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If you have an existing VA loan, you may be eligible for an Interest Rate Reduction Refinance Loan to lower your interest rate (IRRRL).
The VA Streamline, also known as a VA IRRRL, will help you refinance your home quickly and easily at a lower interest rate with no out-of-pocket charges and may be totally covered by lender at closing pending market conditions and rates.
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Five things to know regarding the VA Streamline Refinance.
- The VA Streamline is a simple and quick process. Because of its simplicity, it’s commonly referred to as a “streamlined” refinance. There’s no requirement for a home appraisal, and there’s no need to prove your income or employment. We can usually close your loan in less than 30 days.
- With a VA Streamline, you’ll be able to refinance with no money out of pocket. Depending on market conditions and options, closing expenses may possibly be covered completely at closing.
- VA Streamline, if eligible, will reduce your monthly mortgage payment. You may be able to minimize your interest rate and monthly mortgage payment by completing a streamline refinance. Even a minor reduction in your interest rate can save you a lot of money over the course of your loan. You may also be able to reduce the length of your loan with your savings, potentially saving you money on interest.
- There is no minimum credit score requirement for a VA Streamline refinancing with the Veterans Administration. Most lenders, however, will want a credit score of 620 or above. If your score is below a 620, you may still qualify if you have made timely payments on your current VA loan for the last 12 months.
- You must meet certain eligibility requirements, including having an existing VA Loan and making at least six timely payments on your current VA Loan. In addition, you must not have been overdue on your loan in the previous 12 months.
If you are interested in learning more about the VA Streamline process, please contact us today. We are here to help you every step of the way.