What is an FHA or VA Streamline | Mortgages with Sunny
In today’s post, we will be talking about what is an FHA or VA streamline! So if you have either one of these loan programs, this may be beneficial to know!
An FHA Streamline Refinance and a VA Streamline Refinance (also known as Interest Rate Reduction Refinance Loan or IRRRL) are mortgage refinancing programs designed to simplify the process for borrowers with existing FHA or VA loans, respectively.
These streamline programs typically have reduced documentation requirements and may not require a new appraisal. The primary goal is to make refinancing quicker and more straightforward for eligible borrowers, often allowing them to secure a lower interest rate without extensive paperwork or delays.
NET TANGIBLE BENEFIT:
- Rate reduction
- Term reduction
- ARM to fixed
NON-CREDIT QUALIFYING:
- All borrowers remain
- Not required:
- Credit report (mortgage only credit report)
- Income
- VVOE
- Appraisal
SEASONING REQUIREMENTS:
ALL must be met (date of case assignment)
- 6 payments
- 6 months since first payment
- 210 days from closing date
