Alternative Refinancing Options
You Can Still Save Big by Refinancing Even without an FHA Loan on Your Virginia, Maryland and DC Home!
Even though the new FHA Streamline program is only designed for Virginia, Maryland and DC homeowners who currently have an FHA mortgage loan, there are still attractive options if you you have another mortgage type.
There are at least 4 additional refinancing programs available for those who have other types of Virginia, Maryland and DC home loans.
Feel free to contact us at 703-378-4540 to determine if there are additional options available and for a free consultation to help you make the best and most cost effective decision.
1. VA Streamline Refinance
For Virginia, Maryland and DC property owners with VA home loans you could qualify for a VA Streamline or IRRRL (Interest Rate Reduction Refinancing Loan). These streamlined refinance loans for Virginia, Maryland and DC homeowners boast many of the same benefits as the FHA program.
They can be used to switch between fixed rate and adjustable rate mortgages, lower rates and payments and also require no appraisal, no money out of pocket and no credit to be pulled (unless requested by an individual lender).
However, one great advantage of VA streamlined refinancing is being able to add up to $6,000 worth of financing for energy efficient home improvements into the new loan.
Receive a FREE, No-Obligation VA Streamline Refinance Quote by completing our simple one-minute form here.
2. USDA Home Loans
Virginia, Maryland and DC homeowners who currently have USDA mortgages
can also benefit from USDA refinances.
If your current Virginia, Maryland and DC USDA mortgage rate is higher than the current rate,
you may be able to refinance.
The basic requirements for qualification are as follows:
- The Virginia, Maryland and DC mortgage to be refinanced has to be a USDA Loan (Guaranteed or Direct).
- The Virginia, Maryland and DC mortgage to be refinanced must be current (not delinquent).
- The refinance should result in a lowering of the borrower's monthly principal and interest payments.
Contact Us at 703-378-4540 if you have any additional questions about this program or complete the One-Minute No-Obligation USDA Loan Request form here to determine your eligibility and qualification level.
A USDA Loan Specialist will contact you for a free consultation about the Virginia, Maryland and DC USDA lending options available to you based on your unique situation.
3. HARP 2.0 - Help for Virginia, Maryland and DC Home Owners Who are Underwater on their Existing Mortgage
Virginia, Maryland and DC homeowners with Fannie Mae or Freddie Mac home loans originated before June 1st, 2009 could be eligible for the new Home Affordable Refinance Program (HARP), designed to assist those with conventional and conforming loans to refinance ad enjoy lower mortgage rates and home payments.
HARP 2.0 allows refinancing without paying down principal, mortgage insurance and for most means no money out of pocket, regardless of how much you owe on your home compared to its current value.
Contact Us at 703-378-4540 if you have any additional questions about this program or complete the One-Minute No-Obligation HARP 2.0 Request form here to determine your eligibility and to receive a free rate quote.
4. Refinancing Help for the Self-Employed
While stated income loans have virtually disappeared making it incredibly difficult for self-employed borrowers to obtain a mortgage of any type in Virginia, Maryland and DC today there is still help available.
Self-employed borrowers run into the biggest issues when it comes to verifying their employment and as their tax deductions often dramatically reduce the amount of income available to qualify.
Fortunately there are lenders and loan programs which will accept alternative methods of income verification specifically for the self-employed and Virginia, Maryland and DC business owners.
Don’t give up hope until you have pursued all financing options.
Contact us at 703-378-4540 or send us a message using
the form below to find out more about your
Virginia, Maryland and DC refinancing options.