Does Wells Fargo offer the VA streamline refinance?
Yes, they do.
In fact, as one of the nation’s largest lenders, Wells Fargo is very active in the VA loan market – both in servicing existing VA loans as well as originating new VA loans.
If you have a VA loan that is currently serviced by Wells Fargo, do you have to use Wells Fargo to do a VA streamline?
Many times, people think that if they want to do a VA streamline they have to use their current lender – but this is not the case. When doing a VA streamline, you are able to use any VA approved lender – and in the event that you are with Wells Fargo, you can use any other VA-approved lender to do a VA streamline.
Shopping lenders is one of the best ways to get the lowest rates on your new VA loan – because if lenders are competing for your business, often they will give you the very best rate possible. The other benefit of shopping VA lenders is that each lender will have different requirements when it comes to appraisal requirements and credit score requirements. Lastly, each lender will have different turn times – some lenders can get your loan done quick, some take a long time.
No Appraisal Required
In some situations, it is possible that the only way to get a VA streamline refinance done is to go with the “no appraisal option” where an appraisal is not required. If Wells Fargo doesn’t offer you this option, it doesn’t mean that you can’t participate in the program, it means that you will want to shop for a lender who can help you get approved for the VA streamline program without having to have an appraisal.
No Minimum Credit Score Required
Some lenders will require a minimum credit score for the VA streamline program and some will not require a minimum credit score at all. Some may require a 640, some a 620 and some will simply do a “verification of mortgage history” when doing an IRRRL. If you are being told by your lender that you must have a minimum credit score of 640 or 620 or whatever – make sure you speak with multiple lenders who can help you get a VA streamline done with no minimum credit score requirement.
The key to getting approved for the VA streamline program is to find the lender who can best help you when it comes to your situation. If you are in the situation where you are considering a VA streamline and your current loan is with Wells Fargo, keep in mind that you can use any VA approved lender and shopping around is the best way to get the best deal on your loan.
Get a free quote today from a VA approved lender who can help you with your VA streamline regardless of your situation!