Homeowners with an existing VA mortgage may be eligible to refinance their VA loan. Refinancing your loan could lower your rate, change your loan term or allow you to switch from an adjustable rate mortgage to a steady fixed rate loan. There are two types of VA refinance loans that are available to eligible members of the United States Army, Navy, Marines, Air Force and Coast Guard.
VA Streamline Refinance
This is also referred to as a VA IRRRL, or Interest Rate Reduction Refinance Loan. This program provides the possibility to get better VA mortgage terms at a lower price with little documentation.
- No income or employment verification
- No bank account or asset statements
- Low minimum credit scores
- No home appraisal required