 |
Interest Rate Reduction VA Loan Program
The VA has created an Interest Rate Reduction Loan program called the Streamline Refinance.
This provides a way for current VA homeowners to lower their interest rate with little or no
out-of-pocket costs. These loans can also be made faster and with less documentation than a
typical loan.
An Interest Rate Reduction Loan or Streamline Refinance allows you to refinance your current
mortgage interest rate to a lower rate than you are currently paying. This is only available
to veterans who are refinancing their original VA mortgage and utilized their original
eligibility.
"No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses.
One option is to let the lender pay the costs in exchange for a higher interest rate.
Another option that lets you obtain market rates is to roll the closing costs into the
new loan.
| |
- No assumptions are allowed.
- The veteran cannot receive any cash back.
- VA does not require an appraisal, any income or employment verifications, no credit report and no termite report, yet the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing.
- Any other liens must be subordinated to the VA loan.
- This loan can be done with "no out of pocket money" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
|
FREQUENTLY ASKED QUESTION # 6 [ -more VA Loan questions- ]
- - - - - -
Q: I am a Veteran who purchased a home with my spouse utilizing my VA eligibility. I am now divorced and my spouse was awarded the home. How do I get my eligibility back?
A: When the property is awarded to the Veteran's spouse as a result of the divorce, entitlement cannot be restored unless the spouse refinances the property and / or pays off the VA loan in full or the ex-spouse is a veteran who substitutes their entitlement.
|
 |
|
VA Loan Rates
for 7/20/2008
30 year fixed
-----------------
0.000 points
6.500%
6.618% APR
15 year fixed
-----------------
0.000 points
6.500%
6.500% APR
Life Insurance for Military Members
|
- AIU Online
- Capella University
- DeVry University
- Kaplan University
- Westwood College
- Walden University
- Strayer University
- Virginia College
- Grand Canyon U.
- Grantham Univ.
- Jones Int'l Univ.
- South University
- Ellis College
- CTU Online
- Baker College
VALoans.com is a private company specializing in VA financing and is
not a government agency.
|
|
 
|
Get Started with a
VA Home Loan
|
Copyright © 1997- 2008
VALoans.com
All Rights Reserved
Web Design
Archimage
Houston, Texas
|
