When interest rates drop, VA has made it very easy for Veterans who are currently in a VA loan to participate in the California VA streamline refinance program. The VA streamline refinance program is by far the most popular way for veterans to lower their monthly mortgage payment by lowering the interest rate on their loan without having to completely re-qualify for a brand new loan.
The VA streamline is also referred to as the VA Interest Rate Reduction Refinance Loan or VA IRRRL for short (and you know how Veterans have an acronym for everything 
).
The VA streamline program requires very minimal documentation, and can help veterans start saving money on their monthly mortgage very quickly. Because the California VA streamline program is also known as a “streamline” loan, you cannot receive any cash back at closing.
California VA Streamline Refinance Program Highlights Include:
- No appraisal required
- Must be current on the existing VA loan
- Can’t have more than one 30-day late payment in the last 12 months
- No minimum credit score required***
- You are able to roll all closing costs and prepaid items into the loan amount
- Cant get cash back at closing
- Streamlined documentation requirements mean there is no need to provide bank statements, job verification, pay stubs or W2’s
***Note: Many lenders have begun requiring a minimum of a 620 mid credit score. Many, but not all. We are still able to fund VA streamlines without a credit check, so your credit score does not matter.
Because California mortgage rates have dropped, now is a great time to take advantage of the VA streamline program. If you have been in your loan even just a few months, you may be surprised at how much you can save with the VA streamline program and in today’s economy every little bit helps!
