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What is a VA Loan?
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VA Streamline Refinance Loans
The VA streamline refinance loans have become the most popular home refinancing programs for military veterans online. Over 60 million Americans qualify for benefits from the Veterans Administration (VA), but many people fail to take advantage of those benefits. The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. In 2010, VA refinance rates remained as competitive as any mortgage product in the industry.
Learn How to Save Money with Better Interest Rates When You Streamline VA Loan!
The Department of Veterans Affairs does not make loans, but guaranties the VA mortgage loans that traditional lenders make. Since there is a government guarantee to the mortgage lender provided by the VA, the VA loan allows veterans 100% financing without private mortgage insurance (PMI) or 20% second mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed. For Refinancing, the VA offers two main choices, a cash refinance or a rate and term mortgage refinance loan.
Interest Rate Reduction Refinancing VA Loan (IRRRL)
Do you have an adjustable rate VA loan that you want to switch to a fixed rate? The IRRRL program may be for you. The Interest Rate Reduction Refinancing Loan is also known as a streamline or VA to VA. Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, the IRRRL loan must result in a lower interest rate. An IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the entitlement you originally used. The only restrictions are the mortgage must be current and you cannot have had more than one 30-day late payment within the last 12 months. Cash-out or consolidation of junior liens is not allowed.
Refinance Now Because VA Streamline Mortgage Rates Are Still Low!
When getting fixed interest rate refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase. The loan may not exceed the sum of the outstanding balance on the existing VA loan, plus allowable fees and closing costs, including funding fee and up to 2 discount points. You may also add up to $6,000 of energy efficiency improvements into the loan.
The VA streamline refinance is great if you already have a VA mortgage and you do not need cash out. They're 100 % VA loans only for rate and term refinancing that are fast and affordable. A certificate of eligibility is not required. The VA also doesn't require an appraisal or a credit underwriting package, but your lender may. And, the occupancy requirement for an IRRRL loan is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.