va streamline refinance
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VA Streamline Refinance
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VA Streamline Refinance:AKA The VA IRRRL Program
If you currently have a VA loan and arelooking to save money on your monthlymortgage payment by lowering your interestrate, the VA streamline refinance program isworth learning more about.
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The VA streamline refinance is the most popularrefinance program for Veterans who currently have aVA loan because it allows you to get a lower interestrate with the least possible hassle. Many VA approvedlenders will offer the benefits of:
no credit verification may be necessary
no appraisal required
Streamline refinance a primary residence (as long as
you can certify that you previously owned the property)
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The VA IRRRL program is one of themost beneficial refinance programsoffered to Veterans and Militaryservice members today, includingsome of the most competitive rates.
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VA Streamline RefinanceQualifications
In order to qualify for a VA streamline refinance,you must meet the following requirements:
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Up-to-date on your mortgage payments without
exceeding a one 30-day late pay within the past 12
months.
The new VA monthly mortgage payment must be lower
compared with the original VA mortgage payments prior
to the refinance (this would usually pertain to switching
from an ARM to a Fixed-Rate Mortgage).
You can not expect to receive any cash from the refinance
but only to save.
The property in which you choose to refinance must be
the one that you previously uses your VA entitlement for.
(You may see this referred to as a VA-to-VA refinance.)
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The VA streamline refinance isalso known as the VA IRRRLprogram (which stands forInterest Rate Reduction RefinanceLoan) and they are the exactsame program – just referred toby two different names.
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VA Streamline IRRRLGeneral facts and
Guidelines
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Some simple facts and general guidelines about the VAstreamline refinance program include:
The VA streamline has less documentation than a
full refinance and many times the lender can
close faster with less documentation than a full
refinance.
Many lenders can do a VA streamline without
requiring an appraisal. The VA does not require an
appraisal, credit information, or underwriting, but
your some VA approved lenders may require
some or all of these items.
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It is possible to roll all closing costs and fees into the
new loan when doing a VA streamline.
One rule for the VA streamline is that the new monthly
payment must be lower than the previous loan’s
monthly payment. One exception to this rule is when
you are refinancing an adjustable rate mortgage or
the new loan term is less than the old one.
Your new interest rate must have a lower interest rate
than the previous loan. An exception is if you are
refinancing from an adjustable rate loan.
VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
With the VA streamline program, your new loan can be
a fixed rate or adjustable rate loan.
A VA funding fee is usually required.
The VA streamline program allows for energy efficient
improvements can be refinanced into the loan.
Your monthly mortgage payment may increase if you
finance energy efficient home improvements, finance
your closing costs including the funding fees, finance
points, or get a higher interest rate if you move to a
fixed rate loan.
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The VA streamline program does not allow you to
receive any cash out at the loan closing.
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.
These are just the highlights of the VA streamline loan.Many people have questions about the VA streamlineloan, so here are a few of the more frequently askedquestions.
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VA StreamlineRefinance
Frequently AskedQuestions
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Does the VA set interest rates for VA loans (and the VAstreamline program)?
No. The VA does not set or control interest rates for theVA loan programs. Further, the VA is not a lender, so
they also do not lend you money. VA approved lendersare the ones who actually lend you the money and theinterest rates for VA loans are not set as only one rate
for everyone – each lender will have a different interestrate that is set by the market.
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Does the VA streamline refinance program requirea credit check and/or an appraisal?
The VA itself does not require an appraisal or creditcheck when doing a VA streamline, but that doesn’tmean that a lender will not require it. Requirements
for appraisals and credit checks will vary by lender –which is just one more reason to shop around when
thinking about getting a VA loan.
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Do I have to use my current lender to do a VAstreamline?
Many people hear about the VA streamline programthrough their current lender and assume that the only
way to go through the program is through theircurrent lender. False! With the VA streamline, you canuse any VA approved lender – which is why it makesall the sense in the world to shop around for the bestdeal. You might be surprised to see how much you
can save just by making a few phone calls or asking afew lenders for a quote.
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Can I do a HARP refinance with the VA streamline?
The HARP program is for people who are currently ina loan that is owned by Fannie Mae or Freddie Mac.In short, if you are in a VA loan you are not going to
be eligible for HARP and if you are eligible for HARPthen you aren’t going to be eligible for the VA
streamline. Although the two programs are similar –they are not identical and each has its own
guidelines.
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Can I get cash back or cash out?
Generally speaking, no. The program is designed to helpVA homeowners lower their rate with the least amount
of paperwork possible and not to provide any cash backfrom the equity in their home. That said, occasionally
there will be an overage when you go through thetransaction and sometimes you may receive a smallamount of money at closing or shortly after – but the
amount shouldn’t be more than $500.
VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
Does the VA streamline program require anappraisal?
Whether or not you will be required to get an appraisaldepends on the lender you are working with. Some
lenders will require an appraisal, some will not – whichis just one of the reasons that you will want to shop
around for the best deal possible. If you are in asituation where you owe more than your house isworth, then you will want to do a VA streamline
without appraisal and find a lender who can help youget it done.
VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
Who are the biggest VA streamline lenders?
The biggest VA streamline lenders are the banks that youknow of and trust – Wells Fargo, Quicken Loans, Citibank,Chase are just a few of the biggest VA lenders. One VAlender that many people don’t know of is Veterans United –just like the big banks, they are a great VA lender. The realquestion probably isn’t who the BIGGEST bank is, but whothe RIGHT bank is for your situation. Not every bank willhave the same product mix and although rates are usuallyclose, you can reasonably expect one bank to have betterrates than the others on any given day. Rates aren’t the onlything – there is also service. How well your loan officercommunicates, how knowledgeable they are about theguidelines and how fast the lenders turn times are probablyjust as important as who has the lowest advertised rate.
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Get Approved For a VA Loan TodayOur VA approved lenders are standing by to giveyou a free rate quote on the VA streamlineprogram. Shopping lenders is the easiest way tomake sure you are getting the best deal on yourrefinance because getting written quotes fromapproved VA lenders can help you easilycompare. Shopping lenders and getting multiplequotes is one of the single best things you can doto get the best possible deal from the right lenderwhen refinancing.
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C L I C K H E R E
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Justin McHood is Americas MortgageCommentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:Justin McHood
Mortgage Commentator
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