VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008 Can I still utilize the VA Streamline Refinance option if my current home loan is “underwater”? Absolutely, The VA Streamline doesn’t require an appraisal, meaning there isn’t a value established for the property you are refinancing. This loan is based off your existing loan not the current value of your home. Do lenders have different rules and guidelines for using the VA Streamline? Yes, unfortunately. Most lenders have additional guidelines on top of what the VA requires. It’s a good idea to shop around for a lender who offers options that best meet your preferences. Always compare lenders to find the best option for you. For example, the VA may not require an appraisal or even your credit report to get you qualified, but majority of lenders do require a credit report, and many even require an appraisal for a VA streamline. It all depends on the lender you choose. Will I need my Certificate of Eligibility for a VA streamline? Nope. Your Certificate of Eligibility or COE is only needed when you use a VA home loan program to purchase a home, but not when using a VA streamline refinance. Basically, since you already have a VA loan, most lenders will request a validation in lieu of a COE. Can I add or remove someone from the mortgage with a VA Streamline? Yes and no, in some cases parties can be added or removed. The rule of thumb is, that the veteran who was eligible for the original loan must remain on the loan. The only exception to this is when a spouse and veteran are on the existing loan and the veteran passes away. In this case, the surviving spouse may be eligible to refinance with a VA streamline. What if using the VA streamline refinance raises my payment? The payment could increase in some cases, however it’s very rare that it will raise higher than 25%. Your lender could request your income documentation, but the payment should not raise that high because of the following factors; ARM to Fixed Rate-Because a fixed rate mortgage will usually have higher interest rates than an adjustable rate mortgage also known as ARMs, your payment may raise. In some cases, your rate and payment could possibly go down if your ARM interest rate is higher than today’s lower fixed rates. Shorter Terms-The VA streamline refinance allows a borrower to refinance from a 30 year loan into a shorter term loan. In this case, it’s OK for your payment to go up as long as your interest rate goes down. Since shorter term loans are meant to be paid off faster, payments are usually bigger than loans with longer terms.

1. VA Streamline
VASTREAMLINEREFINANCE.COM
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

2. Can I still utilize the VA
Streamline Refinance option
if my current home loan is
“underwater”?
Q:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

3. Absolutely, The VA Streamline
doesn’t require an appraisal,
meaning there isn’t a value
established for the property you
are refinancing. This loan is based
off your existing loan not the
current value of your home.
A:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

4. Do lenders have different
rules and guidelines for
using the VA Streamline?
Q:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

5. Yes, unfortunately. Most lenders
have additional guidelines on top
of what the VA requires. It’s a good
idea to shop around for a lender
who offers options that best meet
your preferences. Always compare
lenders to find the best option for
you.
A:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

6. For example, the VA may not
require an appraisal or even your
credit report to get you qualified,
but majority of lenders do require a
credit report, and many even
require an appraisal for a VA
streamline. It all depends on the
lender you choose.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

7. Will I need my
Certificate of Eligibility
for a VA streamline?
Q:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

8. A:
Nope. Your Certificate of Eligibility
or COE is only needed when you
use a VA home loan program to
purchase a home, but not when
using a VA streamline refinance.
Basically, since you already have a
VA loan, most lenders will request
a validation in lieu of a COE.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

9. Can I add or remove
someone from the mortgage
with a VA Streamline?
Q:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

10. Yes and no, in some cases parties can be
added or removed. The rule of thumb is,
that the veteran who was eligible for the
original loan must remain on the loan.
The only exception to this is when a
spouse and veteran are on the existing
loan and the veteran passes away. In this
case, the surviving spouse may be eligible
to refinance with a VA streamline.
A:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

11. Q:
What if using the VA
streamline refinance
raises my payment?
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

12. A:
The payment could increase in
some cases, however it’s very rare
that it will raise higher than 25%.
Your lender could request your
income documentation, but the
payment should not raise that
high because of the following
factors;
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

13. ARM to Fixed Rate-Because a fixed rate
mortgage will usually have higher
interest rates than an adjustable rate
mortgage also known as ARMs, your
payment may raise. In some cases, your
rate and payment could possibly go
down if your ARM interest rate is
higher than today’s lower fixed rates.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

14. Shorter Terms-The VA streamline
refinance allows a borrower to
refinance from a 30 year loan into a
shorter term loan. In this case, it’s OK
for your payment to go up as long as
your interest rate goes down. Since
shorter term loans are meant to be
paid off faster, payments are usually
bigger than loans with longer terms.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

15. Energy Efficient Improvements-
Another benefit to the VA
streamline refinance program is,
it allows home owners to finance
up to six grand to put towards
energy efficient improvements
and upgrades to their home.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

16. Examples of energy efficient
improvements are; programmable
thermostats, solar heating, and
caulking or weather stripping.
Sometimes, you may receive cash
at closing of a VA streamline
instead of energy-efficient items.
Check with your lender for details.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

17. What if I have a Second
mortgage?
Q:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

18. Second mortgages on VA loans
are usually pretty rare, since a
VA loan doesn’t require a down
payment, which means there’s
not enough equity that exists to
be able to obtain a second
mortgage.
A:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

19. T O L E A R N M O R E
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
C L IC K HE R E
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

20. Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:
Justin McHood
Mortgage commentator
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LENDER HOTLINE: 888-581-5008

21. LEARN MORE ABOUT MORTGAGE COMMENTATOR:
MORTGAGECOMMENTATOR.COM
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