14. VA STREAMLINE / IRRRL REFINANCE PROGRAM
The Veterans Administration (VA) offers a VA Streamline Refinance Program for eligible VA borrowers that requires limited qualification requirements as compared to a traditional mortgage refinance. The VA streamline refinance program is also known as an IRRRL (Interest Rate Reduction Refinancing Loan) or a "VA to VA" refinance. With the VA Streamline Refinance Program, the borrower is not required to provide a property appraisal or credit report. Lenders, however, may apply their own mortgage qualification requirements. Except when refinancing an existing VA adjustable rate mortgage (ARM) into a fixed rate mortgage, the VA streamline refinance must result in a lower interest rate. When refinancing from an existing VA ARM mortgage to a fixed rate mortgage, the interest rate may increase. The VA Streamline Refinance Program is designed to save VA borrowers money on their refinancing as well as on their new monthly mortgage payments. Veterans with a VA mortgage can check VA.gov online for eligibility to refinance using Interest Rate Reduction Refinancing Loans (IRRRL). Contact the Department of Veterans Affairs at (877) 827-3702 or visit www.benefits.va.gov/homeloans.
15. USDA STREAMLINE REFINANCE PROGRAM
The USDA Streamline Refinance Program enables borrowers to refinance an existing USDA home loan with significantly fewer borrower qualification requirements than a standard mortgage refinance. The Program does not require borrowers to obtain a property appraisal report, provide a credit report or meet debt- to-income ratio requirements. There is no loan-to-value (LTV) ratio limit which means borrowers who are underwater on their mortgage are eligible. By simplifying the refinance process, the USDA Streamline Refinance Program is designed to save eligible borrowers time and money.
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