VA Streamline Refinance Loan Information

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. This means:

• No credit qualifying, however, the existing mortgage must be current and there can be no more than one 30 day late mortgage payment within the last 12 months

• No Appraisal is Required

• Employment is not Verified

• Income Documentation is not Required 

• Debt Ratios are not Calculated

• No Face to Face Application Required

• All closing cost 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

 

Restrictions:

• 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 2nd mortgages cannot be included in the refinance and must subordinate.

Click Here To Get Your Free, No Obligation VA Streamline Refinance Quote

 

If you are eligible for a VA home loan consider the following:

Fact:  With a VA home loan you can buy a new home for up to $417,000 with no down-payment!

Fact: With a VA loan the seller is allowed to pay all of your closing cost.

What do these VA loan facts mean? If you are a veteran you can buy a new home for up to $417,000 without having to pay a down-payment and little or no closing cost! So what are you waiting for?

Click Here To Get Pre-qualified For A New VA  Home Loan Now