The U.S. interest markets dropped suddenly and significantly today enabling VA loan refinance rates at the lowest they have been in months. VA home loans are special in that they allow for a VA streamline refinance to allow borrowers with a VA loan to lower their rates to current market rates. This loan is special because in most cases it wi
ll not require an appraisal, income, or asset documentation from the VA borrower. These features make the VA streamline refinance a very quick, painless and inexpensive way to lower your current interest rate and payment dramatically.
Below are some of the key points regarding the VA IRRRL streamline refinance:
- In most cases no appraisal is needed
- If you receive VA disability pay there
the VA funding fee is waived
- The VA allows the VA streamline refinance on rental properties with VA loans previously inhabited by the VA borrower
- No income or asset documentation is required
- The VA loan streamline refinance can even be done on VA jumbo loans in places such as San Francisco, San Jose, Oakland, Los Angeles, Orange County and San Diego
VA eligible homeowners can also refinance their existing loans if they are not VA loans into a lower interest rate 30 year fixed VA loan. If you do not have a VA loan already, you can still refinance, but an appraisal would have to be done and income and asset documents would be required. But it can still make sense especially if you are in a jumbo loan or receive VA disability pay allowing the waiving of the VA funding fee.
So please call or email today if you have any questions regarding the VA loan refinance.
Sr. Loan Officer (and VA specialist)