The VA Streamline

A guest post by Robert from

With interest rates hovering near record levels, thousands of veterans and their families are taking advantage of refinancing options provided by the Veterans Administration. Even veterans who purchased their home with a conventional loan can capitalize on the VA’s flexible and low-cost refinancing programs.

The agency’s most popular and common refinancing option is known as the VA Streamline – its technical name is an Interest Rate Reduction Loan, or IRRL.

These are no-frills loans that aim to help veterans and their families take advantage of fluctuating rates. With big changes headed for the FHA’s Streamline refinance program, the VA will soon have the last truly “streamlined” refinance option in the country.

VA Streamlines come with a host of significant benefits, including:

*No appraisals

*No credit checks

*No out-of-pocket costs

*Qualifying debt ratios

*In-person application

In order to qualify for a VA Streamline, veterans must be current on their VA loan and have made no more than one 30-day late payment in the last year.

Veterans do not need perfect credit to qualify. In fact, qualified veterans don’t need to worry about appraisals, income verification and credit qualification for a VA Streamline.

Any commercial lender can provide a VA Streamline, so the VA encourages veterans to get multiple quotes and shop around. Veterans can also roll their out-of-pocket costs into the new loan, including the agency’s funding fee.

One thing veterans and their families can’t get from a VA Streamline is cash. But the VA does offer a Cash-Out Refinance loan for veterans in need of capital. This program gives veterans the opportunity to refinance up to 100 percent of their current loan to value.

The VA also offers veterans with current conventional loans the opportunity to hop onboard. Qualified veterans can refinance their conventional loan into a VA loan – up to 100 percent of the home’s value.

To find out about more VA home loan requirements be sure to visit the VA homepage.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (, he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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