Veterans who have served our country and who are continuing to serve deserve more than just recognition. One benefit the VA offers to veterans is a VA home loan. This loan helps veterans get into a mortgage with low rates, and easily qualifications.
VA Home Loan Benefits
One of the best options for refinancing a home loan is the FHA streamline loan refinance. But did you know that the Veteran’s Administration also offers a streamline home refinance? This particular loan allows veterans who already have a VA home loan to quickly and easily refinance to a lower rate. The VA streamline loan, also commonly known as the VA IRRRL (Interest Rate Reduction Refinancing Loan) requires much less paperwork than a traditional home refinance would. Here are some of the requirements and benefits of the VA streamline loan;
- Your current home loan must be a VA loan and it must be current
- The VA and the VA streamline loan does not require a home appraisal or income documentation, although many lenders are requiring appraisals.
- In some cases, the veteran can defer up to 2 monthly mortgage payments. This means you can use that money to pay off other bills and other financial obligations.
- The VA does not require a minimum credit score for the VA streamline loan, but most VA lenders will require a credit score of at least 620.
- The VA streamline loan requires that you are not delinquent on making your mortgage payments. In most cases, the veteran cannot have a 30-day late payment in the last 12 months.
- There are no out-of-pocket costs with the VA streamline loan. All fees and closing costs can be financed into the new mortgage.
- There is no cash out at closing for this type of refinance.
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VA Streamline Refinance Option
One of the great things about the VA streamline loan is that it allows the veteran to refinance to a lower interest rate, change their loan terms and lower their payment without having to re-qualify. The VA home loan program offers an easy refinance program. According to the VA a veteran doesn’t require an appraisal or credit check in order to refinance. The VA offers many benefits that other home loan programs don’t. Keep in mind each lender will have their own set of requirements for qualifications.
In order to complete your VA home loan or VA streamline refinance you’ll need a VA qualified lender. Each lender will have different rules and qualifying requirements so it’s important to shop around to many different lenders and compare each lender’s offer before selecting which lender to use. You can start your lender search today, right here. Click the link below and within minutes you’ll be matched with a qualified VA lender eager to help you with your VA home loan and answer any questions you may have.