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How to Pick the Best Streamline Mortgage Refinance Program

 Home Buyers  \  February 6, 2015 12:00 am

How to Pick the Best Streamline Mortgage Refinance Program

In the past, mortgage refinance has gotten a bad rap and has been associated with a paperwork-laden headache. Well, those days are behind us now. Refinancing hasn't been this easy in years. Regardless of your reasoning for wanting to refinance, whether it be to take advantage of lower interest rates, "cash out" to get some extra bills caught up, or to simply lower your monthly mortgage payment; there are some great refinance programs going on right now.

Popular streamline mortgage refinance programs today are the FHA Streamline Refinance, the VA Streamline Refinance , and the USDA Streamline Refinance. However, the USDA Streamline is not yet applicable to Wisconsin homeowners, so we will leave that one out for today's discussion.

Here are some facts about both the FHA and the VA Streamline Refinance Programs.

fha streamline refianceFHA Streamline Refinance

This program is a refinance option available to homeowners who currently have FHA-insured mortgages. The FHA Streamline Refinance can be for homeowner's primary homes, vacation homes, or investment properties.

To be eligible for the FHA Streamline Refinance:

  • Your current mortgage must be at least 210 days old
  • There must be a Net Tangible Benefit to the refinance. In other words, the refinance must have a "purpose".
  • No late payments in the prior 3 months in your mortgage payment history.

What makes it "Streamlined"?

This guidelines for this program state that there are no employment checks, no appraisals, no income or asset verification, and no credit checks necessary for approval.

Also for homeowners whose FHA mortgage was endorsed on, or prior to, May 31, 2009 they are eligible for special, reduced FHA mortgage insurance rates  via the FHA.

VA Streamline Refinance: Interest Rate Reduction Refinance Loan (IRRRL)

VA Streamline Refinance loan

This program is available to homeowners who have VA-backed mortgages. The Interest Rate Reduction Refinance Loan (IRRRL) is, of course, backed by the Department of Veterans Affairs.

One very noteworthy perk about this program is that mortgage insurance is not required for the VA IRRRL; regardless of loan-to-value.

To be eligible for the VA Streamline Refinance 

  • Homeowners must provide verification that they did previously occupy the home
  • The mortgage payment must be reduced via the refinance. The only exception to this is for homeowners with ARM-to-Fixed Rate refinances
  • No more than one late mortgage payment in the last 12 months

What makes it "Streamlined"?

The VA Streamline Refinance guidelines state that income, assets and credit should not be verified; nor should employment. Also, in most cases, home appraisals are not required.

Our knowledgeable Mortgage Lenders are more than happy to help you in finding the perfect mortgage refinance fit!  Contact us  here at Amax Lending & Co  and we can help provide you with the information you need to make your decision. Amax Lending & Co specializes in mortgage lending and mortgage refinancing  and we can gladly answer any questions you may have.


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