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What Is A VA Streamline?
First it is important to understand the VA Home Loan. This loan program was designed specifically for military active duty, veterans, reservists, national guard and the families to help them buy a home. These loans are issued by approved VA lenders and are guaranteed by the government.
THe VA Streamline programs is a common loan backed by the VA. It is also known as an Interest Rate Reduction Refinance Loan or to make it short and sweet, IRRRL. The IRRRL program is designed to help those who already have a loan and want to refinance and reduce their interest rate.
How Does The VA Loan Work?
A VA loan is for all military active duty, veterans, reservists, national guard and the families of the above. It helps those people who have a qualifying credit score and income to help them purchase a home without a down payment. The VA loan is very popular because it has flexible requirements, no private mortgage insurance aka PMI and competitive interest rates.
Qualification To Receive A VA Loan:
In order to qualify for a VA Home loan, the veteran must have served at least 181 days during peacetime, 90 during war time or 6 years in the reserve or national guard. If you are a spouse of a service member who was KIA or in the line of duty, you may also qualify for a VA home loan. Most active duty and honorably discharged service members qualify for a VA home Loan or the IRRRL program.
Now that you understand the VA loans, you can now learn about the VA Streamline loan.
VA Streamline/IRRRL
The VA Streamline or IRRRL is designed to help you refinance your current mortgage interest rate to a lower interest rate. It is so easy to use so it makes it a very popular choice for Veterans.
Once you are approved for the VA loan, it is easy to lower your interest rate and save a lot of money. In some instances you can complete the loan within a month.
The closing costs from the VA Refinance Loan can be utilized into the cost of the loan which lets veterans refinance with no down payment and out of pocket expenses.
How to Meet the VA Streamline Requirements:
You must be up to date on your current mortgage with no more than one 30 day late payment within the past year
The new monthly payment for the IRRRL must be lower than your monthly payment
You cannot receive cash from the IRRRL
You have to have proof that you are occupying the property
You must have used your VA loan eligibility on the property you intended to refinance
Recap:
A VA Streamline Refinance are loans which belong to a program designed for veterans. This program is very flexible and lenient with interest rates.
2. What Is A VA Streamline?
First it is important to understand the VA
Home Loan. This loan program was designed
specifically for military active duty,
veterans, reservists, national guard and
the families to help them buy a home. These
loans are issued by approved VA lenders and
are guaranteed by the government.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
3. THe VA Streamline programs is a
common loan backed by the VA. It is also
known as an Interest Rate Reduction
Refinance Loan or to make it short and
sweet, IRRRL. The IRRRL program is
designed to help those who already
have a loan and want to refinance and
reduce their interest rate.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
4. How Does The VA Loan Work?
A VA loan is for all military active duty,
veterans, reservists, national guard and
the families of the above. It helps those
people who have a qualifying credit score
and income to help them purchase a home
without a down payment. The VA loan is
very popular because it has flexible
requirements, no private mortgage
insurance aka PMI and competitive interest
rates.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
5. Qualification To Receive A VA Loan:
In order to qualify for a VA Home loan, the
veteran must have served at least 181 days
during peacetime, 90 during war time or 6
years in the reserve or national guard. If
you are a spouse of a service member who
was KIA or in the line of duty, you may also
qualify for a VA home loan. Most active
duty and honorably discharged service
members qualify for a VA home Loan or the
IRRRL program.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
6. Now that you
understand the VA
loans, you can now
learn about the VA
Streamline loan.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
7. VA Streamline/IRRRL
The VA Streamline or IRRRL is designed to
help you refinance your current mortgage
interest rate to a lower interest rate. It
is so easy to use so it makes it a very
popular choice for Veterans. Once you are
approved for the VA loan, it is easy to
lower your interest rate and save a lot of
money. In some instances you can complete
the loan within a month.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
8. The closing costs from the VA
Refinance Loan can be utilized into
the cost of the loan which lets
veterans refinance with no down
payment and out of pocket expenses.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
9. How to Meet the VA
Streamline
Requirements:
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10. You must be up to date on
your current mortgage
with no more than one 30
day late payment within
the past year
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LENDER HOTLINE: 888-581-5008
11. The new monthly
payment for the IRRRL
must be lower than your
monthly payment
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LENDER HOTLINE: 888-581-5008
12. You cannot receive cash
from the IRRRL
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13. You have to have proof that
you are occupying the
property
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14. You must have used your VA
loan eligibility on the
property you intended to
refinance
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
15. Recap
A VA Streamline Refinance are loans
which belong to a program designed
for veterans. This program is very
flexible and lenient with interest
rates.
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16. T O L E A R N M O R E
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C L IC K HE R E
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17. Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:
Justin McHood
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