VA Refinancing with Bad Credit
BD Nationwide can connect you with preferred VA mortgage lenders offering bad credit refinance loans to military borrowers with low fico scores. Homeowners that have a military background are given more leeway by VA underwriters when considering qualifying for bad credit refinancing. There is still no minimum credit score requirement with VA refinancing, so veterans can truly find a second chance to reestablish their credit and save money with a lower interest rate. Our loan officers have significant experience helping people with credit problems qualify for a bad credit VA refinancing. We provide discounted VA mortgages rates to borrowers who meet the VA loan requirements.
Learn How to Get Approved for Fixed VA Refinancing at a Reasonable Interest Rate
With many individuals and businesses in financial turmoil due to the lingering recession, finances have become harder to manage. For some people, this means making difficult choices to keep up with family obligations. For others, they have seen mortgage payments increase due to rising interest rates. These factors may have negatively affected an individual's credit score. The rising rates may cause someone to consider seeking different mortgage alternatives. VA refinancing with poor credit scores can be difficult to obtain but it is possible. Working with a qualified mortgage lender will help you discover resources that can make this wish a reality.
You may qualify for a "low rate refinance" that is guaranteed by the Department of Veterans Affairs. Refinancing with bad credit has never been easier under the VA program than in 2016. At BD Nationwide, our team goes the extra mile when processing VA refinance loans because we find you with lenders that back our troops and their families 100%.
Bad Credit Refinance Loans with VA Lending - Escape the Mounting Debt of Bills
The U.S. Department of Veteran Affairs has long been involved in helping active and former military members obtain funding for home purchases. For some of these loans, previously good interest rates may have ballooned into higher premiums. Because of these higher payments, home owners either have to cut their household budgets to pay their bills or find an option to refinance the loan. For individuals that may have some late payments, bad credit refinancing with VA help can result in better management of household funds. Programs exist to find a better mortgage package that will result in more affordable monthly payments.
Streamlining mortgage payments is the best way to escape the escalating rates associated with older loans. The bad credit "VA refinance" program will help homeowners obtain new mortgages without requiring additional expense. By taking these initiatives to combat the rising costs associated with home ownership, active and retired military members can begin the process of repairing their credit problems. Lower monthly premiums will help eliminate the threat of foreclosure and allow more funds to be available to pay off other outstanding obligations. Taking a few minutes to discuss the available options at your disposal can result in better financial health for the entire family.
VA loans are great for Veterans who need to refinance their mortgage but have bad credit. Not only does having prior military experience entitle you to these benefits, but it is meant as a sign of gratitude for your sacrifice to the country. Regardless of what your current credit rating is, there are options that can help escape the mounting financial obligations that your household faces. With the help of a fully qualified mortgage lender, the available VA loan rates can free up additional funds to more effectively management household finances. With a better sense of security in meeting these monthly obligations, the retired members of our armed forces can continue to work toward a better tomorrow.
Key Facts on the IRRL Program from the VA Dept. of Veteran's Affairs:
- Finance companies are not allowed to charge for an appraisal or request for one for that manner because No appraisal is required on the IRRRL program.
- An IRRRL may be done with "no money out of pocket" by including all fees and closing costs in the new refinance mortgage or by raising the interest rate high enough to enable the lender to pay the costs. (This must be fully disclosed and signed off in the initial disclosures, ie Good Faith Estimate and Final HUD-1 settlement statement.)
- When choosing a VA refinance from an existing VA mortgage that has a variable interest rate to a fixed rate mortgage, the interest rate may increase.
Gov. Resource: Interest Rate Reduction Via VA Refinance
|Second Chance Mortgage enables a fresh start for borrowers that have been rejected by lenders for one reason or another.
is recommended to homeowners that have negative equity and a mortgage owned by Freddie Mac or Fannie Mae.
Vet's love the no equity requirements with all VA refinance programs.
|Tools for Refinancing
ARM vs. Fixed Rate Calculator
How does a VA refinance loan with a fixed rate measure up to a 5/1 ARM?
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VA Loans with Bad Credit – 100% financing regardless of your score with Trans Union, Equifax or Experian.
Rate Disclosure for VA Refinancing - The 3.25% rate (3.39% APR) is an example of fixed rate 30-year on a loan amount of $210,000. The monthly example is $913.93 for the principal and interest payment. Taxes and insurance are not included. The Annual Percentage Rate is 3.39% with $895 in closing costs due at closing. Applicant must meet VA eligibility to qualify. The borrower must meet credit and income requirements as outlined by VA underwriter.