What is the history of the VA and FHA Streamline Programs?
In the early 1980's, the government launched one of the best refinance
programs available - the Streamline program, which allows anyone with
an FHA or VA loan to lower their rates at any time to the lowest rates
available, with no credit checks, using their original paperwork!
This means that millions of Americans have the opportunity to drastically
lower their monthly payments and literally cut thousands of dollars
off of their mortgage!
The term "streamline"
refers to the limited amount of documentation and underwriting that
needs to be performed by the lender. The majority of this paperwork
is already completed and only needs to be resubmitted to qualify
for the refinance, which in essence "streamlines" the
refinance process.
What are the requirements for a VA streamline?
The only basic requirement of a streamline refinance is that you
can't have any payments over 30 days late in the last 12
months. (That means that if you've had any late payments under 30
days, you still qualify!)
Is there anything else I need to know about
refinancing a VA mortgage?
As with all loans, there are a few things that you can and can't
do with a VA Streamline. If you currently have a 15 year fixed VA
or FHA loan, you can refinance to a 15 or a 30 year fixed. You can't
take money out through a streamline refinance, and you can't refinance
to a higher rate than you currently have.
How long does a streamline refinance typically
take?
A typical streamline loan takes between 25 to 45 days to complete,
depending on the time of the month that you lock in your rate.
When is my rate actually locked?
Your rate is considered locked when the loan officer has personally
verified your mortgage information and intent to refinance. Once
your rate is officially locked, you have a limited number of days
to provide the required paper work and information before the lock
is lost. During the rate lock period your interest rate can not
go up. However, if interest rates drop during the application
period we will make every effort to refinance your VA mortgage at
the lower rate.
Why
aren't variable rates show for VA loans?
Because variable rates
have not yet been approved for VA Streamline loans.
How
accurate are the interest rates shown on this site?
We keep
the rates as up to date as possible each day. However, the rates
shown are subject to banking holidays and available information
provided by the lenders themselves.
Why
go to such lengths to provide the best VA streamline rates?
That's simple.
We want you to tell your family, friends and associates, just how
much you saved and how easy it was to refinance your home loan with
VA Streamline Direct.com
Click
here to Select your Rate
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