VA Streamline Refinance
The VA Streamline Refinance, or Interest Rate Reduction Loan (IRRL), is the best refinance option available to borrowers who already have an existing VA Home Loan, and would like to reduce their interest rate, lower their monthly payment or reduce the term of their loan (30 years to 15).
The VA Streamline Refinance is a quick and relatively simple transaction to complete. With this type of refinance, the only conditions for approval are that you have not been more than thirty days late on your mortgage payment in the past twelve months; and you certify that you currently live in the home you are refinancing or lived in the home at the time you purchased the property. In many cases an appraisal is not required for this type of loan.
The primary benefit of a VA Streamline Refinance is that it immediately reduces your monthly mortgage payment and interest rate.
With a VA Streamline Refinance all of the associated costs can be rolled into the new loan so that you have no out of pocket expenses!
Did you know that you can use a VA Streamline Refinance for an investment property? You can if the property was originally purchased with a VA Home Loan and you certify that you occupied the property at the time of purchase. This can save you thousands of dollars in interest costs and the qualifying requirements are less stringent than those of a conventional loan.
- With interest rates today being at an all-time low, refinancing with a VA Streamline Refinance is the easiest way to save your family money today.
- The VA Funding Fee is reduced for VA IRRL loans to 0.5% or waived for those with VA Disability Compensation.
- All closing costs can be rolled into your new loan, making it a true no-cost-out-of-pocket loan.
- You can refinance an investment property provided you purchased the home as a primary residence using your VA Home Loan Benefit at the time of purchase.
- In many cases an appraisal is not required
The VA Loan Experts at Security America Mortgage are here to help you through the refinancing process, answer all of your questions and concerns, and help maximize your VA Home Loan Benefits and save you money today!
Streamline Refinance – If you currently have a FHA Home Loan you might be able to refinance and streamline the entire process using a FHA Streamline Refinance. The main goal of the FHA Streamline Refinance is to allow homeowners the ability to quickly reduce their interest rate and payment amount with minimum documentation required.
In order to be eligible for a FHA Streamline Refinance your current mortgage must already be FHA insured. The mortgage that is to be refinanced must also be current and up-to-date on all payments. In addition, no cash may be taken out on the mortgage.
Of course, if you are a Veteran you are most likely eligible to convert your FHA mortgage into a VA loan through a simple refinance. The benefits of this approach are numerous, most notably the no mortgage insurance benefit that come with a VA loan. This benefit alone could save an eligible Veteran hundreds of dollars per month and thousands of dollars over the life of the mortgage.
If a FHA Streamline Refinance sounds like the solution you’re looking for or you would like to explore the possibility of converting your current FHA loan to a VA loan then complete the form on this page and one of our Home Loan Experts will contact you shortly.
- Eligibility Requirements for a VA Loan
Service Members and Veterans of the United States Military serving our country earn their VA Home Loan Benefit. The eligibility requirements vary depending on the type and character of your service.
- There are many benefits to the VA Loan!
The VA Home Loan is the preferred home loan choice for veterans and active duty military families. The VA Home Loan Program offers less restrictive guidelines and more underwriting flexibility than other types of loan products making it easier to qualify.
- Learn the – VA Loan Process
Purchasing a home is an exciting time; it’s when a family can come together a search for a place they can call home. Buying a home is usually the single largest financial transaction a family will ever make, but it is more than just that, it’s an investment in the family and their future.
- VA Loan FAQs – educating our Military Veterans
This section provides answers to the most frequently asked questions.
- The difference: valoan- VA Loan vs. Conventional is drastic!
The VA Home Loan is the very best mortgage available today to those who have earned the benefit. When comparing the pros and cons of both the VA Loan and Conventional Loan you will quickly find out that the VA Loan cannot be beat.
- What are COEs & DD214s?
This section discusses what government documents are required to obtain a VA Loan
- FHA to VA Refinance
This section discusses the benefits of refinancing from a FHA mortgage to a VA Loan