Click to See the Latest Mortgage Rates. VA Streamline Loan is a No Credit Check Mortgage. If you have a VA loan, the VA has a similar program as the FHA. You can refinance your outstanding principal balance plus closing costs and the VA funding fee.
The FHA Streamline Refinance does away with the usual voluminous documentation accompanying any refinancing transaction. And this streamline refinance program comes in two options: credit and non-credit qualifying. Let’s find out about their differences and similarities, and their overall implication to you should you choose either option.
While streamline refinancing through the FHA, VA, and HARP programs provides an easier path to a new mortgage, it does not necessarily guarantee lower interest rates or reduced loan costs. In some instances it may be more beneficial to go with a traditional refinance, even though the process of application can be more time consuming.
There is another Streamline product made for those who want a refinancing plan to help them modify or improve the home. This is known as an FHA Streamline 203(k) Loan. The 203(k) is similar to ordinary streamline loans with a few exceptions. The 203(k) has a minimum of $5,000. The maximum loan amount is $35,000.
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What Is Refinancing? Refinancing is the process of replacing an existing mortgage with a new loan. Typically, people refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable rate mortgage to a fixed-rate mortgage.
A VA IRRRL or VA Streamline Refinance – A simple, streamlined refinance of an existing VA loan into a lower interest rate & monthly payment. A VA Cash-out Refinance – A refinance of a non-VA mortgage or a refinance of an existing VA Loan which allows the borrower to receive cash back from the equity of the property.
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