Quick Facts

  • 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.

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