Denver VA Streamline RefinanceThe VA Streamline Refinance, or IRRRL (short for "Interest Rate Reduction Refinance Loan"), is a fast and easy way for veterans or active military who currently have a VA mortgage to refinance into a lower rate and payment. Other reasons to utilize a VA Streamline Refinance include refinancing from an adjustable to a fixed rate, refinancing out of an interest-only mortgage, or reducing your loan term.
Here are a few highlights of the VA Streamline Refinance Program:
- Some lenders still not requiring an appraisal
- No income or asset documentation
- Low 30 year fixed rates
- Credit scores down to 620
Many times, a VA Streamline Refinance can be structured with no closing costs, and if there are closing costs, they can be rolled in. The VA funding fee on a streamline is only .5% of the loan amount, and disabled veterans are exempt from that.
Most lenders now require an appraisal on a VA Streamline Refinance, but some don't, and even some that do will allow for a negative equity situation.
You must have a clean mortgage history for the past 12 months, and most lenders now require a 620 minimum credit score.
Income and assets are not documented, making the VA Streamline Refinance as easy and stress-free process. After all, you're in a VA mortgage now, paying on time...why should they not lower your rate and payment?
If you currently have a VA mortgage, and are paying on time, a VA Streamline Refinance can be a great way to roll into a lower payment and rate. Our mortgage professionals will help you look at the best availalbe options so that you can make the best informed decision for your family.
If you have VA Streamline Refinance questions, we can help you.
