VA Streamline Refinance Explained

Are you a veteran or an active-duty service member? Then let us be the first to say “thank you for your service.” Now that we got that out of the way, allow me to introduce you to a program specifically designed for veterans, military personnel and their families.

One of the best refinancing options available today, which offers incredibly low interest rates, is that of the VA Streamline Refinance.

Sponsored by the U.S. Department of Veterans Affairs, this program is designed to help the men and women that served our country refinance. The only stipulation? Your existing home loan must already be backed by the VA.

Benefits, Benefits & More Benefits

With virtually no hoops to jump through, flexible underwriting requirements (we will discuss this in just a moment) and no credit check required – no, I’m not pulling your chain – it couldn’t get any easier to refinance with the VA.

But wait, these benefits are only the tip of the iceberg. There are a magnitude of benefits just waiting for a homeowners like you. Remember those flexible underwriting requirements that were mentioned previously? Well here you go:

• No income or asset documentation
  
• No home appraisal needed
  
• No debt to income ratios
  
• Underwater homes ARE eligible
  
• NO out-of-pocket expense
  
• NO credit score requirements
  

Sound too good to be true? Then it is certainly your lucky day. All of these benefits and more are yours for the taking. Really! There is just one small requirement - you must be current on your mortgage at the time of closing the new loan.

That means, you must pay all that is past due to your current lender before closing on your new VA Mortgage. You can borrow up to $1.5 million on a VA Streamline. Even more exciting than that is the fact that you may not have to front any costs – the VA allows you the opportunity to roll any and all of your lender’s closing costs right into your new mortgage.

If due to economy’s current state, which is thankfully becoming brighter, you are financially strapped, you may additionally be offered the chance to postpone your first two payments. Be sure to ask your lender for more information.

Making the Decision to Move Forward

If you have been considering refinancing your mortgage to secure a lower interest rate or to make energy improvements, then you may not want to miss out on the benefits you worked so hard for.

Contact Forthright Funding today for more information on how the VA Streamline Refinance program can benefit you at (855) 351-9522. We look forward to being your premier lending institution.

*This amount is based on the U.S. Department of Veterans Affairs’ Revised 2014 Maximum Guaranty limits.