VA Streamline Loans provide veterans, like yourself, with the lowest interest refinance loans on the market. Additionally, the offer the lowest fees and no out-of-pocket expense closings. These loans are what the government calls Interest Rate Reduction Refinance Loans. Most lender call the VA Streamline Loans for short. They're called Streamline loans because they are streamlined versions of conventional loans. This means that there are far less hoops to hop through to close your loan. You won't need to show that you have a qualifying credit score. Your property won't have to be appraised. These are both forgone by VA rules. Unfortunately, many lenders still tack on additional requirements that may include a credit score and appraisal. But the VA doesn't require one. In some cases, lenders have closed VA Streamline Loans in as little as 3 weeks. This kind of closing speed is among the fastest in the industry.
Here are some additional advantages of VA Streamline Loans:
First, you'll get a better interest rate. How does this happen? Lenders can offer rates that are below typical mortgage rates because the federal government backs a portion of VA Streamline Loans. If you're an active-duty member of the military or you're a veteran honorably or generally discharged, the you could qualify for this loans.
Second, the VA doesn't require a verification of your income or employment. If you're going through a rough spot this could help you could the financial relief you need through a refinance that you wouldn't be able to get through traditional routes.
Third, you can qualify for VA Streamline Loans even if you have less than stellar credit. The only credit-related requisite is that you are up-to-date on your mortgage with no more than one late payment through the course of the year.