With rates down near record lows, one of the most popular loan programs has been the FHA streamlined refinance. This is a way for anyone who has an FHA mortgage to lower their rate and lower their payment without going through all the qualifying they had to when they first got the loan. FHA is a government program, and the idea is that if you are able to make your payments on time with a higher rate, you will be in a better position with a lower rate, so they made qualifying as easy as possible. You don’t need to show any income or assets, the biggest credit issue is whether you are paying your mortgage on time (some lenders have established minimum credit scores), you can roll in most of your costs and in most cases you don’t even need to get a new appraisal. FHA is the biggest government loan program and FHA streamlines are very popular. But one of the best kept secrets in the mortgage business is that VA, the other big government loan, also has a streamlined program.

VA, or Veteran’s Administration loans, are available to qualified active duty and military veterans. The VA loan is one of the last true zero down options, and a great benefit for qualified veterans. The VA streamlined refinance program is called the Interest Rate Reduction VA Loan Program (IRRL) or VA to VA, and it is available for those who have already taken out a VA loan and are looking to lower their interest rate and payment with little or no money out of their pocket. Like the FHA streamline, you will need to show that you have made your payments on time over the last 12 months (no more than one 30 day late payment). This is an extension of the eligibility you used when you bought the home, and not a new use of your VA eligibility.

Here are some of the features of the VA streamline refinance:

• No appraisal required.
• No application fee and no appraisal fee.
• No credit qualifying or job verification required.
• No mortgage insurance.
• There will be a half point (.5%) funding fee added into the loan – no funding fee for disabled Vets).
• You can roll in all the closing costs and pre-paids and up to 2 discount points (to bring the rate down) as well as up to $6,000 for energy efficiency improvements.
• This is available even if you no longer occupy the property, as long as you have occupied in the past.

Here is what you will need to get the loan started:

1. Your Certificate of Eligibility – or, with a copy of your DD214 discharge papers we can request your COE.
2. 2 forms of identification for anyone on the loan (Veteran and spouse) including your social security card or proof of your social security number.
3. A copy of your Note and HUD1 closing statement from when you bought the home.
4. A copy of your mortgage statement.
5. The name and phone number of your insurance agent.

The VA refinance is a great program for qualified veterans, and with rates near record lows, this could be the best time to refinance. If best time to refinance. If you are in a VA loan now and want to see how your payments could be reduced, give me a call and we can see how this will work for you.

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