VA Streamline Refinance
If you currently hold a VA mortgage, you may be eligible for the VA's Interest Rate Reduction Loan, or Streamline Refinance, program. This program was create by the VA to help veterans lower their mortgage interest rate while avoiding the expense and paperwork of a traditional refinance.
The VA Streamline Refinance program is just about the best refinance deal on the market today. If you currently have an adjustable rate VA mortgage, the Streamline Refinance program allows you to easily refinance it into a permanent, low fixed-rate. If you already have a fixed-rate VA loan, refinancing into a lower rate through the Streamline program may allow you to save a hundred dollars or more on your current monthly mortgage payment. In addition to reducing your interest rate, the VA Streamline program even allows you to rollover $6000 into the loan amount for energy efficient home improvements.
Under the VA Streamline Refinance program, you can avoid many of the hassles associated with refinancing. The VA Streamline Refinance program does not require:
- Credit Checks
- Appraisals
- Income Verification
- Employment Verification
- Termite Inspections
"No Cost" Streamlines also let you refinance your mortgage with no out-of-pocket expenses. You may opt to let the lender pay the closing costs in exchange for a higher interest rate. If you would prefer to pay a lower rate, you can opt to roll the closing costs into the new loan.
A VA Streamline Refinance is only available to veterans who are refinancing their original VA mortgage. You must have made your mortgage payment on time for the past 12 months, and must be current at the time of application to qualify. A VA Streamline is a rate and/or term reduction program only and does not provide for consolidating debt and/or cash out. Finally, no assumptions are allowed, and any other liens on your home must be subordinate to the VA loan.
If you think you would benefit from the VA Streamline Refinance program, we urge you to call us today to discuss the options available to you.