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VA Streamline Refinance
A VA Streamline Refinance, also known as an Interest Rate Reduction Refinance Loan (IRRRL), is a simple way to lower your VA mortgage rate. No apprasial and no credit qualifying. Lower your VA rate without the time and paperwork of a traditional refinance and start saving today!
You can be Pre Approved by the end of the day!
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No credit or income underwriting
No apprasial required
580 minimum credit score required
Quick, easy loan process
Popular VA Streamline Loan Topics
Mortgage Rates for VA Streamline Loans
Your mortgage rate is an important factor in your overall home payment and family budget. Our company is built to offer lower mortgage rates which will help make your home more affordable.
On average, our mortgage rates are .326% lower than the national average. This equates to $23,836 in life of loan interest savings. See details on rate savings calculation here.
Program Highlights
580 minimum credit score
Fixed Rates
No monthly mortgage insurance
Primary Residence only
No income or credit underwriting
Limited documentation required
Frequently Asked Questions
VA Streamlines are refinances of an existing VA loan into another VA loan. As long as the payments have been made on time, you can lower your current VA rate with a VA Streamline.
What is a VA Streamline?
Yes, you will still have closing costs with a VA Streamline. However, you will not need an appraisal which will save you approximately $600. Lenders are limited in what fees fees they can charge on a VA Streamline. See below for details.
Do VA Streamlines have closing costs?
No, VA Streamlines do not require an appraisal.
Do I need an appraisal for a VA Streamline?
Most VA Streamlines will be non-credit qualifying, meaning we do not require any income, debt ratio or credit underwriting.
A credit qualifying VA Streamline is required when the current loan will be 30 days or more past due at the time of closing or if the new payment is increasing by 20% or more.
What is the difference between non-credit qualifying and credit qualifying VA Streamlines?
VA Streamline Refinance
Overview
VA Streamline or VA Interest Rate Reduction Refinance (IRRRL) is a special refinance program, offered by the Veterans Administration, which allows Veterans with current VA mortgages the opportunity to refinance their current VA loans into a new VA mortgage without requiring an appraisal or in some cases, full underwriting.
VA Streamlines are either non-credit qualifying or credit qualifying.
Non-Credit Qualifying VA Streamlines do not require any income, debt ratio, or full credit underwriting. As long has your have paid your current VA mortgage on time and are not 30 days past due, your streamline will be approved.
Credit Qualifying VA Streamlines are used when the current loan is 30 days past due or if the new mortgage payment is increasing more than 20%. A full analysis of the credit report along with the Veteran's income is required on a Credit Qualifying VA Streamline.
What is the minimum credit score for a VA Streamline?
You will need a credit score of 580 or higher for a VA Streamline. You will also need to show that your current VA mortgage payment is not currently 30 days past due.
Can I roll the closing costs into my new loan amount with a VA Streamline?
You are allowed to include allowable VA closing costs plus the applicable VA Funding Fee in your new loan amount.
You may also opt for a slightly higher rate with a No Closing Cost Refinance.
If you are required to or wish to bring funds to closing, keep in mind that your first payment on the loan won't be until the first of the following month. For example, if you close at the end of March, your first payment won't be until May 1. So if you have to bring funds to closing, keep in mind that you won't have a payment due right after closing.
How much are the closing costs for a VA Streamline?
Normal closing costs apply with a VA Streamline, but there are restrictions on which fees can be charged to the Veteran.
How much is the Funding Fee on a VA Streamline?
The VA Funding Fee for a Streamline Refinance is 0.5% of your loan amount unless you are exempt.
What documentation do I need to provide for a VA Streamline?
We generally ask for a copy of your current mortgage statement and a copy of your ID. VA Streamlines require virtually no documentation so they are processed and closed very quickly.
Is there a waiting period before I can use a VA Streamline?
VA requires that the Veteran has made six (6) monthly payments and that 210 days have passed from the first payment due date to the closing date on the new VA mortgage.
What are the Net Tangible Benefit and recoupment requirements with a VA Streamline?
VA requires that the Veteran's interest rate be reduced by 0.5% if refinancing from a fixed rate to a fixed rate. If refinancing from an ARM to a fixed rate, a decreased rate is not required.
VA requires that the Principal and Interest (P&I) for the new loan be less than the Principal and Interest of the current loan unless the Veteran is refinancing from an ARM to a fixed rate or if the Veteran is reducing the term of their loan.
Principal, Interest, Taxes, and Insurance (PITI) may increase if refinancing from an ARM to a fixed rate or if reducing the term of the loan, however, to remain eligible for the Non-Credit Qualifying VA Streamline, the payment may not increase by more than 20%.
VA Streamlines must pass a recoupment test as well. The purpose of this test is to determine how long it will take the Veteran to recoup the costs of the refinance based on the monthly payment savings. All VA Streamlines must provide the Veteran a recoupment of closing costs within 36 months, regardless of the type of mortgage being refinanced. This recoupment test only applies if the mortgage payment is decreasing.
How does a change in borrowers effect a VA Streamline?
The Veteran who used their entitlement on the original loan must be a borrower on the new loan unless a valid exception applies. Additionally, any other borrowers on the original loan must also be on the new loan. If there is a change in borrowers from the original note to the new loan, the scenario must meet one of the VA allowable changes.
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