VA Streamline

If you currently have VA insured loan and would like “painlessly” lower your interest rate - VA has just an answer for you. It is VA Streamline refinance or interest rate reduction program. It allows you to reduce your current interest rate with little or no money out of your pocket. It requires much less paperwork than your typical refinancing and can be achieved in a shorter time frame. Let’s see what you would or wouldn’t need to use streamline rate reduction program. Most of these requirements will be very similar to FHA streamline since these programs almost identical.

• Your current loan must be a VA insured loan
• No appraisal required
• No credit qualifying (no more than 1 mortgage late within 12 month and current at the time of refinancing)
• No income or employment qualification
• No assets are verified
• No seasoning but has to be currently insured by VA
• Can be done through the phone/fax/mail/courier