VA Streamline (also known as IRRRL) is available for an existing loan that is already VA insured.
This program does not require an appraisal. You do not need to verify your income or assets.
The idea here is that you already qualified for VA financing on your initial purchase or VA refinance and if interest rates have dropped from the time you obtained your loan, you can use this program to reduce your rate and payment.
VA Streamline does not have any minimum duration for time in existing loan to qualify. Even if you recently acquired a VA loan, you can still use this program to lower your rate and payment immediately after.
The most common structure used on VA Streamline will utilize a lender credit to cover all closing fees (title, escrow, etc.) The credit can also be used to pay the VA funding fee (0.5% of new loan amount.)
The program also allows the Veteran to skip up to 2 payments and receive a refund of current escrow account balance.
Streamline is also available for Non Owner Occupied property. Many Veterans are accustomed to frequent relocation. If you initially purchased with VA financing and later converted to a rental property, you can still use this program to improve your current loan.
If you would like to learn more about VA Streamline, please have a mortgage statement handy so we can review your remaining balance and existing interest rate. This will help to determine quickly if the program is likely to offer a benefit to you.
Please get in touch with us and we can take a closer look at your options with this program.