The Mortgage Minute | VA Streamline Refinances
What if you could refinance without worrying about qualifying? There is, it’s called a VA Streamline Refinance.
Hello and welcome to The Mortgage Minute. I am Laura Borja, your San Diego home loan expert. And in today’s post we will be discussing a VA streamline refinances.
A VA streamline refinance allows you to refinance your current VA loan without any need for income qualification and in a lot of cases, without the need for an appraisal.
Though there are a lot less requirements to qualify for a VA streamline refinance there are still certain guidelines that have to be met.
Let’s take a look at some of the requirements for VA Streamline Refinances
- Your new interest rate and payment must be lower than your current one unless you’re refinancing from an adjustable rate loan or to a shorter-term such as 15 years.
- Your loan cannot be delinquent at the time of loan approval.
- You must also meet the minimum credit score requirement which vary by lender so check with your local lender or give me a call.
- Verification of assets is required if you are going to be rolling closing costs into your loan.
- It may also be necessary for a conventional appraisal to be done to confirm that the property has not declined in value since you purchased it.
So there you have it a quick look at VA streamline refinances.
If you have any questions or if you’re ready to start the pre-approval process by all means send me an email, give me a call or shoot me a text. I’ll be happy to help.
Thanks for checking out this week’s The Mortgage Minute. Until next week!
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