VA Streamline
What is it and how can I use it?
VA Streamline Mortgages (IRRRL) are often used by veteran homeowners that want to refinance into a fixed rate from their Adjustable Rate Mortgage or Variable Mortgage before it adjusts, and by veterans who see an opportunity to lower the interest payment on their fixed rate mortgage by getting a VA Streamline. A few of the amazing and exciting benefits of the VA Streamline Refinance Program are:
- No Appraisal needed
- No income or employment verification
- No asset verification
- Credit score doesn't matter
- Possibly skip 2 mortgage payments
- Get a cash refund of any escrow balance with current lender
- Get up to $500 cash at closing
- No out of pocket costs!
Going by the official name IRRRL, or Interest Rate Reduction Refinancing Loan, this incredible new loan VA Streamline refinance program was recently introduced by the VA as a way to keep veterans in better mortgages. It is available to anyone with a current VA mortgage Loan. What makes this VA Streamline loan so amazing is that as long as you have kept on top of your monthly home mortgage payments and have not had any more than 2 reported 30-day late on your VA loan in the last 12 months, then you are most likely eligible to obtain a VA Streamline and LOWER YOUR INTEREST RATE without having to re-qualify!
