Frequently Asked Questions

• WHAT ARE THE BENEFITS OF USING THIS VETERANS REFINANCE PROGRAM?
  
  
  • Veterans closing costs are limited by the VA. Additional assistance is offered by the VA should veterans have problems making their home loan payments in the future. These VA loans are assumable with VA approval provided the person incurring the loan is qualified. You can make a pre payment of the loan without assuming any penalties and there is no need to worry about private mortgage insurance.
    
    
• WHAT IS A VA MORTGAGE STREAMLINE REFINANCE OR IRRRL?
  
  
  • An interest rate reduction refinancing loan or a Streamline Refinance is a VA loan that guarantees the loans of service members, veterans, reservists and certain qualifying unmarried surviving spouses. That reduces your interest and mortage payments.
    
    
• WHAT ARE SOME OF THE VA MORTGAGE REFINANCING PROGRAM REQUIREMENTS ?
  
  
  • You must have a current VA loan to be able to utilize the interest rate reduction refinancing loan program.
  • Must be current on your mortgage payments.
    
    
• WHAT CREDIT SCORE DO I NEED TO REFINANCE MY VA LOAN?
  
  
  • Veterans must meet credit standards but loans are not score driven. No matter your score, you should still apply.
    
    
• CAN I REFINANCE MY VA LOAN IF I AM ACTIVE DUTY?
  
  
  • Yes, if you already have a VA loan.