VA Refinance Loan Requirements: The recoup rule (1 of 3)

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In this first part of a three-part series about the refinance rules for VA loans, our CEO, Eric Kandell, talks about the VA's recoup rule that specifically applies to VA streamline loans (aka IRRRLs).

This rule states that you can only do a VA streamline refinance loan if your monthly savings will recoup, or equal, ALL of your closing costs within 36 months. In the video, Eric provides examples, and he even does the math, to make sure you understand exactly how this rule applies to real life loans.

He also explains why this rule matters, and how it was created as a way to protect you from unscrupulous lenders who don't have your long-term financial interests at heart.

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This video is not intended for residents or homeowners in the states of WA, NY or MA.

Low VA Rates NMLS# 1109426 Archived video notice: This video is not current and may contain content that, while accurate when recorded, may not reflect current market conditions. As is customary on the YouTube platform, older videos remain in our account for transparency and statistical purposes, and we do not necessarily have control over which older archived videos YouTube’s algorithm may suggest for you. For that reason, please always check the date of a video to ensure that it is dated recently before relying on its contents. The mortgage market is very dynamic and laws, regulations, rates, and programs are always changing. If we have a more up-to-date video on the same subject, you should be able to sort our videos by date uploaded on our main channel landing page:    / lowvarates  . This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.