In some circumstances you may be able to refinance without jumping through the normal hoops
associated with obtaining a traditional mortgage or refinance.
FHA Streamline Refinance
If your current loan is an FHA loan, refinancing to another FHA loan may provide the easiest path
to a lower payment. A non-credit qualifying streamline refinance typically does not require a
new appraisal or credit analysis.
restrictions to FHA streamlines,
but if you meet them, they are a great way to expedite the refinance process.
VA IRRRL (Interest Rate Reduction Refinance Loan)
If you already have a VA loan, you are well aware of the tremendous value of buying a home with
a VA loan. The VA IRRRL is an extension of those benefits and a fantastic way to immediately lower
your payment with minimal paperwork, including no appraisal or income documentation.
Like all refinances, the new loan should provide a tangible net benefit to the homeowner.
Your VA IRRRL payment must decrease by
enough to offset any costs associated with refinancing.
HARP loans were introduced after the housing crisis of the mid/late-2000s. Unfortunately,
that program has expired.
As with all mortgage loans, terms and qualifications may vary from lender to lender. Please
consult a mortgage lender for the most up to date streamline refinance information.