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| Interest Rate Reduction VA Loan Program |
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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.
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- 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
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