02 Dec 08 VA Streamline Refinance Loans
If you presently have a VA mortgage and are seeking to reduce your interest rate, then you should consider a VA streamline refinance. The VA Department of Affairs refers to this loan program also the IRRRL, but most mortgage professionals call it the VA streamline. Veterans continue to praise this refinance loan because the process is much faster than most traditional refinance mortgages. Like the purchase VA home loan, the streamline enables Vets to borrow 100%.
There are a few restrictions with the VA streamline loans. First of all you must already have a VA mortgage. You are not allowed to do a streamline with a conventional mortgage. Second, you can only do a rate and term refinance loan, when streamlining. Cash out transactions are not permitted with the VA streamline.
VA Streamline Benefits:
- Nothing-Out of-Pocket (no lending fees paid upfront)
- Reduced Income Documentation
- No Minimum Credit Scores
- No Appraisal Costs.
- No Mortgage Insurance
