One of the many benefits military service men and women qualify for is a Veterans Administration loan to buy a home. Or, if you already have an existing VA mortgage on your home, the VA Streamline Refinancing program is one of the best refinancing options available today.
The VA Streamline Refinancing program is a government backed mortgage designed to help the men and women who served our country and, at the same time, help give a boost to the economy.
This might sound too good to be true, but there is no credit check to get this loan; that's right, no credit check at all! So, if your credit is in shambles due to the current state of the economy, you can still apply for the VA Streamline Refinancing program. The only stipulations are that you must be current on your existing VA loan and not have more than one 30-day late payment in the last twelve months. If you meet those qualifications you can currently borrow up to $417,000.00 to refinance your home.
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If you are unemployed at the moment, self-employed, or collecting unemployment, this will not disqualify you. There are no income requirements to get this loan and no job verification is done.
You are probably wondering how much cash on hand you need to have because all new home loans and refinancing loans require closing costs. Good news! The closing costs can be rolled into the new VA mortgage. Plus, if you are strapped for cash at the moment, you can request to skip the first two payments. In addition, you can ask to be refunded any escrow money in your account which could put some cash in your pocket right away.
About the only thing the program does not cover is allowing you to "cash-out" your equity by increasing the size of the loan. If you happen to be interested in doing this there is a related program called the VA Cash-out Refinance. This program is a bit different from the Streamline since an appraisal would be required and there are more stringent qualifications to be met. In addition, there is a 3% funding fee, but it could be rolled into the new cash-out mortgage.
One unique benefit of the VA Streamline Refinancing program is that you can make up $6,000.00 in home improvements that will reduce your energy consumption and you can roll that expense into the new loan. If you have been thinking of going "green" this would be the perfect opportunity.
A final advantage is that the loan can be processed right in the convenience of your own home--you do not have to travel anywhere, stand in line, or wait in some government office for hours on end. They will come to you and do the closing right in your home.
If you are a veteran thinking about VA refinancing for your home to get a lower interest rate, to make energy improvements, or to take a two month holiday from your current mortgage payments, there is no better refinancing deal on the market today than the VA Streamline Refinancing program.
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