VA Streamline Refinance on Rental Houses in California

There are many cases  where aVA borrower may initially buy a home with a VA loan and live it as their primary residence.  But over time they may have children and move into a larger house or be transferred out of the area, and then turn that former primary residence into a rental property.  A nice aspect of VA financing is that it allows for a VA streamline refinance even if the VA borrower no longer lives in the property.   This is a huge advantage over conventional financing allowing VA borrowers to painlessly drop the VA loan interest rate down to current market rates even on a rental property.  But once again, this rental has to already have a VA loan in place to do a VA streamline IRRRL refinance.

Below are some advantages of the VA streamline refinance:

• In many cases no appraisal is required
• No income or asset documentation required
• Many times the VA streamline can be done with no out-of-pocket costs to the VA borrower
• The VA loan rate is at its lowest level since the 1950′s

So if you have a rental house in California with a VA loan on it that you would like to do a VA streamline on, send us an email at homeloan8@gmail.com or call at 858-922-7899.  And of course VA streamlines are great for your primary residence as well!

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

homeloan8@gmail.com

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