Thanks, A fellow Prowler Pilot referred me to join.Marty thanks for chiming in. Welcome to the site.
I call the flyers are liars. If you get them, they ask if you have a rate above 1.75% and say roll in costs, no out of pocket costs. WE do the VA IRRRL without any costs including the funding fee of .5% paid with a lender credit. Rates have gone up to 3.5% now for most states for a no cost VA IRRRL. Veterans who have a 10% VA disability will average 3.375% for a no cost refi. The lender you closed with had an opt out loan checkmark. It is put to default to yes. The VA loan is now public record so you'll get fliers regardless of what rate you have.Oh, God. I have gotten dozens of unsolicited letters about this program, I got put on some mailing list and now everyone and their mother has been mailing me about IRRRL.
The VA loan is now public record so you'll get fliers regardless of what rate you have.
What I'm enjoying right now, I live in base housing and I average 1-2 letters a week from a lender asking if I want to refinance my VA loan, on the house I live in, on base, owned by the government. Still haven't figured that one out yet.
Obviously it'd suck moving twice, but just something to think about.
Any mortgage pull is a hard pull but you don’t need to have it done more than once. Other lenders can use that score for quotes until you choose. Fortunately with the VA, they allow a 65% debt ratio so you can usually qualify. You only need to pull your credit once but it expires after 90 days. As long as it’s over 600, it’s not really an issue, but 680 or better will gibe you a better rate, 3.5% vs 3.75. navy Fed has a non-refundable application fee and other fees of $880, compared to zero w almost everyone else. If you just want a prequal, it takes 10 min and is free. Since you are over $453,000 expect 3.75% no pointsNewb questions.
My wife and I are toying around with the idea of buying a home at our next duty station (in advanced right now). Can I go to Navy Fed and get some kind of soft approval or something that won’t result in a hard credit check? VA Loan limit is $649,750 in San Diego which is awesome, but I’m still on O-2 pay, so a $600,000 is a huge mortgage for my yearly pay, even though that’s about what my O-3 BAH is going to cover. It would just be nice to know ahead of time if they’ll consider that too much house for too little pay.
Alternatively, could I apply for a mortgage knowing I won’t buy in the next 90 days, but just to see if I’ll get approved for the amount I want, then just renew it perpetually until I PCS? Or will that result in hard credit pulls every 90 days for until I buy?
Obviously don’t want to sign for a house and end up with Harriers out in N. Carolina, but if I get F-18s West, I could be in the Miramar area for a while, long enough to make a San Diego home a financially work out. Ideally I’d like to have a place to move the family into right away, but we’re still trying to figure out the logistics of all that.
Well played.I’m gonna bump this thread too since I just got cleared to close by the title company.
VA IRRL down to 2.25% with @Marty Medve ’s crew at Trident Home Loan.
I’ve done the mortgage process 8 times post 2008 changes and this has been the easiest process I’ve had hands down. I’ve been pleasantly surprised. Definitely would recommend.