Only a small percentage of loan professionals understand the streamline refinance guidelines and therefore there is a lot of misinformation about the VA and FHA streamline.  Streamline rates range from 3.75% to 4.375%, so if you like cheap money with low mortgage rates, the streamline refinance is worth considering. 

Loan originators are always looking for lending loopholes that will give them an edge over their competition’s loan programs.  With only a few loan programs in today’s tight lending environment it can get frustrating for loan companies to carve out a niche.  As with many industries, knowledge is power and loan officers that learn their guidelines backwards and forwards for VA and FHA loan programs truly are a few steps ahead of their competition.  Not only does loan product knowledge earn you credibility with your borrower, but it actually enables you to get your clients qualified for a loan they would normally not be eligible for.  Both VA and FHA mortgages have a loophole with the streamline refinance.  If your clients already have a FHA or VA mortgage and they are having trouble qualifying for conventional refinancing because of credit, equity or income, then the streamline loan program may be the solution your client needs to qualify for a house refinance that saves them money while protecting them from foreclosure.   

Streamline Refinance Great Solution for Qualifying VA and FHA Borrowers

FHA and VA home loans do not have minimum credit scores requirements from the agencies however; most government lenders have instituted their own credit score minimum in an effort to ensure the mortgage originated can be insured.  The streamline refinance programs are available with both government loan products VA and FHA.  To qualify for a streamline refinance, borrowers must already have a government mortgage (FHA or VA mortgage) and are seeking a rate and term refinance.  Many of the VA mortgage lenders today have extended a unique refinancing opportunity with the VA streamline that require no minimum credit score.

Streamline Refinance Loan Highlights

• No Minimum Credit Score with FHA Streamlines
• VA Streamline Refinance with No Credit Score Requirements 
• 12 Month Mortgage History is required. 
• No Income Verification with Streamlines
• Skip Mortgage Payments when Streamline Refinancing