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Tag Archives:borrowers

Feb 23

With a VA Loan, You Always Have the Best Rate

With a VA Loan, You Always Have the Best Rate

Anyone who has served knows, the military loves its acronyms.  And the VA home loan is no different.  Today we are talking about the VA Interest Rate Reduction Refinance Loan, or IRRRL.  Also known as the VA Streamline Refinance Program, the IRRRL was designed to ensure that as interest rates move up and down, VA borrowers will always have access to the current lowest rates. This program allows you to refinance your existing VA loan into a new VA loan with a lower rate & lower monthly payment.  We have seen

Jun 24

Say “I Do” to FHA Bridal Registry Account

Say “I Do” to FHA Bridal Registry Account

The rules for tracing the source of down payment money on an FHA loan are REALLY specific.  What we call "sourcing funds" causes problems all the time. There is a little-known loophole for newly married couples called the "Bridal Registry Account."  Here’s how it works—3 simple steps: Couple opens a savings account prior to the wedding Gifts are deposited  All of the 3.5% down payment can come from these gift funds No gift letters.  No paper trails.  Just a simple savings account labeled “bridal registry account” and the borrowers