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.
Our advice: Be sure to ask your lender about FHA loans. FHA loans have very competitive interest rates because the loans are insured by the US Federal Government. Even if you have had serious credit problems, such as bankruptcy, it is easier to qualify for an FHA loan than a conventional loan. Also, taking an FIXED rate loan while the interest rates are still low is a smart idea. Check your eligibility here:
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Common misspellings: mortage and morgage