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VA Refinancing Options Across the nation Military home buyers are looking to take advantage of low interest rates and are looking to refinance their mortgages. We’re here to help. Providing qualified homeowners with not only a way of taking advantage of lower interest rates the VA home Loan program can decrease monthly mortgage payment. Military home buyers can also get money back on a VA refinance which they can use for a variety of needs, such as fixing up a home. Now is a great time for many Military home buyers to receive a VA refinance and take heed of the benefits! To receive a lower rate two main programs are available: A VA Cash out refinance or a VA Streamline refinance (also known as the Interest Rate Reduction Refinance Loan. What is Streamline ReFinancing?  The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. Homeowners with conventional mortgages via Fannie Mae or Freddie can't use it. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages. The FHA Streamline Refinance program's defining characteristic is that it does not require a home appraisal. Instead, the FHA will allow you to use your original purchase price as your home's current value, regardless of what your home is actually worth today. In this way, with its FHA Streamline Refinance program, the FHA does not care if you are underwater on your mortgage. In fact, the program encourages underwater mortgages. Even if you owe twice what your home is now worth, the FHA will refinance your home without added cost or penalty. The FHA allows for unlimited loan-to-value with its Streamline Refi program -- a huge help to FHA homeowners in places like Florida, California, Arizona and Georgia. Except for this "no appraisal" benefit, the FHA Streamline Refinance is very much like other loan products. It's available as a fixed rate or adjustable mortgage; it comes with 15- or 30-year terms; and there's no prepayment penalty to worry about. Another big plus is that FHA mortgage rates are as low with the Streamline Refinance program as with "regular" FHA loans. VA Refinance Eligibility Eligibility for a VA refinance is easy and similar to that of a VA Loan home purchase.  Typically, you can qualify if you served on active duty for more than 90 consecutive days during wartime or more than 181 days of service during peacetime. For National Guard members and Reservists, the veteran must have served at least six years. Some surviving spouses of veterans who died while in service or from a service-connected disability may also be eligible. In order to receive a VA Streamline refinance you must have an existing VA Loan
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