Operated By Full Beaker NMLS# 1019791. Not affiliated with the Dept. of Veterans Affairs or any government agency.

Veterans and Military Members Get Exclusive Access To Low Mortgage Rates!

Start Here: I am interested in...

VA Home Refinance
VA Home Purchase
Home Refinance
Home Purchase

Select Your Property Type

Single Family
Condo/Townhome
Multi Unit
Mobile

How Is Your Property Used?


Primary
Residence

Vacation
Home

Investment
 

What state is your home in?

Please Select State

What's your current mortgage balance?

Please Select Mortgage Balance

What is the value of your home?

Please Select Property Value

What's your estimated current interest rate?

Please Select Interest Rate

Where are you in the home buying process?

Please Select Home Buying Process

What is the estimated purchase price?

Please Select Purchase Price

What's your estimated credit rating?

EXCELLENT
GOOD
GOOD
FAIR
POOR

What is your current street address?

Please Enter An Address

What is your current zip code?

Please Enter A Valid Zipcode

First Name

Enter Your First Name

Last Name

Enter Your Last Name

Email

Enter A Valid Email Address

I would like to receive emails about rate alerts, announcements, and relevant information.

Phone Number

Please A Valid Ten-Digit Phone Number

back

BBB Accredited Business | Privacy & Security Protected

VA Loan Calculator – Get a Grasp of Your Monthly Payment

The VA streamline refinance is the quickest, cheapest, and most beneficial type of refinance for veterans who currently have a VA home loan. VA refinance rates are at historic lows. If you are interested in reducing your interest rate and monthly payment, it’s worthwhile to check current VA streamline rates.

The VA streamline is one of the only refinance programs available in 2018 that allow you to qualify without income or bank account verification. It’s available to those with less than perfect credit. It is one of today’s quickest and easiest refinance options.

Check today’s VA streamline refinance rates by completing this quick online form.

Downsizing Your Home

What is a VA Streamline Refinance Loan?

The VA streamline helps veterans lower their mortgage rate and payments. When rates are low like they are now, veterans can refinance into a new loan based on today’s rates, and often reduce their monthly payment quickly and easily.

This loan type, also called the Interest Rate Reduction Refinancing Loan (IRRRL) eliminates many of the roadblocks that hold up applicants on other types of refinances. The VA Streamline is much easier because:

  • No paystubs or W2s are required
  • No bank statements are required
  • No home appraisal is required
  • There is no loan-to-value limitation because no appraisal or value is required.
  • Underwater homes are eligible
  • The required funding fee is lower than for VA purchase loans
  • Closing costs can be wrapped into the new loan, meaning little or no out-of-pocket expenses

Get a VA streamline rate quote here, no obligation.

Why is this loan so easy to obtain? Homeowners with a VA loan are more likely to make payments on time if their payments are lower. It benefits everyone when veterans have affordable mortgage payments.

Current VA Refinance Rates

VA streamline refinance rates are at historic lows. Many Veterans who have purchased or refinanced a VA home loan in the past few years should check today’s VA rates to make sure they have the absolute lowest rate and monthly payment possible.

Click here for a free VA streamline rate quote.

Eligibility

If you’re interested in a VA Streamline (IRRRL) you must currently have a VA loan. Your mortgage professional will pull a Prior Loan Validation from VA’s website to prove current VA loan status. There are some additional requirements.

On-Time Payments

In addition, you are required to have made on-time payments over the past year, with no more than one payment that was 30+ days late in the past 12 months. If you did have a late payment, say, 8 months ago, you may want to wait 4 months before applying.

The VA Streamline Refinance Must Improve Veteran’s Situation

The VA streamline has to put the borrower in a better financial situation. VA lenders may only approve streamline refinances that help the veteran.

The new payments on the VA streamline must be lower than your current payments. There are a few exceptions, like when you:

  • Refinance an adjustable rate mortgage (ARM) to a fixed rate mortgage.
  • Refinance into a shorter term
  • Finance energy efficient improvements into the VA streamline

In all cases except for an ARM refinancing into a fixed rate, the interest rate must decrease.

Estimate how a VA loan could drop your monthly payments.

×
Estimated Monthly Payment

Purchase Price: -

|

Down Payment: -

-

+ See Payment Breakdown
Check My Eligibility

Check VA streamline refinance rates here.

To prove the benefit of the refinance, your lender will provide you with a form stating the interest rate and payment of your current loan compared to the rate and payment of the new loan. The form will also state how long it will take the refinance to pay for itself. For instance, if the refinance will cost you $3000 in closing costs, but you are saving $300 per month, you will make back the cost of the refinance in 10 months. Be sure to review this form to make sure you are receiving an adequate benefit from the refinance. Talk to one of our VA experts to determine your refinance payback time frame.

Occupancy

You must certify that you previously occupied the home that you are refinancing with a VA streamline. Those applying for a VA streamline are more likely to qualify if they currently live in the home.

There are still instances where you may still qualify if you don’t live in the home. For example, if you lived in the home, then relocated and rented it out, you still may be able to apply for a VA streamline. Speak with your lender for more information.

VA Streamline Funding Fee

The VA funding fee is required for most purchase and refinance VA loans to defray the costs of the VA home loan program. In most cases, the VA Streamline funding fee is 0.50% of the new loan amount. This fee can be financed into the loan so that the veteran does not have to pay it at closing of the loan.

Check today’s VA rates.

The fee is waived for veterans who are disabled due to service-related injuries. The VA makes this determination and provides it to the lender.

The 0.50% fee is much less than the 2.15% or 3.3% usually required for purchase or VA cash-out refinance loans.

Subsequent Use

The VA streamline is not viewed as a subsequent use of your VA home loan benefit. You will not incur the 3.3% subsequent use fee because you used the VA streamline refinance program.

Entitlement

This loan does not use any of your VA home loan entitlement, nor do you have to prove remaining entitlement to obtain a VA streamline. Your remaining VA entitlement after a purchase of the home, if any remains, does not change when you obtain a VA streamline.

Loan Terms and VA Streamlines

As discussed previously, your VA loan term may decrease, for instance, from 30 years to 15 years. In this case, it’s OK that your payment increases.

You can also refinance a 15-year loan into a longer-term loan. However, keep in mind that the most your loan term can increase is 10 years. So if you currently have a 15-year term, the longest loan you can refinance into will be 25 years.

Apply for a VA Streamline

Complete a short online form to get a free rate quote and see how much you can save.

I’m Ready to Apply for a VA Streamline. What’s my Next Step?

Call (866) 240-3742 or simply complete our online form for a free, no obligation VA streamline rate quote. Rates are low and it’s a great time to lower your home payment.

Click here to see today’s VA streamline rates.

Select Your State For Lower Rates

 

Source of information on this page: VA Handbook

READY TO SAVE?

Start Here >>>
Reminder
No time to get your rate now?
Sign up for our newsletter and get a
reminder to come back later.