By The Mortgage Planners

05/14/2013
Mortgage broker Shanne Sleder explains the VA Refinance Loans in recent interview.


In a recent interview, Shanne Sleder, mortgage broker at The Mortgage Planners, explains the Veteran Assistance Interest Rate Reduction Refinance Loan.


“The Veteran Assistance Interest Rate Reduction Refinance Loan allows qualified borrowers to lower their interest rate by refinancing their existing Veteran Assistance loans. It also allows qualified borrowers to refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage,” said Shanne Sleder.



When asked about what borrowers cannot do with the Veteran Assistance Interest Rate Reduction Refinance Loan, Shanne Sleder replied:


“You can’t use it to refinance a conventional loan. However, you can use a regular Veteran Assistance loan to refinance a conventional loan.”


Shanne Sleder also talks about occupancy rules of the Veteran Assistance Interest Rate Reduction Refinance Loan.


“You can use a Veteran Assistance Interest Rate Reduction Refinance Loan on a home that is currently being used as a rental if you can prove that you previously lived in the home,” said Shanne Sleder.


When asked to give more details on the Veteran Assistance Interest Rate Reduction Refinance Loan, Sleder replied with the following:


“The Veteran Assistance Interest Rate Reduction Refinance Loan has less verification requirements than a standard loan. It does not require mortgage brokers to verify income, therefore debt to income ratios are not an issue. All your broker needs to do is verify employment. As long as one of the original borrowers on the loan is employed, then the requirement has been satisfied.”


“If the original Veteran Assistance mortgage has a fixed interest rate, then the Veteran Assistance Interest Rate Reduction Refinance Loan must either have a lower interest rate or a shorter repayment period than the original loan. The new loan may have a higher fixed interest rate if the original mortgage was an adjustable rate mortgage,” he continued.


Veterans who are interested in the Veteran Assistance Interest Rate Reduction Refinance Loan can contact The Mortgage Planners to set up an appointment.