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The VA Streamline Refinance Basics:

Who qualifies for a VA Streamline Refinance Mortgage also referred to as the Interest Rate Reduction Loan (IRRL)?

Financing for eligible VA loan customers whom are service members with a valid DD 214. This may include qualified veterans, reservists, active duty personnel, or eligible family members.

What paperwork is required for a VA Refinance Mortgage when it is streamlined?

Since the streamline refinance (IRRL) usually does not require income debt ratios it regularly  does not require documentation of income and assets. The loan also tends to disregard the majority of credit issues. Although, there a very basic credit check to verify mortgage payment history. The streamline does require that the last 12 months of payments have been made on time. There is usually only some basic documents needed. You may need to provide job information, current VA home loan information and license/military ID. There may also be some other minor documents but one of the main benefits of a streamline is the massively reduced paperwork.

Know the NO(s) of a VA Streamline Refinance.

NO out-of-pocket expenses. Many cost that arise can be rolled into the streamline refinance.

NO full credit checks and NO income verification required if you current have a VA loan and desiring to refinance into a lower rate or change the mortgage’s term. It is recommended that you a general credit score of above 600.

Reduced PMI (Private Mortgage Insurance) when you streamline refinance a VA home loan.  There is also only a 0.5 funding fee which is rolled into the loan.

In order to qualify for a VA streamline refinance a loan must have a rate reduction. This means that you can only streamline your VA home loan if you are reducing the interest rate on the current loan. If you desire to take cash out or your rate goes up then you must do a standard VA refinance. Standard VA refinance mortgages will require income and assets to be verified. In addition, you may be required to provide additional documentation.

You may not have to have an appraisal as it is generally not required for a VA streamline refinance.

Welcome to VA Streamline Refinances, our team has been assisting VA homeowners with VA streamline refinances for over 15 years and we are ready to serve you.

Once you request you will be contacted by a skilled VA loan consultant.

They can answer questions and tell you the loan options available to meet your needs.

What is a Streamline (IRRL)?

Step 1:Simply complete the simple online VA streamline refinance rate quote request form.
Step 2: Once you complete the VA streamline refinance request form you will be contacted by a licensed VA approved loan officer.
Step 3: Once you learn your VA refinance options you can weigh them and decide wether or not the streamline is right for you.
Start Your Streamline Request: Click Here.Ready to serve those that have served us.

VA Interest rate reduction refinance loan

VA Loan Certificate of Eligibility, DD215

When to refinance your VA home loan

Streamline Quote Purchase Quote VA Refinance

The VA Standard Refinance Basics:

Who qualifies for a VA Refinance Mortgage?

Do you currently have a home with a VA loan or have a home and own it free and clear but are VA Eligible? Then you maybe able to do a standard VA refinance.

What paperwork is required for a VA Refinance Mortgage ?

The Standard VA refinance requires underwriting guidelines that will review income/debt ratios, credit, assets and the home’s value. The typical documentation will be two months bank statements, two months of pay stubs, full VA appraisal and additional supporting documentation.

There is no established credit score minimums but banks/lenders may add ‘overlays’ (overlays are additional guidelines).

Typically, a VA eligible borrower may refinance and ‘cash out’ to pay off debts, get cash in hand and/or do home remodeling. Loan amounts may go up-to 100% of the home’s value.

Which VA refinance is right for you? Select a loan type below and discuss all your available options with a VA approved, Federal and State Licensed Lender.