Question:
How about some info on the VA streamline refinance program?
Answer:The VA streamline refinance program is known as the VA IRRL - interest rate reduction loan. With it, VA loan holders are able to lower their rates without having to qualify again.
Features of the VA Streamline Refinance Program
- The eligible borrower needs to be current on the VA mortgage with no more than a single 30-day late payment for the last year.
- House valuation and income documentation are waived and employment is not verified.
- A funding fee is included in the loan as a charge of 0.5%; closing costs are rolled into the loan as well. Eligible VA borrowers are exempt of the funding fee.
- Up to $6,000 can be added to the loan for energy efficient improvements.
- Escrow funds can be refunded and you can skip two mortgage payments.
- Cash-out is not allowed with the VA streamline refinance program. A separate VA cash-out refinance program is available.
- Second mortgages are not included in the VA streamline refinance program.
- Assumptions are not allowed.
- Application in person is not required.
Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Was this Mortgage QnA helpful?
| Not at all | Definitely |
Add to this Answer
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
Bookmark and share this QnA:
Common misspellings: mortage and morgage