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Interest Rate Reduction VA Loan Program
The VA has created an Interest Rate Reduction Loan program called the Streamline Refinance.
This provides a way for current VA homeowners to lower their interest rate with little or no
out-of-pocket costs. These loans can also be made faster and with less documentation than a
typical loan.
An Interest Rate Reduction Loan or Streamline Refinance allows you to refinance your current
mortgage interest rate to a lower rate than you are currently paying. This is only available
to veterans who are refinancing their original VA mortgage and utilized their original
eligibility.
"No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses.
One option is to let the lender pay the costs in exchange for a higher interest rate.
Another option that lets you obtain market rates is to roll the closing costs into the
new loan.
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- No assumptions are allowed.
- The veteran cannot receive any cash back.
- VA does not require an appraisal, any income or employment verifications, no credit report and no termite report, yet the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing.
- Any other liens must be subordinated to the VA loan.
- This loan can be done with "no out of pocket money" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
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FREQUENTLY ASKED QUESTION # 22 [ -more VA Loan questions- ]
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Q: What VA Loans Are Used For - Am I limited to buying an existing home with a VA loan?
A: A VA home loan has more flexibility than you might think. While many use this benefit to purchase existing homes, there are many other applications. Did you know you a VA home loan may be used to purchase and improve a home at the same time? You may also use a VA loan to improve your existing home by increasing energy efficiency. There is also a provision for people to use a VA loan to purchase a manufactured home and lot, under the right conditions. There are many applications for a VA home loan, sometimes all you need to do is ask!
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VA Loan Rates
for 11/20/2008
30 year fixed
-----------------
0.000 points
6.500%
6.618% APR
15 year fixed
-----------------
0.000 points
6.500%
6.694% APR
Life Insurance for Military Members
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