What Are The Key Features Of VA Streamline Refinance Program?

Published by admin | Filed under Mortgages

The VA streamline refinance program or Interest Rate Reduction Refinancing Loan is available to current VA mortgage loan holders who are active duty military, veterans, reservists or surviving spouses.

Perfect credit is not needed in order to qualify for VA mortgage loans. One can qualify for a VA streamline refinance or VA refinancing even with poor credit but only if the previous 12 payments of the current VA loan have been made on time.

Key Features of the VA Streamline refinance program:

• No property appraisal needed-in most cases
• No income verification
• No credit check done or minimum FICO score
• VA Streamline Refinance loan program provides the option to roll closing costs into new loan
• Faster processing speed due to less documentation and no credit check (No need to provide previous bank statements or pay stubs)
• Not responsible to pay VA Funding fee-if current VA disability benefit recipient
• No prepayment penalty
• Can include 2 months mortgage payments into VA streamline refinance loan.