VA STREAMLINE REFINANCE
VA doesn’t abandon you after closing like other loan types. Once you have your VA LOAN, you can refinance to a lower rate as long as you are current on your mortgage payments. Unlike other loans, the VA STREAMLINE LOAN can often be closed in a week!
You do not need:
■ another appraisal
■ to have your credit checked
■ income to qualify
■ to come up with any money at closing
■ to live in the home anymore
VA wants you to have the lowest rate possible and will make it SUPER EASY for you.
VA REFINANCE: CASH BACK, CONSOLIDATION
VA allows you to borrow up to 100% of the current appraised value of your house. The interest rates are the same as regular VA rates. Other types of loans charge higher rates and points for this loan. You will need to qualify to VA standards for this type of loan.
A Veteran can:
■ Refinance another type of loan into a VA.
■ Refinance VA loan to VA loan re-using the same eligibility.
■ Consolidate a first mortgage and a high second mortgage.
■ Pay off high interest credit cards and other obligations.
■ Get cash out to make home improvements.
■ Get cash out to invest in other real estate or for any other reason.
■ Go on a trip, but don’t forget to send in your house payment.
This series of articles on VA Home Loan Programs from the Money Book by Jeff Burch will continue tomorrow.