VA Streamline Refinance

VA Streamline Refinance

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VA Streamline Refinance:AKA The VA IRRRL Program

If you currently have a VA loan and arelooking to save money on your monthlymortgage payment by lowering your interestrate, the VA streamline refinance program isworth learning more about.



The VA streamline refinance is the most popularrefinance program for Veterans who currently have aVA loan because it allows you to get a lower interestrate with the least possible hassle. Many VA approvedlenders will offer the benefits of:

no credit verification may be necessary

no appraisal required

Streamline refinance a primary residence (as long as

you can certify that you previously owned the property)



The VA IRRRL program is one of themost beneficial refinance programsoffered to Veterans and Militaryservice members today, includingsome of the most competitive rates.



VA Streamline RefinanceQualifications

In order to qualify for a VA streamline refinance,you must meet the following requirements:



Up-to-date on your mortgage payments without

exceeding a one 30-day late pay within the past 12

months.

The new VA monthly mortgage payment must be lower

compared with the original VA mortgage payments prior

to the refinance (this would usually pertain to switching

from an ARM to a Fixed-Rate Mortgage).

You can not expect to receive any cash from the refinance

but only to save.

The property in which you choose to refinance must be

the one that you previously uses your VA entitlement for.

(You may see this referred to as a VA-to-VA refinance.)



The VA streamline refinance isalso known as the VA IRRRLprogram (which stands forInterest Rate Reduction RefinanceLoan) and they are the exactsame program – just referred toby two different names.



VA Streamline IRRRLGeneral facts and

Guidelines



Some simple facts and general guidelines about the VAstreamline refinance program include:

The VA streamline has less documentation than a

full refinance and many times the lender can

close faster with less documentation than a full

refinance.

Many lenders can do a VA streamline without

requiring an appraisal. The VA does not require an

appraisal, credit information, or underwriting, but

your some VA approved lenders may require

some or all of these items.



It is possible to roll all closing costs and fees into the

new loan when doing a VA streamline.

One rule for the VA streamline is that the new monthly

payment must be lower than the previous loan’s

monthly payment. One exception to this rule is when

you are refinancing an adjustable rate mortgage or

the new loan term is less than the old one.

Your new interest rate must have a lower interest rate

than the previous loan. An exception is if you are

refinancing from an adjustable rate loan.



With the VA streamline program, your new loan can be

a fixed rate or adjustable rate loan.

A VA funding fee is usually required.

The VA streamline program allows for energy efficient

improvements can be refinanced into the loan.

Your monthly mortgage payment may increase if you

finance energy efficient home improvements, finance

your closing costs including the funding fees, finance

points, or get a higher interest rate if you move to a

fixed rate loan.



The VA streamline program does not allow you to

receive any cash out at the loan closing.

You must be current on your existing VA mortgage

and not have had more than one 30-day late

mortgage payment within the past 12 months.

These are just the highlights of the VA streamline loan.Many people have questions about the VA streamlineloan, so here are a few of the more frequently askedquestions.



VA StreamlineRefinance

Frequently AskedQuestions



Does the VA set interest rates for VA loans (and the VAstreamline program)?

No. The VA does not set or control interest rates for theVA loan programs. Further, the VA is not a lender, so

they also do not lend you money. VA approved lendersare the ones who actually lend you the money and theinterest rates for VA loans are not set as only one rate

for everyone – each lender will have a different interestrate that is set by the market.



Does the VA streamline refinance program requirea credit check and/or an appraisal?

The VA itself does not require an appraisal or creditcheck when doing a VA streamline, but that doesn’tmean that a lender will not require it. Requirements

for appraisals and credit checks will vary by lender –which is just one more reason to shop around when

thinking about getting a VA loan.



Do I have to use my current lender to do a VAstreamline?

Many people hear about the VA streamline programthrough their current lender and assume that the only

way to go through the program is through theircurrent lender. False! With the VA streamline, you canuse any VA approved lender – which is why it makesall the sense in the world to shop around for the bestdeal. You might be surprised to see how much you

can save just by making a few phone calls or asking afew lenders for a quote.



Can I do a HARP refinance with the VA streamline?

The HARP program is for people who are currently ina loan that is owned by Fannie Mae or Freddie Mac.In short, if you are in a VA loan you are not going to

be eligible for HARP and if you are eligible for HARPthen you aren’t going to be eligible for the VA

streamline. Although the two programs are similar –they are not identical and each has its own

guidelines.



Can I get cash back or cash out?

Generally speaking, no. The program is designed to helpVA homeowners lower their rate with the least amount

of paperwork possible and not to provide any cash backfrom the equity in their home. That said, occasionally

there will be an overage when you go through thetransaction and sometimes you may receive a smallamount of money at closing or shortly after – but the

amount shouldn’t be more than $500.



Does the VA streamline program require anappraisal?

Whether or not you will be required to get an appraisaldepends on the lender you are working with. Some

lenders will require an appraisal, some will not – whichis just one of the reasons that you will want to shop

around for the best deal possible. If you are in asituation where you owe more than your house isworth, then you will want to do a VA streamline

without appraisal and find a lender who can help youget it done.



Who are the biggest VA streamline lenders?

The biggest VA streamline lenders are the banks that youknow of and trust – Wells Fargo, Quicken Loans, Citibank,Chase are just a few of the biggest VA lenders. One VAlender that many people don’t know of is Veterans United –just like the big banks, they are a great VA lender. The realquestion probably isn’t who the BIGGEST bank is, but whothe RIGHT bank is for your situation. Not every bank willhave the same product mix and although rates are usuallyclose, you can reasonably expect one bank to have betterrates than the others on any given day. Rates aren’t the onlything – there is also service. How well your loan officercommunicates, how knowledgeable they are about theguidelines and how fast the lenders turn times are probablyjust as important as who has the lowest advertised rate.



Get Approved For a VA Loan TodayOur VA approved lenders are standing by to giveyou a free rate quote on the VA streamlineprogram. Shopping lenders is the easiest way tomake sure you are getting the best deal on yourrefinance because getting written quotes fromapproved VA lenders can help you easilycompare. Shopping lenders and getting multiplequotes is one of the single best things you can doto get the best possible deal from the right lenderwhen refinancing.



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C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

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VA Streamline Refinance

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