Local Voices
Veteran's Interest Rate Reduction Loans (IRRL's)
When the housing market crashed many people found that they were upside down on their mortgages - owing more on their mortgage than their homes were currently worth. Veterans were no exception to this and many found that they were stuck with high mortgage payments with no way to refinance.
The good news is that there may be help for these families using an interest rate reduction loan. No appraisal is required and the loan to value can be as high as 150%. For example, if a vet has a $200,000 mortgage the value of his/her property could be as low as $133,333 and still qualify for an interest rate reduction loan.
For more information, contact Dale Athanas, Loan Officer, NMLS# 1065087, Northeast Financial Mortgage, 860-876-0466, dale@daleathanas.com