The VA Streamline Refinance Program (aka IRRRL) offers great savings and easy qualifying for homeowner military veterans. In this type of loan, VA does not require an appraisal, credit report, or income verification, however lenders offering the VA loans do require a credit report and some may require an appraisal.
Are you eligible?
VA Streamline Eligibility Requirements
1. New principal and interest payment is lower than the current principal and interest payment
2. New interest rate is at lease .50% lower than current rate if old and new loan are fixed rate loans. Additional conditions apply if refinancing from a fixed to and adjustable or from an adjustable to a fixed.
3. At least 210 days have passed since the first payment was due on the loan being refinanced.
4. The costs for doing the loan must be recouped within 36 months of the date of the new loan.
VA CASH OUT REFINANCE
Any Veteran that has elegibility can obtain a VA loan, even if the current loan is not a VA loan. For this type of refinance, full qualifying is required. This loan can be used to just pay off the current loan against a property or for taking additional cash out for any purpose.
ACADEMY NATIONAL MORTGAGE CORPORATION - NMLSR #191799
SERVING ALL OF COLORADO
Phone: 303.987.0622 / Cell/Text: 303.902.0082