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Picture a refinancing option that is lightning fast, extremely easy to qualify for, and guaranteed by a government agency to benefit YOU! This is exactly what the VA Streamline program does for homeowners. It makes the home loan process easy and safe for veterans.
Going by the official name IRRRL, or Interest Rate Reduction Refinancing Loan, this incredible loan program was introduced by the VA as a way to keep veterans in better mortgages. It is available to anyone with a current VA mortgage. What makes this loan so amazing is that as long as you have kept on top of your monthly mortgage payments and have not had any more than one reported 30-day late payment on your loan in the last twelve months, then you are most likely eligible to LOWER YOUR INTEREST RATE without having to re-qualify!
Streamlines are used primarily by veteran homeowners that want to get out of their current Adjustable Rate Mortgage or Variable mortgage that will be adjusting to a higher rate soon, or by a homeowner that sees an opportunity to lower their current fixed rate mortgage to a new rate and thus lower his or her monthly mortgage payments. A few of the benefits of the VA Streamline Program are:
No Appraisal needed
No income or employment verification
Credit score doesn't matter
Possibly skip 2 mortgage payments
Get a cash refund of any escrow balance with current lender
Get a Lower Interest Rate
Get a lower monthly payment
No out of pocket costs
If you are in a VA Mortgage it would be wise to consult a VA loan specialist in regards to whether or not there is a benefit for you in the VA Streamline Program.
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