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Homeowners who have received a loan through the VA mortgage program have a great option for refinancing down the road. In fact, veterans may be eligible for a program that the rest of the public can’t access, called the Interest Rate Reduction Refinancing Loan (IRRRL). This is sometimes called the VA Streamline Refinance loan, and it is a simple, fast route to refinancing that the general public cannot use.
Still, it isn’t just a matter of being a veteran to be eligible for this program. There are a few other qualifications that play a part in this process.
There are several reasons why a homeowner may need or want to refinance their home loan but there are only three ways to refinance with a VA loan. Each refinancing option has benefits to individual home owner situations and unique positive aspects. If you are considering a Veterans Affair Home Loan refinance, then it is important to familiarize yourself with these three ways of refinancing and choose the one that is most beneficial to you.
A VA streamline refinance can sound daunting but with the help of experts who know the refinancing and mortgage industries and a little research, homeowners can rest assured that receiving a VA streamline refinance is a simple and useful process. To help in homeowner’s research, we’ve created this guide on everything for a VA streamline refinance.
Potential homebuyers who have served stints in the U.S. military, or are on active duty are eligible to take advantage of the VA home loan program that is administered by the Department of Veterans Affairs. Over the years, this program has helped people purchase homes or secure loans that would have otherwise been out of their range. There are a number of benefits to this program, and more veterans are using it every year.
Several years back, the American economy hit a recession that tightened the belts of home mortgage lenders across the country. Only in the last year or so have we begun to see things turn upward in the home buying market and lenders loosening their tight lending guidelines with simpler rules and applicant steps. Now, in the beginning of 2013, we are seeing approvals and home purchases really begin to skyrocket in the home buying market.