VA Interest Rate Reduction
- The Streamline refinance is a simple process compared to originating the first VA mortgage.
- Closing costs and fees can be rolled into the new loan, meaning no out-of-pocket expenses.
- The IRRRL, or Streamline program, allows you to refinance into a fixed rate or adjustable rate loan.
- Your monthly payment for the IRRRL must be lower than the previous loan’s monthly payment; the Streamline payment may be higher than your current payment if you are refinancing from an adjustable rate mortgage.
- You must be current on your mortgage with no more than one 30-day late payment within the past year.
Pays off your existing first mortgage resulting in a new mortgage and new payment. Cash out allows for clients to pay off debt, renovate property, pay for college, etc.
Most popular streamline option is the FHA Streamline:
- Must be current on your existing mortgage
- Refinance must clearly benefit the borrower
- No cash out allowed
- Limited income/asset verification
- Minimal credit requirements
- Less paperwork
- Faster processing
- Lower closing costs
- No appraisal necessary