contact Stephen Thaggard or call 407.733.6425.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  5500 Murrell Road Suite 201, Viera, FL 32940

FL VA IRRRL, interest rate reduction loans. Start saving now.

One of the most popular refinance programs in today’s mortgage arena is the VA IRRRL or interest rate reduction loan.  A Veteran home owner can lower their current VA interest rate and save hundreds monthly even th0usands over the life of their loan. Many Veterans calling today with current VA FL home loans are saving approximately $175 – $200 on the average, every month, by reducing their current VA mortgage interest rate.

With a FL VA IRRRL, there is no appraisal requirement for qualified Veterans; which is extremely useful in today’s FL VA mortgage market valuations.  Credit qualifying is even made easier; requiring a review of only the past 12 months mortgage payment history.  All closing costs and prepaids can be rolled into the new FL VA loan removing inconvenient out of pocket expenses.

If you are looking to reduce your monthly payment and you current have a VA home loan; it may make sense to speak with a FL VA Mortgage Specialist.  I have been assisting Veterans and their home loan needs for 17 years and can be reached by calling or sending text request for mor directly at 407.733.6425.  It’s not too late to start saving now.  Stephen Thaggard

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  5500 Murrell Road Suite 201, Viera, FL 32940

Refinance your FL VA mortgage with confidence & SAVE $$$

Another FL homeowner was referred to me today regarding a refinance opportunity to lower their interest rate from 5.25% to today’s much lower interest rate.  Fortunately they have a FL VA Home Loan which provides the ability to refinance with a FL VA IRRRL without having to worry about current appraised values.  To my surprise, the homeowner actually asked me the best question that every homeowner should ask when considering to refinance their FL mortgage.  “Does it make sense for me to refinance?”  Awesome question.  Here was the answer.

Since they were planning to stay in their FL home long term and they only owed another 25 years on their current mortgage; we immediately considered a 25 year or 20 year fixed rate VA home loan.  That way, they are not repeating 5 years of  payments already made.  In fact, with lower terms, more money from each payment is sent towards paying off the principal when compared to their existing 30 year FL VA mortgage payments.  All without even prepaying the mortgage.

We compared existing long term interest remaining on their existing loan against the lower interest due on the 25 year and 20 year terms and spelled out in plain English the huge advantages of refinancing to a lower term.

A monkey can lower interest rates on a refinance; but it takes a true FL Mortgage Professional to provide real dollar savings for FL homeowners.  Talk to a professional and know your true savings before moving forward.

If you think refinancing may make sense, whether you have a VA, FHA or Fannie Mae FL mortgage, call me local at 407.733.6425, I will review numbers with you to confirm the best option, even if it means that refinancing may not make sense.  Or feel free to email me anytime.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751

FL home equity problems? We have solutions!

When FL homeowners call seeking to refinance their current FL mortgage and take advantage of today’s lower fixed rates; the biggest hurdle is the amount of equity remaining on their current home.  As Florida home prices have fallen the past few years; most homeowners have lost equity while others are simply upside down. There are several mortgage programs home owners can consider and should review with a FL mortgage professional when requesting to  lower their current mortgage rate.   Consider these:

  • If you have a FL FHA loan, then you may qualify for an FHA streamlined refinance.  The advantage is you may qualify without having to obtain an appraisal!
  • FL Veterans with a VA home loan, can qualify to refinance without needing an appraisal – a VA IRRRL or interest rate reduction refinance loan.  And many FL Veterans may qualify to refinance their non-VA loan to a lower rate VA home loan and borrow up to 90% of the current value!  All without monthly mortgage insurance!
  • Many homeowners with Fannie Mae or Freddie Mac mortgages may qualify under the HARP program or Home Affordable Refinance Program.   In fact, the guidelines for this program are being updated and qualified homeowners can borrow without worrying about any equity position.  The revised guidelines will be available later this month.

These are a few of the solutions FL home buyers can utilize as interest rates remain at all time lows and there should be no reason why anyone should be paying higher interest rates on their FL home mortgage.

For more information on these and many other mortgage programs, feel free to email Stephen Thaggard, or text directly at 407.733.6425.   Stephen Thaggard, NMLS#356309

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751

Lower your FL VA loan interest rate now; it’s as easy as IRRRL

If you are a US Veteran and have been thinking about refinancing your current VA home loan to a lower fixed rate; now may be the time. Interest rates are the lowest I have seen in my 17 year FL mortgage career. There are huge advantages (less hoops to jump through) many FL Veterans enjoy when considering to streamline refinance their VA home loan with IRRRL.

IRRRL stands for Interest Rate Reduction Refinance Loan and many refer to it as a streamlined refinance program for VA home loans. Of all the benefits with this mortgage program, the major allowance is no requirement for an appraisal. And in today’s FL mortgage market, avoiding appraisal issues can be very valuable while seeking a lower VA fixed interest rate.

Credit report requirements are streamlined as well, reviewing only the previous 12 months of mortgage payment history. And keep in mind, there are usually no income requirements – so keep your pay stubs and tax returns. They may not be required on a VA IRRRL.

Also, the VA funding fee is reduced to just 0.50% and can be rolled into the new VA mortgage loan amount. And even though you cannot receive more than $500 as cash-out; everything else is typically rolled into the loan amount allowing the Veteran save more.

For more information on VA IRRRL streamlined refinance loans please call 407.733.6425 or email Stephen Thaggard.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751