What are the requirements for a VA streamline?
• You can’t have any more-than-30-day late payments in the last 12 months • Your new loan must have a lower interest rate • Your new loan must have a lower principal and interest payment Is there anything else I need to know about refinancing a VA mortgage? As with all loans, there are a few things that you can and can’t do with a VA Streamline. If you currently have a 15 year fixed VA or FHA loan, you can refinance to a 15 or a 30 year fixed. You can’t take money out through a streamline refinance, and you can’t refinance to a higher rate than you currently have. How long does a streamline refinance typically take? Typically, it will take between 20 and 30 days to complete – but it depends on a number of factors. Be sure to ask your loan officer how long it should take. Do I have to use my current lender if I want to do a VA Streamline? No. If you want a new lender you can choose from any mortgage lender on the VA approved lender’s list. Make sure that you shop around for your VA stre
