The VA Streamline Refinance Loan
The VA Interest Rate Reduction Refinance Loan (IRRRL), also called a VA Streamline, is the quickest and cheapest type of refinance loan currently available for Veterans that have a VA home loan. VA refinance rates are at historic lows! If you’re interested in learning more about this exciting opportunity, we are sure it will be worth your while to contact Forthright Funding at (855) 351-9522, or complete our quick contact request form.
What is the VA Streamline Refinance Loan?
The VA Streamline Refinance Loan, according to the Department of Veterans Affairs, allows homeowners with an existing VA loan to lower their interest rate. This subsequently affords them lower monthly mortgage payments or a shorter loan term. In addition, the VA Streamline allows homeowners to refinance their home’s adjustable rate mortgage (ARM) into a fixed rate mortgage. Depending on what interest rate you currently have on your VA ARM, this may cause an increase in your mortgage payment.By obtaining a lower interest rate with Forthright Funding, and a VA Streamline refinance, you’ll be guaranteed that you won’t stumble into any roadblocks because of the following attributes:
- 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
- Mortgage late payments acceptable (must be current at time of closing)
What Are The Eligibility Requirements?
To be considered for a VA Streamline Refinance Loan, you must currently have a VA home loan, and comply with the following eligibility requirements:
- New loan is not extended more than 10 years from your current initial loan term (if you are currently in a 15 year mortgage, regardless of how much time you have left, the max term of your new loan cannot exceed 25 years).
- Interest rate must be lower unless going from an ARM to a Fixed loan.
- While many lenders will only do VA Streamlines for owner-occupied residences, Forthright Funding will do VA Streamlines on Primary, Vacation and Investment Properties.
For more eligibility requirements, or information on those mentioned above, please speak with our lending experts at (855) 351-9522.
Forthright Funding will obtain a Certificate of Eligibility (COE) on your behalf to verify that you are eligible for a VA Streamline Refinance and to determine if you will have to pay a VA Funding Fee or not. Forthright Funding is able to obtain the certificate on your behalf because we are approved with the Department of Veterans Affairs. It’s as simple as that!
Why Forthright Funding?
We at Forthright Funding are 100% committed to helping our Veterans and their families secure affordable home and refinance loans by offering some of the most competitive interest rates available.
Plus, with more than 15 years’ experience, you can count on us to help you get your VA Streamline Refinance Loan closed fast. The VA Streamline is, of course, our specialty – call us today at (855) 351-9522.
