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Is a VA IRRRL possible

We have a VA mortgage that is current but we are paying down old late fees because of prior financial issues. Vantage score 666. With the late fees and this score is an IRRRL possible? by sarahb_338_626 from Chevy Chase, Maryland. Apr 11th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

VA does allow for the refinance of late payments and late fees.. There's a whole procedure you need to go through to do it, but VA will allow it... however, VA does not lend money.. they only guarantee loans.. the lender that actually lends the $$$ can have their own set of guidelines called overlays.. it's these overlays that might prohibit you from adding these fees to your new loan.. you could however pay the late fees before applying.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 11th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,023 contributions

Sounds possible, but any lender will need to review a full application to give you a good answer. We do VA loans in WI... Visit www.VA-IRRRL-Loan-MN.com for more info.

Apr 12th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

More info is needed to give an accurate answer. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!

Apr 11th 2013
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Tony Sergi (tsergi)
#48 ranked lender in Maryland - 11 contributions

It would depend on when the last late payment was. I would be happy to take a look at your situation We are a local bank here in Maryland and offer ca free no obligated analysis. Feel free to call me at 410-878-2905 or email at tsergi@1stmarinerbank.com.Tony Sergi1st Mariner Mortgage

Apr 11th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

If you could e-mail me with more information. ken@mortgagesforamerica.org Are there late payments on the mortgage? We can do mortgage only VA IRRRL with no credit score but the mortgages needs to be current for the last 12 months.

Apr 11th 2013
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For some reason my post says I live in Maryland but I am in WI. Can we do a refi with a lender and then continue to pay the old late fees with the prior lender or can we not lend until the late fees are all paid. Monthly mortgage payments are current for the 12 month requirement.

Apr 11th 2013
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Tony Sergi (tsergi)
#48 ranked lender in Maryland - 11 contributions

you would have to pay the late fees as part of the payoff. if you have 12 months with no 30 day lates you would qualify for the IRRL. I can also lend in WI. My toll free # is 866-281-1003.tony

Apr 11th 2013
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Matthew Wells (mwells1188)
#55 ranked lender in Maryland - 17 contributions

Depends on how old the most recent late is. If the most recent late was 1 year or more after the date of the application I will not have any issues with getting you approved. I can provide you with a not cost or obligation analysis, I am a local lender right in Owings Mills. Call me to discuss this farther. 443-471-4339

Apr 11th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

you're seeing in the responses that there are details that make a difference. You could also ask your current servicer whether they would allow you to do an IRRRL but depending who it is you might get a better rate elsewhere - and faster service. Some lenders still want to see a credit score and your Vantage may not be what the lender gets when they check your credit. Pick a good lender who can help you without regard to your credit score and work with them through the options.

Apr 11th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 400 contributions

Most likely you will be ok. Work with one of the lenders on this forum that is local to you for the best results. Good luck to you!

Apr 11th 2013
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