What is a Streamline Refinance?

A streamline refinance is designed to reduce the amount of paperwork required for existing homeowners who wish to lower their monthly mortgage payment without changing their current loan program. Some might refer to them as “low-doc” loans. If you have one of the following loan programs, you may qualify for a streamline refinance.

 

Check out the accordion tabs below to see the differences between the FHA, VA and USDA Streamline Refinance options.

Recently, the Federal Housing Administration (FHA) lowered annual mortgage insurance premiums. The FHA estimates that the average borrower will save $1,000 a year with the FHA Streamline Refinance.

Why is the FHA Streamline Refinance awesome?


  No property appraisal required



  Limited credit or income documentation required to qualify



  Limited employment documentation required

This means that if you are current on your monthly payments you may be eligible for an FHA streamline refinance, even if you owe more than your home is worth!

First off, we’d like to thank you or your loved one for their service!  We’re proud to offer the VA streamline refinance also known as it’s official title,  Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance your adjustable rate mortgage (ARM) into a fixed rate mortgage.

Nifty benefits of the VA IRRRL Loan Program:


  You can reduce your 30-year fixed rate loan term to just 15 years and save on interest.



  Lower the rate and payments on your 30-year fixed rate loan.



  The VA Streamline Refinance program conveniently allows you to refinance your fixed-rate loan to a
lower interest rate with no money out of pocket. Any closing costs can be financed into the loan.



  Refinance your adjustable rate mortgage into a stable, low interest, fixed-rate loan.

But that’s not all. The VA Streamline Refinance program offers additional benefits. For example, you can finance up to an additional $6,000 to use for energy efficient improvements to your home!

The USDA Streamline Refinance is similar to the FHA Streamline Refinance. You must have an existing USDA Loan to qualify.

Why is the USDA Streamline Refinance awesome?


  No property appraisal required



  Limited credit or income documentation required to qualify

By getting a USDA Streamline Refinance you will reduce your MIP so in addition to getting a lower rate, you can lower your payment even farther by reducing your monthly insurance.