A VA Streamline Refinance is also known as Interest Rate Reduction Loan (IRRL) or Veterans Home Loan (VHL). As its name suggests, VA Streamline Refinance is program for military veterans with existing home loans to have a significant reduction on their interest rates. This is a quick and simple way to lower a current VA loan, or a conventional loan, that could save a single monthly payment. This move was made by the government as an aid in the ailing economy. See current VA loan rates.
The Best Refinance Option For Veterans
The VA Streamline Refinance is by far the best mortgage refinance loan on the market. Nothing comes close to this refinance program if efficiency is to be considered. It is one of the government programs that can be pushed through in a short span of time.
It is a government-backed mortgage that offers active duty and prior-service veterans and their spouses (not remarried), the chance to refinance their current VA Loan at a lower interest rate. It allows military Veterans who are currently in a VA loan to refinance with less income documentation, job verification or home appraisal. The Streamline refinance also helps to ease this transition period by allowing the borrower to forego 2 loan payments on their home. The streamline refinance also allows the escrow account to be refunded after 30 days of closing.
The Federal Reserve had enough funds buying loans where Veterans could get much cheaper rate than its previous loan. This is a big opportunity to refinance an existing VA loan to much lower interest rate.
VA Streamline Details
Here are a few more details about VA Streamline Refinance:
- VA streamline refinance allows you refinance your home current without the closing costs.
- The VA requires no appraisal
- Credit qualifying is not required.
- The mortgage you have now must be current and
- Only 1 30 day late mortgage payment within the last 12 months is allowed.
- No VA employment verification.
- See How To Get a Copy of Your DD-214 to see what you will need to apply to get a VA mortgage.