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VA Streamline
Refinance
VASTREAMLINEREFINANCE.COM
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
VA Streamline Refinance:
AKA The VA IRRRL Program
If you currently have a VA loan and are
looking to save money on your monthly
mortgage payment by lowering your interest
rate, the VA streamline refinance program is
worth learning more about.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
The VA streamline refinance is the most popular
refinance program for Veterans who currently have a
VA loan because it allows you to get a lower interest
rate with the least possible hassle. Many VA approved
lenders will offer the benefits of:
no credit verification may be necessary
no appraisal required
Streamline refinance a primary residence (as long as
you can certify that you previously owned the property)
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
The VA IRRRL program is one of the
most beneficial refinance programs
offered to Veterans and Military
service members today, including
some of the most competitive rates.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
VA Streamline Refinance
Qualifications
In order to qualify for a VA streamline refinance,
you must meet the following requirements:
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Up-to-date on your mortgage payments without
exceeding a one 30-day late pay within the past 12
months.
The new VA monthly mortgage payment must be lower
compared with the original VA mortgage payments prior
to the refinance (this would usually pertain to switching
from an ARM to a Fixed-Rate Mortgage).
You can not expect to receive any cash from the refinance
but only to save.
The property in which you choose to refinance must be
the one that you previously uses your VA entitlement for.
(You may see this referred to as a VA-to-VA refinance.)
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
The VA streamline refinance is
also known as the VA IRRRL
program (which stands for
Interest Rate Reduction Refinance
Loan) and they are the exact
same program – just referred to
by two different names.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
VA Streamline IRRRL
General facts and
Guidelines
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Some simple facts and general guidelines about the VA
streamline refinance program include:
The VA streamline has less documentation than a
full refinance and many times the lender can
close faster with less documentation than a full
refinance.
Many lenders can do a VA streamline without
requiring an appraisal. The VA does not require an
appraisal, credit information, or underwriting, but
your some VA approved lenders may require
some or all of these items.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
It is possible to roll all closing costs and fees into the
new loan when doing a VA streamline.
One rule for the VA streamline is that the new monthly
payment must be lower than the previous loan’s
monthly payment. One exception to this rule is when
you are refinancing an adjustable rate mortgage or
the new loan term is less than the old one.
Your new interest rate must have a lower interest rate
than the previous loan. An exception is if you are
refinancing from an adjustable rate loan.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
With the VA streamline program, your new loan can be
a fixed rate or adjustable rate loan.
A VA funding fee is usually required.
The VA streamline program allows for energy efficient
improvements can be refinanced into the loan.
Your monthly mortgage payment may increase if you
finance energy efficient home improvements, finance
your closing costs including the funding fees, finance
points, or get a higher interest rate if you move to a
fixed rate loan.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
The VA streamline program does not allow you to
receive any cash out at the loan closing.
You must be current on your existing VA mortgage
and not have had more than one 30-day late
mortgage payment within the past 12 months.
These are just the highlights of the VA streamline loan.
Many people have questions about the VA streamline
loan, so here are a few of the more frequently asked
questions.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
VA Streamline
Refinance
Frequently Asked
Questions
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Does the VA set interest rates for VA loans (and the VA
streamline program)?
No. The VA does not set or control interest rates for the
VA loan programs. Further, the VA is not a lender, so
they also do not lend you money. VA approved lenders
are the ones who actually lend you the money and the
interest rates for VA loans are not set as only one rate
for everyone – each lender will have a different interest
rate that is set by the market.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Does the VA streamline refinance program require
a credit check and/or an appraisal?
The VA itself does not require an appraisal or credit
check when doing a VA streamline, but that doesn’t
mean that a lender will not require it. Requirements
for appraisals and credit checks will vary by lender –
which is just one more reason to shop around when
thinking about getting a VA loan.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Do I have to use my current lender to do a VA
streamline?
Many people hear about the VA streamline program
through their current lender and assume that the only
way to go through the program is through their
current lender. False! With the VA streamline, you can
use any VA approved lender – which is why it makes
all the sense in the world to shop around for the best
deal. You might be surprised to see how much you
can save just by making a few phone calls or asking a
few lenders for a quote.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Can I do a HARP refinance with the VA streamline?
The HARP program is for people who are currently in
a loan that is owned by Fannie Mae or Freddie Mac.
In short, if you are in a VA loan you are not going to
be eligible for HARP and if you are eligible for HARP
then you aren’t going to be eligible for the VA
streamline. Although the two programs are similar –
they are not identical and each has its own
guidelines.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Can I get cash back or cash out?
Generally speaking, no. The program is designed to help
VA homeowners lower their rate with the least amount
of paperwork possible and not to provide any cash back
from the equity in their home. That said, occasionally
there will be an overage when you go through the
transaction and sometimes you may receive a small
amount of money at closing or shortly after – but the
amount shouldn’t be more than $500.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Does the VA streamline program require an
appraisal?
Whether or not you will be required to get an appraisal
depends on the lender you are working with. Some
lenders will require an appraisal, some will not – which
is just one of the reasons that you will want to shop
around for the best deal possible. If you are in a
situation where you owe more than your house is
worth, then you will want to do a VA streamline
without appraisal and find a lender who can help you
get it done.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Who are the biggest VA streamline lenders?
The biggest VA streamline lenders are the banks that you
know of and trust – Wells Fargo, Quicken Loans, Citibank,
Chase are just a few of the biggest VA lenders. One VA
lender that many people don’t know of is Veterans United –
just like the big banks, they are a great VA lender. The real
question probably isn’t who the BIGGEST bank is, but who
the RIGHT bank is for your situation. Not every bank will
have the same product mix and although rates are usually
close, you can reasonably expect one bank to have better
rates than the others on any given day. Rates aren’t the only
thing – there is also service. How well your loan officer
communicates, how knowledgeable they are about the
guidelines and how fast the lenders turn times are probably
just as important as who has the lowest advertised rate.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Get Approved For a VA Loan Today
Our VA approved lenders are standing by to give
you a free rate quote on the VA streamline
program. Shopping lenders is the easiest way to
make sure you are getting the best deal on your
refinance because getting written quotes from
approved VA lenders can help you easily
compare. Shopping lenders and getting multiple
quotes is one of the single best things you can do
to get the best possible deal from the right lender
when refinancing.
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
T O L E A R N M O R E
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
C L IC K HE R E
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:
Justin McHood
Mortgage Commentator
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008
LEARN MORE ABOUT MORTGAGE COMMENTATOR:
MORTGAGECOMMENTATOR.COM
@MORTGAGECOM_
FACEBOOK.COM/MORTGAGECOMMENTATOR
LENDER HOTLINE: 888-581-5008
VASTREAMLINEREFINANCE.COM
LENDER HOTLINE: 888-581-5008

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VA Streamline Refinance

  • 2. VA Streamline Refinance: AKA The VA IRRRL Program If you currently have a VA loan and are looking to save money on your monthly mortgage payment by lowering your interest rate, the VA streamline refinance program is worth learning more about. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 3. The VA streamline refinance is the most popular refinance program for Veterans who currently have a VA loan because it allows you to get a lower interest rate with the least possible hassle. Many VA approved lenders will offer the benefits of: no credit verification may be necessary no appraisal required Streamline refinance a primary residence (as long as you can certify that you previously owned the property) VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 4. The VA IRRRL program is one of the most beneficial refinance programs offered to Veterans and Military service members today, including some of the most competitive rates. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 5. VA Streamline Refinance Qualifications In order to qualify for a VA streamline refinance, you must meet the following requirements: VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 6. Up-to-date on your mortgage payments without exceeding a one 30-day late pay within the past 12 months. The new VA monthly mortgage payment must be lower compared with the original VA mortgage payments prior to the refinance (this would usually pertain to switching from an ARM to a Fixed-Rate Mortgage). You can not expect to receive any cash from the refinance but only to save. The property in which you choose to refinance must be the one that you previously uses your VA entitlement for. (You may see this referred to as a VA-to-VA refinance.) VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 7. The VA streamline refinance is also known as the VA IRRRL program (which stands for Interest Rate Reduction Refinance Loan) and they are the exact same program – just referred to by two different names. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 8. VA Streamline IRRRL General facts and Guidelines VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 9. Some simple facts and general guidelines about the VA streamline refinance program include: The VA streamline has less documentation than a full refinance and many times the lender can close faster with less documentation than a full refinance. Many lenders can do a VA streamline without requiring an appraisal. The VA does not require an appraisal, credit information, or underwriting, but your some VA approved lenders may require some or all of these items. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 10. It is possible to roll all closing costs and fees into the new loan when doing a VA streamline. One rule for the VA streamline is that the new monthly payment must be lower than the previous loan’s monthly payment. One exception to this rule is when you are refinancing an adjustable rate mortgage or the new loan term is less than the old one. Your new interest rate must have a lower interest rate than the previous loan. An exception is if you are refinancing from an adjustable rate loan. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 11. With the VA streamline program, your new loan can be a fixed rate or adjustable rate loan. A VA funding fee is usually required. The VA streamline program allows for energy efficient improvements can be refinanced into the loan. Your monthly mortgage payment may increase if you finance energy efficient home improvements, finance your closing costs including the funding fees, finance points, or get a higher interest rate if you move to a fixed rate loan. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 12. The VA streamline program does not allow you to receive any cash out at the loan closing. You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the past 12 months. These are just the highlights of the VA streamline loan. Many people have questions about the VA streamline loan, so here are a few of the more frequently asked questions. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 14. Does the VA set interest rates for VA loans (and the VA streamline program)? No. The VA does not set or control interest rates for the VA loan programs. Further, the VA is not a lender, so they also do not lend you money. VA approved lenders are the ones who actually lend you the money and the interest rates for VA loans are not set as only one rate for everyone – each lender will have a different interest rate that is set by the market. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 15. Does the VA streamline refinance program require a credit check and/or an appraisal? The VA itself does not require an appraisal or credit check when doing a VA streamline, but that doesn’t mean that a lender will not require it. Requirements for appraisals and credit checks will vary by lender – which is just one more reason to shop around when thinking about getting a VA loan. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 16. Do I have to use my current lender to do a VA streamline? Many people hear about the VA streamline program through their current lender and assume that the only way to go through the program is through their current lender. False! With the VA streamline, you can use any VA approved lender – which is why it makes all the sense in the world to shop around for the best deal. You might be surprised to see how much you can save just by making a few phone calls or asking a few lenders for a quote. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 17. Can I do a HARP refinance with the VA streamline? The HARP program is for people who are currently in a loan that is owned by Fannie Mae or Freddie Mac. In short, if you are in a VA loan you are not going to be eligible for HARP and if you are eligible for HARP then you aren’t going to be eligible for the VA streamline. Although the two programs are similar – they are not identical and each has its own guidelines. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 18. Can I get cash back or cash out? Generally speaking, no. The program is designed to help VA homeowners lower their rate with the least amount of paperwork possible and not to provide any cash back from the equity in their home. That said, occasionally there will be an overage when you go through the transaction and sometimes you may receive a small amount of money at closing or shortly after – but the amount shouldn’t be more than $500. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 19. Does the VA streamline program require an appraisal? Whether or not you will be required to get an appraisal depends on the lender you are working with. Some lenders will require an appraisal, some will not – which is just one of the reasons that you will want to shop around for the best deal possible. If you are in a situation where you owe more than your house is worth, then you will want to do a VA streamline without appraisal and find a lender who can help you get it done. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 20. Who are the biggest VA streamline lenders? The biggest VA streamline lenders are the banks that you know of and trust – Wells Fargo, Quicken Loans, Citibank, Chase are just a few of the biggest VA lenders. One VA lender that many people don’t know of is Veterans United – just like the big banks, they are a great VA lender. The real question probably isn’t who the BIGGEST bank is, but who the RIGHT bank is for your situation. Not every bank will have the same product mix and although rates are usually close, you can reasonably expect one bank to have better rates than the others on any given day. Rates aren’t the only thing – there is also service. How well your loan officer communicates, how knowledgeable they are about the guidelines and how fast the lenders turn times are probably just as important as who has the lowest advertised rate. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 21. Get Approved For a VA Loan Today Our VA approved lenders are standing by to give you a free rate quote on the VA streamline program. Shopping lenders is the easiest way to make sure you are getting the best deal on your refinance because getting written quotes from approved VA lenders can help you easily compare. Shopping lenders and getting multiple quotes is one of the single best things you can do to get the best possible deal from the right lender when refinancing. VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 22. T O L E A R N M O R E VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008 C L IC K HE R E VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 23. Justin McHood is Americas Mortgage Commentator and has been providing Mortgage commentary for over 10 years. INFORMATION PROVIDED BY: Justin McHood Mortgage Commentator VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008
  • 24. LEARN MORE ABOUT MORTGAGE COMMENTATOR: MORTGAGECOMMENTATOR.COM @MORTGAGECOM_ FACEBOOK.COM/MORTGAGECOMMENTATOR LENDER HOTLINE: 888-581-5008 VASTREAMLINEREFINANCE.COM LENDER HOTLINE: 888-581-5008