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VA Streamline Refinance

The VA “streamline” loan (officially called the Interest Rate Reduction Refinancing Loan, or IRRRL) is the simplest and most popular VA loan.

While the streamline refinance loan doesn’t allow for cash out or debt consolidation, the program does allow qualified veterans and active service members currently in VA loans to refinance into new VA loans with lower rates and more favorable terms.


Some benefits of the VA Streamline loan are:

  • No appraisal requirement*
  • Reduced credit score standards
  • No disclosure of income or assets
  • No out of pocket closing costs
  • Up to $6000 available for Energy Efficient home improvements
  • Opportunity to defer two months mortgage payments
  • Cash refund of available escrow balance

A VA streamline refinance (VA IRRRL), allows those with VA loans to take advantage of falling interest rates.  VA interest rates change consistently, however when interest rates are lower than when a veteran bought his/her loan, one should look to the VA streamline as an opportunity to lower the rate on their VA home loan.

It is important to understand that the only way a VA loan can be streamlined is if one of the following occurs:

  1. The loan being streamlined has a higher fixed rate than the new loan.  For example a veteran could streamline from a 6.5% fixed rate to a 5% fixed rate.
  2. the loan being refinanced is a VA Hybrid ARM loan and the veteran wants to have a fixed rate loan.  In this case it doesn't matter if the new streamlined rate is higher or lower as long as it is fixed.

There are some other details involving each VA lender's specific requirements on benefit to borrower or Net Tangible Benefit, minimum FICO scores could apply, home value etc. 

Here at LowVARates we however like to focus the true intent of the VA streamline program as outlined by the Department of Veterans Affairs and in reality nothing else matters to the VA except that the veteran is getting a lower rate or a fixed rate from an ARM as mentioned above.

Because the Veteran home owner had to go through lots of processes and procedures when buying the home, the VA streamline is designed to make the refinace as quick and painless as possible.  A loan officer or lender that is fluent in VA streamlines should be able to get the streamline refinance done within a month's time in most cases.  Another great benefit is that the VA Funding Fee and other applicable VA closing costs are greatly reduced on a VA streamline loan.

Veteran home owners if you have an interest rate that you think may be too high, then please apply now and get started with your VA streamline loan.  Many have saved upwards of $100 a month with some well over $300 a month.  In addition to the monthly savings you can get your home paid off years quicker and for a lot less money!

* Based on information we are receiving from lenders, appraisals may indeed be required on VA loans in the very near future.  Therefore, the window of opportunity to refinance without an appraisal may be closing quickly

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