Understanding the VA streamline rules will help you determine who the best IRRRL lender is for your situation. Watch the video below as Eric goes over the VA streamline program and the rules that go along with it.
VA Streamline Refinance Program Rules
When researching VA lenders, you may find that the VA streamline refinance program rules differ lender to lender. It is common for many lenders to have what are called overlays, which are basically extra rules or guidelines. The truth is that the VA has very few rules for lenders to follow when it comes to VA IRRRLs, or streamline loans. Of course, if you aren’t sure what the rules are, it’s pretty hard to follow them, right? Basically speaking, the real VA streamline rules say that if the loan is bettering the financial situation of the veteran who is taking it out, and the loan is reducing the VA’s position of risk or default, then the borrower should be approved for the loan. The main goal here is that you, as the veteran borrower, are benefiting from your refinance.
Many other lenders will tack on a minimum credit score, loan-to-value (LTV) requirements, or other rules. This is all put in place to protect lenders from a defaulted loan, and it’s perfectly okay for them to do this. However, none of these are required by the VA, so none of these are required by us at Low VA Rates.
The VA streamline is meant to be fast, only as little as 10 days to process and close. It’s also meant to involve less paperwork, less stress, and a lot of savings. It’s super simple. And with fewer rules, you get to close on your loan that much faster and start saving right away. Why is it that you get to have these benefits from the VA when other non-veteran homeowners do not? It’s because of your service. You have served our country and for that, you deserve simple yet rewarding home loans.
The VA wants to make the VA streamline refinance as simple as possible for veterans. Veterans homeowners have already qualified and gone through the VA home loan qualifications. So qualifying for a VA IRRRL is a much simpler process. Why trouble yourself by going with a lender that adds a long list of overlays to your loan? Don’t settle for complicated. Don’t settle for confusion. Take the easy road by choosing Low VA Rates and accessing all the benefits you are entitled to. If you are still unsure about your current situation, please give us a call at 855-223-0705, and we can figure out if it makes sense for you to do a VA streamline refinance today.