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Right now I have a HAMP @2% which will be changing next year, should I try to get a VA loan now. I used VA for my first home.

by kingsd27682 from Conley, Georgia. Apr 29th 2015 Reply


Scott Bible (scottbible)
#231 ranked lender in Texas - 3 contributions

If you can qualify for a VA after doing the HAMP and you've completed any required trial period then it's something you could look into. You could find out the caps on how high your current loan could adjust to first bc it would have to adjust alot to go above current 30 year rates. I'm not an expert on HAMP loans but perhaps someone else will chime in on here who is. I'm not sure if there is a required time frame before you can refi out of it. Some loan mod programs put your total past due balance as a second that has to be paid if you sell or refi which could impact qualifying from what's called a loan to value perspective. (the total amount of your needed loan versus the value of the home) I guess the first thing I would do is to ask your lender for a statement that shows how the loan will adjust upwards over time since it may have a cap and not be too bad even after adjusting. With a HAMP they are going to want to keep your payment affordable. The adjustment could just revert back to your loan terms you had in place before doing the HAMP. If the adjustment is going to put you at above market rate, and you qualify credit and loan balance to value wise, then you could certainly explore refinancing into a VA. Hope this helps a little bit. Scott Bible 512-299-0616Eagle Home MortgageAustin Texas

Apr 29th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info would be needed.. to qualify for a new mortgage after a modification, you need 2 years on time payment history, and your modification cannot include any principal reduction.. if you have met those guidelines, then you can apply anytime.. If you have a military related disability, then VA will waive the funding fee. For subsequent use of VA financing, you will pay a higher funding fee than what was charged to you on your first time use. 2% is pretty good, but if you refinance now, your new rate will be almost double.. but if you wait until the rate changes, then it's possible rates will be even higher.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 30th 2015
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