VA Home Loan Advice, Please, VA IRRRL or?

I have a VA home loan with a current balance of $130.889.57 with an interest rate of 6% I last refinanced in Feb of 03 and my current payoff is in March of 2033.

I also have a equity line with a balance of $55,190.91 this is broken up into 2 rates. $26,552.17 was locked at 6.99% in June of 2006 the balance of $28,446.83 is currently at the variable rate of 2.99%

I was a Regional Manager & Business Coach for over 7 years with a great income however I lost my job in late April of 2012, this was due to some complications to a auto accident I had about a year ago. I am currently on Unemployment but that will run out in mid Oct. My wife has a good job and has been there for about 10 years.

I got out of the military in 1984 as a Disabled Vet with a 10% service connected disability. At the moment I'm current on all of my bills with the exception of 4 or 5 items that show up on my credit but they are all medical in nature and they should have been paid by my auto insurance its well within the limits but that hasn't happened as of yet. But these bills are not a big number but they should not be there.

So my question is this, my Mortgage as well as all other debit is only in my name with the exception of 2 credit cards my wife is listed as an authorized user so they show up on her credit report but she has never once charged anything on them. In addition my wife has never had a home loan in her name.

I personally have an auto loan and credit cards that is a fairly large number. BUT as I said at the moment I show no lates etc. with the exception of those few bills from the accident. I still have issues from the auto accident that aren't great!

So what are my options? I need to reduce my bills as best as possible, and reducing my mortgage rate would be huge,

Thanks for any advice in advance, I have been searching everywhere and there is lots of programs for FHA loans but as a Vet / DV I have had no luck finding help could anyone here provide help / advice I would be very appreciative. Thanks in advance!

I can help you save money with a VA streamline. Please email me at egroussman@fnbmtg.com or call me at 347-903-5626.

Thanks

Ed Groussman
First National Bank

NMLS 146696 

Hello,

It is possible to do the VA IRRRL but that will only take care of the first mortgage. you can not roll in the second and would still have those payments. The IRRRL goes off last appraisal done and usually has no credit or income qualifiers.

Depending on where you live will depen on the rate available for that state and area. if you get a 4% rate and finance roughly $135k you would see a principal and interest payment of $645 plus tax/ins escrow.

i would be happy to discuss with you if you like.

judy

I read this and you should go a expert agent. May be it helps.

Thanks,
Short Sale Specialist in Utah

Tommy,

You are more than welcome to contact me at 510.541.1615 to discuss your options. 

Best regards,

Jamal