Section 2: Am I Eligible for a VA Streamline Loan
Eligibility For a VA Streamline Loan
In general, any borrower who wants to qualify for a VA streamline loan must already have a VA loan. With closing costs also comes VA IRRRL funding fees. A borrower can choose to roll over their cost into their new loan balance, which means they’ll still be paying for them with interest on top. To qualify for a VA IRRRL, you must have a current VA loan that’s been open for at lest 7 months (210 days). You must also be current on your mortgage payments, and the new loan must have a clear financial benefit.
*Don’t meet the minimum requirements? You still may be eligible: talk with an Orbit Home Loan specialist today. (CLICK)
Documents Your Lender May Require
- W2s or 1099’s
- Bank Statements
- Pay Stubs
- Asset Statements
- Liability Statements
- Legal ID
Contact a lender and verify eligibility (CLICK)
VA Streamline Lender Requirements
Credit and Income
According to the official VA loan guaranty guidelines, with a VA Streamline Refinance, lenders are not required to perform credit score verifications, income documentation verification, or employment checks. In addition, with a VA loan refinance, home appraisals are not required.
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How to Apply for a VA Streamline Loan
Get started today with one of the best and most secure ways possible. Here are Orbit Home Loans we have a trusted team ready to help you find your dream home. Talk with you trusted Orbit Home Loans broker that knows conventional loans and how to get the most from this hard-earned benefit. The process typically starts with getting pre-approved, which can often be done in minutes using your phone, laptop or tablet.
Loan pre-approval is a key first step before making an offer on your dream home. Having that pre-approval letter gives you a clear sense of your buying power and shows sellers and listing agents you have what it takes to get to closing.
Questions about whether you qualify? (CLICK)