The Veteran's Administration has created an Interest Rate Reduction Loan program called the Streamline Refinance. This
provides a way for current VA homeowners to lower their interest rate with little or no out-of-pocket costs. These
loans can also be made faster and with less documentation than a typical loan.
VA rates as low as 5.00%
No Credit Check or Income Verification
Basically, No Qualifying
No Face-to-Face Application either
An Interest Rate Reduction Loan or Streamline Refinance allows you to refinance your current
mortgage interest rate to a lower rate than you are currently paying. This is only available to veterans who are refinancing
their original VA mortgage and utilized their original eligibility.
"No Cost" Streamlines let you refinance your mortgage
with no out-of-pocket expenses. One option is to let the lender pay the costs in exchange for a higher interest rate. Another
option that lets you obtain market rates is to roll the closing costs into the new loan.
- No assumptions are allowed.
- The veteran cannot receive any cash back.
- VA does not require an appraisal, any income or employment verifications, no credit report and no termite report, yet
the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing.
- Any other liens must be subordinated to the VA loan.
- This loan can be done with "no out of pocket money" by including all costs in the new loan or by making the new loan at
an interest rate high enough to enable the lender to pay the costs.