- Type of Loan: The VA streamline is also known as an IRRRL or interest rate reduction refinance. Only available if you currently have a VA loan.
- Loan Term: 10, 15, 20, 25 and 30 years
- Mortgage Insurance: The VA charges a .5% upfront funding fee on a VA streamline that can be financed into the loan. Homeowners that receive service connected disability compensation are exempt from this fee.
- Credit Score Requirements: 550 score for all borrowers
- Down Payment Requirements: RMS does not require appraisals on this program or income qualifications. Zero equity is required !
- Interest Rate: Fixed and adjustable rates.
- Additional Facts: Obtaining a VA streamline refinance allows a current VA loan holder to refinance to a lower interest rate with no appraisal and no income qualification. To qualify for an IRRRL, candidates have to be current on their mortgage for the last 6 months and not have more than one 30-day late mortgage payment in the last year. You can call it an IRRRL or a VA streamline, no matter what it’s a great loan option for VA borrowers who want to lower their mortgage payment.