Veterans Administration (VA) Loans—Helping Veterans Achieve the American Dream

Caring about America’s military families is the soul of our Company. Our Chairman, James B. Nutter, Sr., proudly served in the Army after World War II and shortly thereafter, founded James B. Nutter & Company. One of the first loans the Company made was a VA loan.

James B. Nutter & Company has a long history of doing what’s best for veterans and their families. We’ve been providing low-cost VA mortgage loans all across this great land since 1951. We continue to make them today. If you’re a veteran and looking to refinance your mortgage or purchase a new home, you should know about the recent improvements to the VA’s loan programs, especially the VA Interest Rate Reduction Loan Program (IRRL), which is often called a VA Streamline Refinance.

VA Interest Rate Reduction Loan Program (IRRL)

James B. Nutter & Company specializes in a unique VA Streamline Refinance program known as the IRRL Program (or Interest Rate Reduction Loan). Through this program, veterans can reduce the interest rate on their existing VA loan and significantly reduce their monthly mortgage payment.

The features of the VA Streamline Refinance program include:

No closing costs and no application fees. James B. Nutter and Company will pay your closing costs and those closing costs are not rolled into your loan. There are also no out-of-pocket expenses paid at application, at the closing table or should you decide to cancel.
Low fixed rates. James B. Nutter & Company only offers low fixed rates for this program. Your loan remains a VA assumable loan with no prepayment penalty.
No new appraisal. VA IRRL loans do not require a new appraisal which, in addition to saving you money, eliminates any worry about how much
your house might or might not be worth in today’s volatile real estate market.
Qualifying terms are reasonable. Because the loan is backed by the government, we have relaxed the often strict lending rules for VA loan applicants. Thus, obtaining this type of loan is easier.
James B. Nutter & Company remains your loan servicer. With James B. Nutter, you’ll enjoy personalized service and you’ll always talk to a real person during business hours. This is “music to the ears” for those of us who have had their mortgage sold to a large megabank and later tried to contact them.

Applying for a VA Streamline Refinance (IRRL) is smooth and simple. Your application can be taken over the phone, via our website or face-to-face. Within
three days of the phone interview, we will provide you with a loan savings proposal and authorization documents you’ll need to sign and return to us.

James B. Nutter & Company believes in providing you with as much information as possible. Included with your Savings Proposal will be
the following:

Good Faith Estimate (GFE). The GFE will show you that this is a true no closing cost loan. The GFE must show all of the fees that are part of the transaction, and since James B. Nutter & Company pays the closing costs, your GFE will show a corresponding lender credit to cover these costs. The only increase in the balance of your loan will be the VA Funding Fee that applies (determined by your disability status with VA), or, if you elect to do so, you can finance one monthly payment.
Federal Truth-in-Lending Statement (FTIL). The FTIL is an important document which discloses, among other things, your Annual Percentage Rate (APR). The APR is not the Effective Note Rate, but rather the annualized cost of the loan in percentage terms taking into account all non-third party fees. We realize that this may sound overly technical, but the important point to keep in mind is that with James B. Nutter & Company paying your closing costs, your APR is very close to your Note Rate. There is only a slight variance due to a couple of fees (flood certification, recording fees) which must be figured into your APR even though we are paying for them.

Have questions? Not to worry. Our licensed, non-commissioned Loan Officers are here to assist you every step of the way.

Once you’ve fully reviewed the VA Streamline Refinance documents and returned them to us, we can begin to process your loan. The typical
processing time is approximately 30 days. Here’s what’s involved from our end:

Evidence of clear title. James B. Nutter & Company will pay for a routine title search. Any title issues affecting your property, such as liens or judgments, will have to be cleared.
Verification of current mortgage. James B. Nutter & Company will obtain a current Payoff Statement from your existing mortgage company.

Once we’ve completed these important steps, we will call you and go over the exact details of your proposed loan and how you can start saving money. Upon your approval, we’ll arrange a closing date and time that is convenient for you. There is no out-of-pocket expense required for the closing.

After you’ve successfully refinanced with James B. Nutter and Company, you’ll receive new payment coupons to start making your new, reduced payments!

Final Thoughts

James B. Nutter & Company is a mortgage banker, not a mortgage broker, and believe us when we say there’s a world of difference. James B. Nutter & Company specializes in VA loans and wants to be your mortgage company for life. We’re real people who will service your loan with a personal touch. You will always talk to a live person at James B. Nutter & Company. There is no voice mail during business hours. Our friendly Loan Officers are not paid commission so each and every loan is important to us. We pride ourselves in providing the best customer service, especially to veterans who have sacrificed so much to protect the liberties we take for granted each and every day.

James B. Nutter & Company wishes to join with the rest of America in thanking you for your service to our country. We would like nothing more than to honor that service by helping you achieve your share of the American Dream. Call us today at (800) 798-3946.