VA Streamline With No Appraisal

There are different kinds of loans that will enable a homeowner to lower their interest rate. By lowering their interest rate, they’ll also be able to lower their monthly payment. Veterans get a benefit that others don’t. That’s the VA streamline loan, also known as the Interest Rate Reduction Refinancing Loan. Best of all, it’s possible to get a VA streamline with no appraisal.

VA loan holders used to be able to refinance their homes with VA streamline loans very easily. Appraisals weren’t done and credit histories weren’t pulled. But that all changed when the housing market crashed. As the economy suffered, so did real estate. VA streamline loans were impossible to get if someone was upside down in their mortgage or who had a low FICO or credit score.

Effective April 18th of 2011, it’s entirely possible to get a VA streamline with no appraisal. So, what does that mean? It means that a person can easily qualify for one of these loans which could lower their interest rate by 1% or even more. Depending on what the house is valued at, a 1% decrease can mean hundreds of dollars in savings every month.

VA Streamline Loan Benefits

There are many reasons to get a VA streamline loan. There are many benefits, too. Let’s take a look at some of the main ones.

– No out of pocket money – closing costs and other fees can be rolled into the total amount that’s being refinanced

– Low-interest rates – Enjoy rates that are lower than what the rest of the American population can get because of being a veteran

– Locked in rates – It’s not a variable rate, which means you’re locked into the low rate no matter what

After serving your country, you deserve some great benefits as a Veteran. Being a veteran entitles you to the VA streamline loan. As long as your mortgage was done with a VA loan, you’ll meet the qualifications. Without having a home appraisal or credit check, means that you’re more likely to qualify for the loan.

A VA streamline loan with no appraisal is a best case scenario when deciding to refinance your home. Many companies offer low rates, but they aren’t as low as what you can get with a VA streamline. After all, they’re designed to reward veterans. Taking advantage of this kind of opportunity will ensure that you are rewarded with a great rate that surpasses what many people in America are getting. Plus, refinancing is a much better option of getting out of a tough financial situation than bankruptcy or foreclosure.

Getting a VA streamline is much easier since April 18th. Low VA rates are just a click away. You’ll be able to fill out the application and get a response quickly. When there’s no dependency on credit checks and appraisals, you’ll be able to get a response quicker than ever. You’ll then be able to start saving money once your rate goes down.

10 thoughts on “VA Streamline With No Appraisal

  1. My credit score is really low right now because we did alot of home improvements around christmas and put alot of it on the credit cards. I’m sure it will be back to normal.. 720ish as soon as that’s done… Went though all the paperwork with Ifreedom Direct earlier this year because I would love to skip a payment and lower my interest rate but my score was just below what it had to be.. Then because they looked at it, it went even lower so.. Without looking at my credit which is considered Weak at the moment, is this something worth persuing at this time or do I need to wait?

  2. We can do a streamline with no FICO score requirement, sorry this is so late but can you call our toll free number now or apply on our site.

  3. Eric,

    Credit score is ok. Mortgage is fed va guaranteed. 219k balance, comps are going for 150k. I’m at 6.125 fixed 30. What do you think? Note is with Wells Fargo

  4. If I try to to a VA streamline and have a 2nd mortgage will I be able to qualify if the combined exceeds appraisal (both combined actually exceed my property value)? This leads to me asking… if a mortgage company doesn’t do an appraisal will they be concerned about the 2nd mortgage?

  5. I have a VA mortgage been in my home for 4 years, had a hardship that lead to declaring chaper 7 and have re-finance been in the home for another year. I understand you need 2 years before you can re-fianance, my question is the why won’t the banks you are dealing with/program accept a written explanation to why a person may have had a hardship instead of needing to wait 2 years especially for a person who has a mortgage already. Don’t understand the 2 year rule and how it makes a difference if you can save the Veteran money on their mortgage. I am a disabled veteran who already has a mortgage not trying to get one. The 2 year rule according to VA guidelines is for veterans who are trying to buy a home using VA not for Veterans who already have a mortgage. This is kind of silly.

  6. The explanation I received was that people who are discharged after a Chapter 7 are a greater risk. That is also funny- because people who are trying to obtain a security clearance is less of a risk to the government if they have no debt. These lenders are trying anything not to help veterans out so they are making their under-writing guidelines more strict. Please also keed in mind Our President gave these same banks billions of dollars to help Veterans but once again the Banks are stealing the money.

  7. Do you have a wholesale dept where us as a broker can sign up to do loans with you. If you do, do you have a true no appraisal IRRRL meaning no AVMs or driveby either. My client is upside down owes 432k comps are going for 350k.
    Please let me know. great credit scores

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