If you are a Veteran and have a VA loan, the best way to lower your interest rate is the VA streamline refinance program. This program is also called the VA IRRRL (Interest Rate Reduction Refinance Loan) and is similar to the FHA streamline refinance.
VA Streamline Refinance: VA Lenders
The VA streamline refinance program is not handled by the VA, it is done through VA approved lenders. One of the most popular lenders for the VA streamline refinance program is VAMortgageCenter.com and they have helped thousands of Veterans with their VA streamline refinance.
VA Streamline Refinance Important Facts
- The VA streamline refinance is fairly simple when compared to qualifying for a VA loan.
- The VA does not require an appraisal, credit information, or underwriting, but your VA approved lender may require these.
- It is possible to roll your closing costs into your VA streamline refinance – meaning you will be required to bring zero money to closing.
- With the VA streamline, your new monthly payment must be lower than the previous loan’s monthly payment, unless you are refinancing an adjustable rate mortgage or the new loan term is less than the old one.
- Your new interest rate must be lower than the interest rate you had with your previous loan. /li>
- The VA streamline allows for a fixed rate or variable rate mortgage.
- With the VA streamline, you can finance energy efficient improvements into your loan, up to $6000.
- No cash out is allowed with the VA streamline refinance.
- You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the past 12 months.
