VA Home Loans and their Refinancing Options
Posted in Loans on January 30th, 2010 by admin – Be the first to commentA VA home loan is a benefit offered to United States military veterans where VA approved lenders such as banks and mortgage companies make VA home loans to veterans that are backed the the Veterans Administration. These VA home loans don’t require down payments, the idea is to make home ownership possible for those who served their country.
Lenders are not required to make VA home loans. They must adhere to the VA credit and income standards but they may have additional standards of their own. This applies to a new VA home loan as well as a refinancing of an existing VA home loan. If you do not qualify with one lender, you can always try another lender.
For veterans that already have a VA home loan, refinancing options are available. The VA streamline refinance loan is basically a loan refinance program that allows existing VA home loan holders to refinance to a better interest rate without having to re-qualify. The existing VA home loan has be current and there can be no more than one late payment within the last year.
The VA streamline refinance is perfect for veterans who hold a VA home loan with high interest rates. They can lower their payments quickly without a lot of paperwork. The benefits of a VA streamline refinance can be explained by an VA approved lender.
