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Got a VA Home Loan? Start Saving with a VA Streamline Refinance.
A Veterans Administration (VA) Streamline Refinance, also called an Interest Rate Reduction Refinance Loan (IRRRL), may help you find better terms for your current VA loan.
If your current mortgage is backed by the VA, this program can make refinancing easy. Refinancing lets you replace your current loan with a new one under different terms. You may want to lower your monthly payment via a lower interest rate or shorten the length of your payment terms. Other reasons to refinance include moving from an adjustable interest rate to a fixed interest rate to ensure the same monthly payment for the life of the loan.
A VA Streamline Refinance keeps the process simple so you can begin saving sooner. Here’s what you need to qualify:
• A minimum 620 FICO credit score for loan amounts up to $510,400
• A record of 6 on-time mortgage payments
• An existing VA home loan for your primary residence
If you have the Certificate of Eligibility (COE) you used to get your original VA-backed home loan, take it to your lender to show the prior use of your entitlement. If you don’t have your original COE, ask your lender to get your COE electronically through the VA Home Loan program portal.
Other benefits in the program include:
• No appraisal is required.
• You may be able to roll your closing costs into the loan, keeping money in your pocket.
• Disabled veterans, Purple Heart recipients, and other eligible applicants may qualify without a funding fee.*
As a Veteran you have earned these benefits and the Premia Relocation Mortgage team is here to help you take advantage of them.
*Per program qualifications Veterans who were injured while in service are exempt from paying the VA funding fee if they receive disability compensation or have a disability rating of 10% or higher. Surviving spouses of veterans who died in the line of duty also qualify for a funding fee exemption.
- May 01, 2020
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