VA Streamline Refinance

A VA Streamline Refinance is similar to the FHA Streamline Refinance. It is sometimes known as an interest rate reduction loan because of the money you can save by lowering your monthly interest rates.

It was created by the V.A. in an effort help our veterans secure the lowest interest rate possible. This VA loan process is done quickly, with minimal hassle so our veterans can save immediately.

Veterans who have served active duty and a honorable discharge after a minimum of 90 days of service during war, or 181 during a time of peace are defined as eligible.

Any veteran as defined above, who has a VA home loan in good standing is eligible for this program.

The VA guarantees up to 25% of a home loan, with a maximum of $104,250.

It is called a Streamline Refinance for the way that the process is done. It is fast, quick, easy and requires no new paperwork. Hence, the Streamline name. In some instances it can be done in 10 days! This program is perfect for Veterans trying to save money on their mortgage and secure the lowest interest rates we have seen in years!

Points to consider about a VA Streamline Refinance
• While the VA does not require certain things such as income or employment verification, credit report, termite report or an appraisal as other lenders would, Your mortgage must have been paid for the past year and be current.
• You can do the loan by including all costs in the new loan, or making the interest rates high enough for the lender to pay the costs. This is why they say the loan can be done with No out of pocket money.
• The veteran can not receive cash back.
• Any other liens the veteran may have must be secondary to the VA loan.
• You can skip up to two monthly payments
• You can finance energy efficiency improvements

The qualifications for a VA Streamline Refinance have never been easier. The government wanted an easy way for our veterans to be able to achieve a refinance quickly and easily. While there are a few restrictions to qualify for the refinance, most all who are eligible can receive there va refinance in as little as 25 days. Below is a list of the most common qualifications.

1. You must first be an eligible veteran of the United States Military which is defined as those who have served active duty and had a honorable discharge after a minimum of 90 days of service during times of war, or someone who has served 181 days in times of peace.
2. In order to qualify for a VA Streamline Refinance, you have to have an original VA home loan
3. You can not have any mortgage payments that are over 30 days late in the last 12 months.
4. You need to be in decent standing regarding your credit.
5. You will have to have a Certificate of Eligibility, to do this you have to complete VA form 26-1880.
6. Most importantly you must be ready to save thousands on your VA Mortgage payment!

Don't have a VA Loan? Read more about a FHA Streamline Refinance or Conventional Streamline Refinance.