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FHA Streamline Refinance Home Loans

What is the history of the VA Streamline Refinance Program?

In the early 1980's, the government launched a new refinance program called VA Streamline Refinance. This program allows anyone with a VA loan to lower their rates at any time to the lowest rates available, without credit checks, using their original paperwork! This means that millions of Americans now have the opportunity to lower their mortgage payments and literally save thousands of dollars off of their total mortgage!

The term "streamline" refers to the limited amount of documentation and underwriting that needs to be performed by the lender. The majority of this paperwork is already completed and only needs to be resubmitted to qualify for the refinance, which in essence "streamlines" the refinance process.

What are the requirements?

The only basic requirement of a streamline refinance is that you can't have any payments over 30 days late in the last 12 months. (That means that if you've had any late payments under 30 days, you still qualify!)

Is there anything else I need to know about refinancing a VA loan?

As with all loans, there are a few things that you can and can't do with a VA Streamline. If you currently have a 15 year fixed VA or FHA loan, you can refinance to a 15 or a 30 year fixed. You can't however, take money out through a streamline refinance, and you can't refinance to a higher rate than you currently have.

How long does a VA Streamline Refinance typically take?

A typical streamline mortgage takes between 25 to 45 days to complete, depending on the time of the month that you lock in your rate.

When is the interest rate actually locked?

Your rate is considered locked when the loan officer has personally verified your mortgage information and your intent to refinance. Once the rate is officially locked, you have a limited number of days to provide the required paper work and information before the lock is lost. During the rate lock period your interest rate can not go up. However, if interest rates drop during the application period we will make every effort to refinance your VA mortgage at the lower rate.

How accurate are the rates shown on this site?

We keep the rates as up to date as possible each day. However, the rates shown are subject to banking holidays and available information provided by the lenders themselves.

Why go to such lengths to provide the best VA Streamline Refinance rates?

That's simple. We want you to tell your family, friends and associates, just how much you saved and how easy it was to refinance your home loan with VA Streamline Direct.com

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