California VA Streamline Refinance
California VA Streamline Refinance
The California VA streamline refinance is designed for veterans who are currently in a VA loan to get the lowest fixed interest rates available in the easiest possible way. The VA streamline is also known as the IRRRL program – or Interest Rate Reduction Refinance Loan. The VA streamline (or IRRRL) is a great way for VA homeowners to lower their interest rate with no out of pocket costs. It is designed to be done with as little documentation as needed and there is no appraisal required so that veterans can save as much money as possible with minimal hassle.
California VA Streamline Refinance Program Highlights Include:
- Appraisal not required
- No need to provide bank statements, W2s, job verification or paycheck stubs
- Cash at closing is not allowed
- No out of pocket costs
- Must be current, but 1 30 day late payment is allowed within 12 months
- You can defer one mortgage payment after closing
VA Streamline Refinance Information from VA.gov
“Veterans are strongly urged to contact several lenders. There may be big differences in the terms offered by the various lenders you contact.
Some lenders may contact you suggesting that they are the only lender with authority to make IRRRLs. Remember – Any lender may make you an IRRRL.
Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.
The occupancy requirement for an IRRRL is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.”
If you are veteran, now is a great time to see if the VA Streamline program can help you lower your monthly payments. Contact your California VA streamline experts now!
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