Type of Borrowers Eligible for a VA Streamline Refinance (IRRRL) in Wisconsin

PRLog (Press Release) - Oct 12, 2009 -
Outlined below are a few of the guidelines for a VA to VA refinance (VA IRRRL)

Generally the parties obligated on the original VA loan must be the same parties on the new loan and the veteran must still own the property. However, some ownership changes may be acceptable. The following outlines when a change in mortgagors is permitted:

The table can be found on my blog: http://www.madisonmortgageguys.com/blogs_brian_collins/c ...

Term Increase
• The term of the new loan may not exceed the original term by more than 10 years, subject to the maximum term of 30 years and 32 days

Interest Rate Decrease
• The interest rate of the new loan must be less than the interest rate of the existing VA loan unless refinancing an ARM to a fixed rate

Payment Increase
• The P&I payment must be less than the P&I payment of the existing VA loan unless
• Refinancing an ARM to a Fixed Rate; OR
• The term of the new loan is less than the term of the existing VA loan
• If the PITI increases by 20% or more the veteran’s ability to repay must be demonstrated (Refer to the Credit, Income and Documentation Requirements Sections for more details)

You can find additional Wisconsin VA refinance information on our website http://www.MadisonMortgageguys.com

Brian Collins
Toll Free: 877-240-5810 x106
brian.collins@madisonmortgageguys.com
http://www.MadisonMortgageguys.com

Visit my blog at http://www.madisonmortgageguys.com/blogs_brian_collins/




Related blog posts:

http://www.madisonmortgageguys.com/blogs_brian_collins/content/wisconsin-va-refinance-information-va-to-va-streamline-refinance-irrrl/

http://www.madisonmortgageguys.com/blogs_brian_collins/content/the-7-most-common-myths-about-wisconsin-va-mortgage-loans/

http://www.madisonmortgageguys.com/blogs_brian_collins/content/type-of-borrowers-eligible-for-a-va-streamline-refinance-irrrl-in-wisconsin/

http://www.madisonmortgageguys.com/government_loans/va_streamline_refinance/index.htm