Texas Veterans – VA Streamline Refinance Loan

It wasn’t all that long ago that FHA came up with the best “refinancing loan idea” to come down the pike in decades. It was called the FHA Streamline Refinance program and was met with smiles from tons of happy mortgage lenders who were FHA approved to handle the product. Now the VA has jumped onboard that same “Streamline Refinancing” train with a loan program that’s similar, but not an exact copy.

The VA streamline refinance (VA-RRRL) is currently on the front burner and available to Texas VA mortgage holders who are looking for a better interest rate than they currently have. Since rates have a tendency to be volatile and change without notice, they should consider hopping onboard the VA streamline refinance train while it’s still at the station.

The VA streamline refinance loan has “put-a-knife” to most of the red tape so the process won’t be nearly as unsettling as when you first applied for your initial VA loan. Many of the former underwriting guidelines have either been removed or “smoothed out” to make it more, well, more “streamlined.” This VA-RRRL loan program also takes into consideration what is called “mitigating circumstances” for borrowers who may have damaged their credit during these ongoing troubling financial times.

Here is a list of benefits that your VA streamline loan offers:
* No out-of-pocket closing costs to worry about
* No new home appraisal will be required
* No proof of income or disclosure of any assets
* FICO scores and credit history not a determining factor
* Allowances up to $6,000 for Energy Efficient home improvement upgrading
* Any funds still remaining in an escrow account to be refunded
* Option to eschew or defer two months of mortgage payments.

In case it slipped your mind, neither VA nor FHA are lenders. They are merely government entities that guarantee the loans which are actually funded by the lender of choice who is on the approved list. Veteran borrowers should also know that whether it’s a new purchase or streamline refinance, they are now exempt from having to pay any PMI (private mortgage insurance.) For many years PMI was the ultimate “minefield” in VA loans for those seeking a “zero down” or less than 20 percent down; but not anymore.

The time is “ripe” for Texas veteran homeowners to save money using this streamline VA refinance program. Interest rates are “fickle” so get your “ticket” soon.

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