VA streamlines refinance guidelines

Raksh Martin · August 15, 2012 · Short URL:

Understand the VA streamline refinance requirements to become eligible for the scheme!

The VA acts as a guarantor for the lending party of the streamline refinance loan and the veteran should meet the va streamline refinance guidelines and va streamline refinance requirements. VA streamline refinance requirements state that only a veteran and his family can acquire the benefits of the streamline refinance loan. But the veteran should be aware that if he wants to get the benefits accruing from the streamline refinance option then firstly he should meet the va streamline refinance guidelines and qualify for the loan. The main criterion of qualification as per the va streamline refinance requirements is one’s debt to income ratio. The credit score, income and assets are also considered equally important when it comes to qualifying for the va streamline refinance loan. 

Online sites like Loansstore and others are really helpful in helping the veterans understand the process of qualifying and applying for the loan. These sites consist of va streamline refinance reviews that throw light on the plight of the veterans who have availed this loan and benefitted out of it. Certain factors that are not required by the VA will also be considered by the lenders while reviewing the application of veterans and determining whether they are eligible for the loan or not. The va streamline refinance guidelines state that while reviewing the application the va lenders will mainly focus on the residual income left of the homeowner after meeting all housing expenses, monthly debts and taxes. The residual evaluation followed in VA underwriting is preferred over the simple debt to income ratio calculation used in conventional residential lending guidelines. 

The va streamline applicant should submit all the relevant documents that substantiates the va streamline refinance requirements to fasten the loan approval process. VA offers 100% financing with no requirement of Private Mortgage Insurance on the loans that they guarantee. Instead of PMI and upfront va streamline refinance funding fee is assessed on all VA transactions. Veterans who are eligible for the disability compensation need not pay for the va streamline refinance funding fee. Searching for the most affordable va streamline refinancing option is a must if the veteran wants to get hold of the most affordable interest rate on the va streamline refinance loan. As per the va streamline refinance guidelines the property owner need not be a primary resident of the home on which the loan is to be refinanced. 
Accessing online platform and sites like Loansstore is the best way to understand the process of working and approval of the va lenders and also check out the va streamline refinance guidelines and va streamline refinance reviews to get a better idea about how helpful the step will be for the veteran.

Read more from our "Trends and news" series

More episodes