Do you have a VA loan with a high interest rate? The VA streamline refinance is your best option. The VA streamline loan is known as an Interest Rate Reduction Refinance Loan (IRRL) for short. If you have any questions about a VA refinance loan please contact me.
To qualify for a VA loan you must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or Nation Guard. You may qualify if you are the spouse of a service member that was killed in the line of duty.
The streamline refinance loan is easy to qualify for. The closing costs can be rolled into the cost of the loan. Zero loan fee refinances are also popular with IRRL loans.
Requirements of the program:
Current on your mortgage and no more than one 30 day late payment in the preceding 12 months.
Your new payment must be lower than your existing payment unless you are changing from an ARM to a fixed rate loan.
No cash back on your refinance and you must have previously occupied the property as your primary residence.
Your certificate of eligibility is not needed for the IRRl.
You don't need to use your existing lender for this program.
A credit check may be required.
If you have a VA loan you will not use the HARP program.
Yes you can get cash out on a VA loan.
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