VA Streamline Q&A- VASTREAMLINEREFINANCE.COM

VA Streamline VASTREAMLINEREFINANCE.COM

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Can I still utilize the VAStreamline Refinance optionif my current home loan is

“underwater”?

Q:



Absolutely, The VA Streamlinedoesn’t require an appraisal,meaning there isn’t a valueestablished for the property youare refinancing. This loan is basedoff your existing loan not thecurrent value of your home.

A:



Do lenders have differentrules and guidelines for

using the VA Streamline?

Q:



Yes, unfortunately. Most lendershave additional guidelines on topof what the VA requires. It’s a goodidea to shop around for a lenderwho offers options that best meetyour preferences. Always comparelenders to find the best option foryou.

A:



For example, the VA may notrequire an appraisal or even yourcredit report to get you qualified,but majority of lenders do require acredit report, and many evenrequire an appraisal for a VAstreamline. It all depends on thelender you choose.



Will I need myCertificate of Eligibilityfor a VA streamline?

Q:



A:Nope. Your Certificate of Eligibilityor COE is only needed when youuse a VA home loan program topurchase a home, but not whenusing a VA streamline refinance.Basically, since you already have aVA loan, most lenders will requesta validation in lieu of a COE.



Can I add or removesomeone from the mortgage

with a VA Streamline?

Q:



Yes and no, in some cases parties can beadded or removed. The rule of thumb is,that the veteran who was eligible for theoriginal loan must remain on the loan.The only exception to this is when aspouse and veteran are on the existingloan and the veteran passes away. In thiscase, the surviving spouse may be eligibleto refinance with a VA streamline.

A:



Q:

What if using the VAstreamline refinanceraises my payment?



A:The payment could increase insome cases, however it’s very rarethat it will raise higher than 25%.Your lender could request yourincome documentation, but thepayment should not raise thathigh because of the followingfactors;



ARM to Fixed Rate-Because a fixed ratemortgage will usually have higherinterest rates than an adjustable ratemortgage also known as ARMs, yourpayment may raise. In some cases, yourrate and payment could possibly godown if your ARM interest rate ishigher than today’s lower fixed rates.



Shorter Terms-The VA streamlinerefinance allows a borrower torefinance from a 30 year loan into ashorter term loan. In this case, it’s OKfor your payment to go up as long asyour interest rate goes down. Sinceshorter term loans are meant to bepaid off faster, payments are usuallybigger than loans with longer terms.



Energy Efficient Improvements-Another benefit to the VAstreamline refinance program is,it allows home owners to financeup to six grand to put towardsenergy efficient improvementsand upgrades to their home.



Examples of energy efficientimprovements are; programmablethermostats, solar heating, andcaulking or weather stripping.Sometimes, you may receive cashat closing of a VA streamlineinstead of energy-efficient items.Check with your lender for details.



What if I have a Secondmortgage?

Q:



Second mortgages on VA loansare usually pretty rare, since aVA loan doesn’t require a downpayment, which means there’snot enough equity that exists tobe able to obtain a secondmortgage.

A:



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C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

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VA Streamline Q&A- VASTREAMLINEREFINANCE.COM