The VA Streamline program, or VA IRRRL, gives you the chance to refinance with very little verification. Technically, lenders don’t have to pull your credit, verify your income, or verify the value of your property. What happens if you have unpaid child support, though? Will they ever find out? Will it affect your chances of approval on the streamline program?Compare Offers from Several … [Read more...]
Is it Possible to Cash-Out with a VA Streamline Refinance?
You invested in your home and now you want to take the cash out. You heard there is a VA Streamline Refinance, are you eligible? Unfortunately, in order to cash-out on a refinance, you cannot use the streamline program. It is strictly reserved for certain situations, none of which include taking cash out of the home. What is the Streamline Refinance? The VA Streamline Refinance is a simplified … [Read more...]
Is Title Insurance Required Again With a VA Streamline?
Closing costs really add up when you purchase a home. Even with the VA loan, which usually has lower closing costs, you can pay thousands of dollars. When you refinance, then, do you have to pay the same closing costs? In particular, do you have to pay title insurance again? It seems like an unnecessary purchase, especially when the insurance can cost you several thousand dollars. Unfortunately, … [Read more...]
Can You Get the VA Streamline Refinance With Late Payments?
The VA Streamline Refinance allows you to refinance your VA loan with very little work involved. You do not need a new appraisal or to verify your credit. You also do not have to disclose your income. Because of the very little verification required, the VA has strict requirements regarding your mortgage history. If you have too many late payments, you will not qualify for the loan. This is the … [Read more...]
Avoiding Appraisal Issues with a VA Refinance
Appraisal issues and VA loans often seem to go hand-in-hand. The VA has a direct say on whether a property fits the bill or not. The VA’s requirements tend to be stricter than any other loan program. They want veteran’s homes to be safe and sanitary. The VA actually has a list of things the appraiser must check to make sure the home passes their requirements. The good news, however, is you do not … [Read more...]
