Considering A VA Streamline Refinance?
Owners of VA loans are not necessarily locked into the rates they agreed to years in the past. With today’s lower interest rates, it just makes sense for many people to explore the possibilities of refinancing or streamlining. VA home loans offer two options for lowering monthly payments and rates. The more simplistic of the two is the VA streamline refinance.
The VA streamline refinance loan also known as the "Interest Rate Reduction Loan" is a refinance VA mortgage program that allows veterans and active duty military personnel who currently have a VA loan to refinance to a lower interest rate without having to re-qualify.
What This Means For People With VA Home Loans
When an existing mortgage is in place, a VA streamline refinance offers a very easy process to follow. Borrowers will gain these benefits from reducing VA loan rates in this manner:
· No credit qualifying, however minimum 620 score required, the existing mortgage must be current and there can be no more than one 30 day late mortgage payment within the last 12 months
· Appraisal is not required on the VA IRRRL
· Income is not verified
· Income Documentation is not required
· Debt Ratios are not calculated
· No face-to-face application is required to get better VA mortgage rates
· All closing costs and pre-paids can be included in the loan amount so there are no out of pocket expenses
· You can add up to $6000 to the loan amount for energy efficient improvements to your home
· You can get your existing escrow account refunded directly to you
· Skip up to 2 mortgage payments
· This VA refinance option is very easy to take advantage of and can save homeowners time, hassle and money.
Restrictions That May Apply
The VA charges a .5 percent funding fee to guarantee the loan. This funding fee is financed in with the loan amount. If you have a VA rated disability you may be exempt from this fee.
Cash out is not allowed on the VA streamline refinance program. If you need cash-out for debt consolidation or other purposes or wish to combine a 1st and 2nd mortgage then you should apply for the VA Cash Out Refinance Loan. The loan being refinanced must be current and there should be no more than one 30+ day late payment within the past 12 months.
Existing second mortgages cannot be included in the refinance and must subordinate.
MyVaRefinance.net is here to help you with a VA streamline refinance. Just take a look at the information on this website to explore all your possibilities for a VA refinance. When you’re ready to take action to reduce the costs of your loan, just send us your information. We’ll get started right away in helping you refinance your loan with the best VA loan rates available today.
MyVaRefinance.net is here to assist you every step of the way. We specialize in VA loans and have been doing so for more than a decade. When only the best in service will do, MyVaRefinance.net is here to help.
The VA streamline refinance loan also known as the "Interest Rate Reduction Loan" is a refinance VA mortgage program that allows veterans and active duty military personnel who currently have a VA loan to refinance to a lower interest rate without having to re-qualify.
What This Means For People With VA Home Loans
When an existing mortgage is in place, a VA streamline refinance offers a very easy process to follow. Borrowers will gain these benefits from reducing VA loan rates in this manner:
· No credit qualifying, however minimum 620 score required, the existing mortgage must be current and there can be no more than one 30 day late mortgage payment within the last 12 months
· Appraisal is not required on the VA IRRRL
· Income is not verified
· Income Documentation is not required
· Debt Ratios are not calculated
· No face-to-face application is required to get better VA mortgage rates
· All closing costs and pre-paids can be included in the loan amount so there are no out of pocket expenses
· You can add up to $6000 to the loan amount for energy efficient improvements to your home
· You can get your existing escrow account refunded directly to you
· Skip up to 2 mortgage payments
· This VA refinance option is very easy to take advantage of and can save homeowners time, hassle and money.
Restrictions That May Apply
The VA charges a .5 percent funding fee to guarantee the loan. This funding fee is financed in with the loan amount. If you have a VA rated disability you may be exempt from this fee.
Cash out is not allowed on the VA streamline refinance program. If you need cash-out for debt consolidation or other purposes or wish to combine a 1st and 2nd mortgage then you should apply for the VA Cash Out Refinance Loan. The loan being refinanced must be current and there should be no more than one 30+ day late payment within the past 12 months.
Existing second mortgages cannot be included in the refinance and must subordinate.
MyVaRefinance.net is here to help you with a VA streamline refinance. Just take a look at the information on this website to explore all your possibilities for a VA refinance. When you’re ready to take action to reduce the costs of your loan, just send us your information. We’ll get started right away in helping you refinance your loan with the best VA loan rates available today.
MyVaRefinance.net is here to assist you every step of the way. We specialize in VA loans and have been doing so for more than a decade. When only the best in service will do, MyVaRefinance.net is here to help.
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