Started loan processing on a VA streamline back around Thanksgiving. The originator kept dragging his feet. I had all documents to him by 5 December and here we are in January still without a refinance complete. So today I get another set of loan docs from him (different than the docs I signed in December) and there's a difference of over $750 in settlement fees and over $2500 in the total loan amount. This was for a 30yr fixed @4.25 to refi down from 5.375%. The new docs also show a completely different lender.

I feel like I'm being taken for a ride here. I'm active duty military, with an 805 credit score, who is at most 120% LTV (thank you LV housing market) on a house that I bought 3 years ago and I just want to make it more affordable if I can. Can anyone help me out?

Thanks

This should be an easy one. I would consider talking with your current mortgage holder as they will almost certainly not require an appraisal (this can be a problem as many outside lenders will want an appraisal and have LTV restrictions even with a VA IRRL). For VA IRRL loans that we (PNC Bank) already service...we don't doc income, assets, order an appraisal, or even pull a credit report. If you are making your payments and keeping the same borrower's on the new loan as on the old one, there is almost no scenario in which a veteran can't do a streamline refi.

Thanks,

Jason

Jason, thanks for the advice. I called Suntrust and they can do the streamline just as you mentioned.

I do have a follow-up question for you though...I understand the LTV is a big sticking point on my refi which is probably why my broker switched apps on me. Just my gut because he's not forthcoming with information. Anyway, I noticed in the app that my home value is stated as $180K when the best-case value of my home is $145K for a $166K loan payoff. For some reason that seems like fraud to me. Am I looking too far into this?

Thanks again

My opinion is that it is probably less fraud and more a lack of understanding of the product than anything...just my best guess.