Mortgage Rates are at Historic Lows. Start saving money now on your VA Home Loan!
Minneapolis, MN: If you are active or retired U.S. Military veteran, you are eligible for a great benefit, the VA Home Loan. If you currently have a VA Home Loan, you may qualify for another great benefit, the VA Streamline Refinance Loan.
Officially known as The Interest Rate Reduction Refinance Loan (IRRRL), it is one of the easiest refinance loans available today. The VA Streamline Refinance is the second best programs offered to you through your housing benefits from the Veterans Affairs (the first was buying the home with a VA Home Loan!)
BENEFITS OF A VA STREAMLINE REFINANCE
NO Appraisal (upside down might be OK)
Lower Credit Scores
NO Qualifying Debt Ratios
NO Income Verification
NO Out of Pocket Expenses
100% CASH OUT VA REFINANCE
VA loans also allow you to take cash out up to 100% of the current appraised value of your home. Use the money for anything you want, like paying off higher interest rate credit cards, or simply consolidating all your debt into one easy loan payment. The VA cash out refinance is not streamlined, and will require an appraisal and all standard income documentation.
VA guaranteed Loans are originated by private approved and authorized lenders. VA Mortgage Home Loans must be used for their own personal occupancy. The VA will guarantee a portion of the mortgage to the lender reducing their risk and allowing opportunity for lower interest rates. The VA Guaranty minimizes the risk to the lender which results in better financing terms.