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One of the benefits to VA loan holders taking part in the VA IRRRL program is the ability to skip two mortgage payments and bring no money to the table. In most rate reduction programs you would only skip one mortgage payment. With our VA IRRRL program you will skip the payment of the month you close and the payment immediately following closing. You can choose to reinvest the mortgage payments back into your new VA loan or use it for whatever purpose suits you. By skipping two full mortgage payments the VA loan holder has immediate financial gain from participating in the VA IRRRL program. The savings in payment and escrow refund provide the borrower with enough money upfront to offset the new escrow account and title costs which can roll into the new loan. The recapture on a VA IRRRL program is zero. This meansby accounting for the two skipped payments and escrow refund, the cost of doing the VA IRRRL program are taken out of the equation. The VA loan holder is left with a net cash gain.
In addition to skipping two mortgage payments the VA loan holder does not bring any money to the table in our VA IRRRL Program. This is called a no out of pocket transaction and in some cases the borrower will recieve money at the table, up to but not exceeding $500 in most states. VA underwriting guidelines allow VA loan holders to walk away with $500 if the recoup overlay is met. Some borrowers choose to accept the $500 dollars at closing, while others put the $500 back into their loan amount, lowering their loan amount at closing.
For more informaiton or to ask questions, click on the chat link located at the top of this page. You may also call use directly at 443-402-6457 or email us at email@example.com.
Credence Funding Corporation is not a government agency, and is not affiliated with any other mortgage lender or banking institution. Credence Funding Corporation is sponsored by the Veterans Administration. Credence Funding Corporation is a licensed Mortgage Lender. Licensed by the Maryland Department of Finacial Regulation 06-20051, Licensed by the Colorado Division of Real Estate, Licensed by the Florida office of Financial Regulation MLD 1041, Licensed by the Georgia Department of Banking and Finance 36848, Licensed by the New Jersey Department of Banking and Insurance, Licensed by the Pennsylvania Department of Banking and Securities 39247, Licensed by the Texas Department of Savings and Mortgage Lending, Licensed by the Virginia Bureau of Financial Institutions MC5662. Licensed by the Tennessee Dept. of Financial Institutions License #124448. Licensed by the California Dept. of Business Oversight License 60DBO44661. Licensed by the Washington Dept. of Financial Institutions License CL-878490
Contact Credence Funding Corporation to find out more about the products and services we can provide. Regarding TEXAS residents and, properties located in TEXAS: "CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."
Illinois: James R. Thompson Center, IDFPR-Residential Mortgage Banking, 100 W. Randolph, 9th Floor, Chicago, Illinois, 60601 Tel: (844) 768-1713