Are you Eligible for the VA-to-VA Refinance with a VA Streamline Loan?
The VA Streamline Loan comes with fewer stipulations than a conventional loan. And it has way more benefits.
The internet has really expanded your opportunities for educating yourself about these loans. The internet will also allow you to find the good lenders by reading reviews and reading material lenders have posted online.
Anytime you streamline something it should get simpler. Sometimes government streamlining really isn't streamlining it at all. In fact, many government programs lead to larger, bloated programs that are difficult to understand.
Luckily, the VA Streamline Loan is not one of those programs. The VA actually did something quite right with these loans. They dubbed the loan the Interest Rate Reduction Refinance. And despite the long name, these loans are, in fact, simpler.
One of the things that has been simplified is the closing process. The VA Streamline Loan has been created so that veterans can roll closing costs and funding fees into the mortgage itself. But you need to beware that you can't borrow more than your current mortgage.
Active-duty servicemen and women as well as veterans of any of the branches of the armed forces could qualify for the VA Streamline Loan. If you're not presently living in the home you are trying to refinance, you simply need to the certify that you had previously occupied the property.
Before you apply for a VA Streamline Loan, you should contact your current VA Loan company to verify a couple of things. First, as them if you've missed or been late on more than one mortgage payment in the previous year. Second, make sure that you are completely and surely up-to-date with your mortgage payments. If you can't answer yes to both of these tests, you won't get a VA Streamline Loan.
This article has provided an overview of which veterans might be eligible for the VA Streamline Loan. For a more in-depth look at this loan and how it could help you, please contact our VA-approved lenders for more information.