VA Loan News Updates!
Recent News Updates
January 8th, 2008
Conventional Loan
February 2nd, 2008
Late Payment History
March 3rd, 2008
Investment Property Loans
April 15th, 2008
Debt to Income Ratio
VA Streamline Refinance
In an effort to help veterans secure the lowest fixed interest rate available, the VA started an Interest Rate Reduction Loan program called the Streamline Refinance (IRRRL). This loan option is a way for current VA homeowners to lower their interest rate with very little or no out-of-pocket costs. These refinance loans are done with very little effort and can help veterans start saving immediately.
An Interest Rate Reduction Loan, or VA Streamline Refinance, allows you to refinance your current mortgage to a lower interest rate. This is only available to veterans who used their VA eligibility when initially purchasing their house. "No Cost" Streamline loans let you refinance your mortgage with no out-of-pocket expenses. There are two different ways a lender can help you with a VA refinance. One is that you take a slightly higher interest rate and the lender picks up all costs. The other option is to get the lowest possible interest rate available and just roll in the leftover fees involved.
VA streamline refinance bullet points:
No appraisal is ever required.
Regular underwriting process does not apply. You will not need to send in bank statements, W2s, job verification, paychecks, etc.
The veteran cannot receive any cash at closing, but you can roll in any costs involved.
You can arrange your VA refinance to be completed with no out-of-pocket expenses. All closing cost and pre-paids can be rolled into the new loan amount.
You must be current on your existing VA home loan and not have had more than one
30-day late mortgage payment within the last 12 months.
Skip up to two monthly payments.
You receive your old escrow account balance back from previous lender.
You can finance Energy Efficient Improvements.
Get a free Purchase Loan Quote Today!
Mortgage Industry News Feed
Other Useful sites:
Official VA Streamline Refinance Information
Refinancing in declining market
VArefinance.com is NOT affiliated with any government agencies,
including the VA.
We
may share customer information with our trusted affiliates to assist you with
your VA refinance loan.
Copyright (c) 2008 www.varefinance.com. All rights reserved.