VA Streamline Refis Immune to Credit Score and Housing Market Woes
Leading VA lender offers VA-to-VA rate reduction with no appraisal and no re-qualifying
Salt Lake City, Utah – February 11, 2009 - iFreedom Direct Corporation, a Salt Lake based VA lender, is helping a large number of military-affiliated homeowners complete the VA Streamline Program, a timely refinance option for borrowers with VA loans. A VA Streamline is the simplest way to refinance from an existing VA loan to a new VA loan with a lower interest rate. A VA Streamline through iFreedom Direct ordinarily requires no appraisal, no credit score or income qualifying, and no money out of pocket. VA borrowers are taking advantage of this program to save up to hundreds of dollars on their monthly payments. And, depending on the timing of the refinance, many VA Streamline borrowers are getting a coincidental "break" from sending in mortgage payments for one or two months.
Historically low mortgage rates in the first quarter of 2009 are causing many homeowners to consider refinancing. However, numerous borrowers with conventional loans are facing serious hurdles in the application process. For some, property values have declined resulting in loan denial or the need for private mortgage insurance (PMI), which can add hundreds to a monthly payment. Many others have experienced credit and/or income difficulties since the last time they qualified for a loan, or are receiving denials under tighter conventional lending requirements. Even for those who do qualify for a traditional refinance, coming up with cash for fees and closing costs can be challenging.
Households with VA loans are finding a fast track past these obstacles with the VA Streamline Refinance, also called an Interest Rate Reduction Refinancing Loan (IRRRL). VA IRRRLs are made by approved lenders like iFreedom Direct, with guidelines set by the Federal Government. The U.S. Government guarantees a portion of each loan; therefore, there is no PMI associated with a VA loan.
Headquartered in Utah, iFreedom Direct has long been approved by the U.S. Department of Veterans Affairs to originate and underwrite VA home loans. The company funds VA mortgages in almost every U.S. state. iFreedom Direct's core professionals have specialized in government-backed mortgage lending for over 20 years, and can assist VA loan holders with the Streamline program regardless of their current mortgage company.
iFreedom Direct's President, Richard Bailey, notes, "We reach out to VA borrowers to inform them of opportunities to reduce their interest payments, which is very welcome news these days. Now is a great time to streamline to a low fixed rate, and helping our nation’s veterans with their mortgages is our specialty."
The Streamline offer from iFreedom Direct comes at a crucial time for many eligible veterans. Regardless of income, credit score, or home value, VA borrowers can take advantage of extremely low interest rates with the VA Streamline Program. For more information on the advantages of VA-to-VA Streamlines and to learn more about iFreedom Direct, visit www.DirectVALoans.com.
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Contact: Rich Warner, 801-493-6594
