The VA Home Loan Guaranty Program offered by the Department of Veteran Affairs. exists to “help veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation.” The program offers the smartest options for eligible veterans to purchase or refinance their home. Money saving options include the VA Home Loan, VA Streamline Refinance or Interest Rate Reduction Loan (IRRL).
Save today with a VA Streamline Refinance.
The VA Streamline Refinance Program is a program offered by the VA that allows those individuals who have previously bought a home, after qualifying for a VA loan, the chance to refinance their current loan in order to lower their interest rate. VA Streamline Refinance Program is easy to qualify for and takes little time to close. A VA Streamline loan does not pay out actual cash; it only lowers your interest rate and therefore puts extra money in your wallet every month.
VA Streamline Refinance Process
The process of re-qualifying for a VA Streamline Refinance program is basically the fact that you previously bought your home through a VA loan. Documentation required for your original VA loan will not be repeated.
Understanding The VA Streamline
The VA uses all of this original information to process your VA Streamline Refinance loan. Understanding the VA Streamline Refinance Program is not hard at all. Basically, if your interest rate was higher when you bought your home than it is now, and six months has passed, you are eligible to use the VA Streamline Refinance Program. Military loans allow shorter time periods and fewer requirements than conventional loans, to refinance. The following is a list that sums up the perks of the VA Streamline Refinance Program:
Lower Your Existing VA Loan Rate
The VA Streamline Refinance Program is part of the VA loan that just keeps giving. Keep in mind however; if your interest rate does not end up being lower, you are not eligible for this VA Streamline Refinance Program. The point of the program is to lower your rate on your existing VA military loan and if your rate does not become lower you will not save. It is also important to remember that there will be no transferring of actual cash. This VA Streamline loan only reduces your current interest rate.
The VA Can Refinance You!
If you are looking to refinance to save money, a VA Streamline loan could be your answer. You may not receive the cash from this type of VA loan, but you will benefit monthly. VA loans are very helpful in assisting military personnel and have the VA has a lot of faith in them. Through there responsibility to the military, the VA knows it can offer these magnificent benefits with colossal results.