VA Streamline Refinance

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.
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  • Tim

    What is the current VA Streamline rate?

  • Larry Good

    I am currently pursuing a VA Streamline Refinance through Flagship Financial Group. They have offered me a fixed rate of 4.25% on a current mortgage balance of $412,000 for 30 yrs. My current interest rate is 5%. What interest rate is available through your office?

  • http://www.debtkid.com/va-streamline-refinace Leonard Robins

    I would like very much to lower my interest rate which is currently at 5.5%. My orginal loan was $625,000 which I have paid on for over 2 years now. My present balance is around $608.000. I have never been late on my mortgage. Any assistance I can get to lower my rate and monthly payment will definitely be appreicated. Thanks!

    Leonard

  • Jim

    This VA Streamline is not as easy as every mortgage company states….Although the VA isn’t requiring an appraisal, EVERY mortgage company I’ve spoken with is stating an appraisal is necessary by the lender. So the Catch-22 is, if your house gets a low-ball appraisal, no company will touch you for a VA Streamline or any other mortgage.

    My wife and I have credit scores of 770+, investments, low debt-to-income ratio, and good jobs (federal worker and teacher)….however, because of 1 low ball appraisal, we can’t get out of our current mortgage rate of 6.5%. Any suggestions?

  • http://www.financialcrisisnet.org/ Patricia

    VA Streamline Refinance, also known as Interest Rate Reduction Loan (IRRL) or Veterans Home Loan (VHL)seems to offer a significant reduction on people’s interest rates, from what I’ve learnt from their site, but the issue is, as Jim mentioned, that these types of refinances are harder and harder to obtain.