Few homeowners qualify for refinancing
Super-low mortgage rates have yet to spur a rebound in home sales, but the low rates have generated a surge in applications for refinancing as cash-strapped homeowners look for ways to cut their housing costs.
The problem for many homeowners, however, is that they don’t have enough equity in their homes to qualify for the jaw-dropping rates.
And that’s true even if they’ve lived in their homes for many years and have excellent credit and steady incomes, local experts say.
“You have to have an absolutely perfect, clear credit report...and 20 percent equity in your house or you won’t get a mortgage today,” said Mike Van Buskirk, president of the Ohio Bankers League.
Foreclosures and other distressed property sales continue to drag down property values in the Miami Valley and elsewhere, sapping equity from homeowners across the country.
Meanwhile, new lending rules on the horizon that would require banks to retain a stake in all but the safest mortgages have made lenders reluctant to refinance mortgages with low equity.
That hasn’t stopped homeowners from trying to capitalize on the low rates, which could save them hundreds of dollars a month on their mortgages.
The potential savings helped push the refinance share of mortgage activity to 78.8 percent of total applications last week from 75.6 percent in the previous week — the highest the refinance share has been since November 2010, according to the latest figures available from the Mortgage Bankers Association.
The surge in refinance activity has been driven by historically low interest rates, which have hovered below 4.5 percent for more than a year and fell to 4.15 percent this week on 30-year fixed-rate mortgages — the lowest rate in more than 50 years, housing lender Freddie Mac reported Thursday.
Rates on 15-year fixed mortgages — the most popular refinancing option — fell to a record-low 3.36 percent.
Va Streamline Refinance Program - News
Still, Metzler, who served in the Navy for five years, and her husband, a Marine, were fortunate to qualify for the VA Streamline Refinance program, which is available to veterans who have existing VA loans. “We were lucky enough to get into the VA
These solicitations surround the VA's Interest Rate Reduction Refinancing Loan (IRRRL) program, often marketed as a “VA streamline” or “VA to VA” streamline loan, and this program is big, big money for lenders, even in a toppling economy.
Conventional, FHA, FHA streamline, Fannie Mae HomePath, Jumbo, VA, foreign national, and reverse mortgages can all be found and secured for qualified applicants by the loan officers at Priority Lending of Miami, Florida. Don't want to fail to act now
Conventional, FHA, FHA streamline, Fannie Mae HomePath, Jumbo, VA, foreign national, and reverse mortgages can all be found and secured for qualified applicants by the loan officers at Priority Lending of Miami, Florida. Don't want to fail to act now
7 Reasons To Refinance Your VA Loan With A Streamline Refinance ...
Congratulations to you if you are a Vet and you took advantage of your VA benefit to get a VA loan to buy your house. Also, thanks for your military service for our great country. Your VA loan brings with it some excellent benefits like no down payment and no monthly mortgage insurance. But now that you have it, what benefits do you get from it – especially when it comes to refinancing.
Top Reasons to Refinance Your VA Loan With A VA Streamline Refinance
Low VA Rates Streamline – the term “streamline” comes from the loan program that you have access to use – this program is called the VA streamline refinance program. VA rates are as competitive of any interest rate available, plus you won’t have to pay PMI like you do with other loan programs.
No Appraisal Required – The VA doesn’t require an appraisal for the VA streamine refinance. However, some VA lenders do require an appraisal given the depressed home values across the US. So if you have experienced some decline in your home’s value, you should check right away with the VA lender you are trying to get your mortgage with as to whether they are going to require an appraisal. If they do, and you have concerns about your home’s value, make sure you thoroughly check your situation so you don’t go through a lot of effort to refinance when you can’t with that particular VA lender.
Lower Credit Requirements – The VA doesn’t have minimum credit score requirements for their loan programs, however to take advantage of the Streamline Refinance you can’t have missed any mortgage payments in the past 12 months and you must be current on your mortgage. Again, the rules are a little different right now in 2011 as some VA lenders are requiring a minimum credit score. So if you think you have lower scores make sure you ask up front whether the company you are talking to has a score requirement for their VA Streamline Refi program.
Benefits of VA Streamline Refinance Mortgage Loan: The VA Streamline Refinance Mortgage Loan program is on... 
The VA Streamline Refinance Program - A Fast and Easy Alternative to Conventional Refinancing 
Benefits of VA Streamline Refinance Mortgage Loan: The VA Streamline Refinance Mortgage Loan program is on...