VA Streamline Loan (credit check, loans, financial, interest rate)

[spotrod]

Anybody had any experience with these?? Are they legitimate?? How do they work?? Thanks.

[pjacksone]

I'm a loan processor. Another name for them are IRRLS (interest rate reduction loans). These are legitamate and pretty easy to get if you have good credit. The only documents you should need to give the bank is your DD214 and certificate of eligibility. Where I used to work, we could go online and pull the COE online. If for some reason, we can't get it online then you'd have to go to the nearest VA office and get it. If you wait for the bank to get it for you, it could take over a week. Most of the package from the bank will be just standard forms for you to sign. An appraisal may or may not be required, it depends on the lender. They are very streamlined loans - it's a reward for good credit. I used to process these, they are very easy. Here's a link for you to get additional information:

http://www.homeloans.va.gov/IRRRL.htm

[MoMark]

I bought my first house on a VA Loan. I had to present my DD214 and also have my Certificate of Eligibility as pjacksone says to qualify. My credit wasnt' great, but I'd paid everything current before I applied. I was amazed that I qualified at the time for any loan (mid 90's). That loan opened up my financial future and I'm so glad I was able to take advantage of it at that time. My timing was good too as at the time I bought that house with that loan, the market was in a slump and sellers weren't so choosy. During the boom years of skyrocketing home prices, sellers ignored VA loan buyers because of the hassle of satisfying the VA home inspectors. I'd say now is probably a good time to have a VA loan again as far as sellers being happy to take offers from any qualified buyer at this point. My only concern would be falling home values which could put the buyer underwater in equity almost immediately...
It really depends on where you are, your job and financial dependabity/security, etc.

[spotrod]

Thanks guys for the info. I recently got a 30 year @ 6.5% and was told I could streamline at 4.5% for $850 bucks. No credit check, No appraisal no other fees.. should I do it. I just thought it seemed too easy your thoughts?? Thanks a bunch.

[MoMark]

Originally Posted by Mark My Word

Thanks guys for the info. I recently got a 30 year @ 6.5% and was told I could streamline at 4.5% for $850 bucks. No credit check, No appraisal no other fees.. should I do it. I just thought it seemed too easy your thoughts?? Thanks a bunch.

Stick with what you have is my advice. The other sounds like a bait..