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What is the VA Streamline Refinance Program?

The VA Streamline Refinance lowers your interest rate by refinancing your existing VA loan with today’s historically low interest rates. The program is also known as the VA IRRRL (Interest Rate Refinance Reduction Loan).  The benefits of the VA Streamline Refinance are lowering your interest rate and in turn lowering your monthly payments assuming the loan term has not changed. You may also refinance an existing VA adjustable rate loan into a fixed rate loan to lock in the historically low interest rates for the entire life of the loan. The VA Streamline Refinance is a fast and easy refinance process.

Why do we say the VA Streamline Refinance is Fast & Easy?

  • No appraisal is required
  • No credit underwriting is required
  • No income documents or income verification is required

Do I qualify for the VA Streamline Refinance Program?

In order to qualify for the VA Streamline Refinance all must apply:

  • The borrower must be current on mortgage payments within the last 6 months and can have no more than 1×30 day late payment within the last 12 months.
  • The current loan must be a VA loan
  • There needs to be enough tangible benefit from refinancing the loan
  • There is no cash out for the VA streamline refinance only rate/term
  • No loan other than the existing VA loan may be paid from the proceeds of the VA Streamline Refinance. Second loans must subordinate.
  • The occupancy requirement for the VA Streamline Refinance is different than that of VA loans. For the IRRRL you only need to certify that you previously occupied the home.

How do I apply for the VA Streamline Refinance Program?

You do not need to provide a new Certificate of Eligibility (COE) to apply for the program. You may use your COE from the current loan or your current lender can use an email confirmation procedure in place of the COE.

The best way to determine your eligibility is to fill out the form or call to speak with a local OC mortgage specialist today.

Please note that My OC Mortgage is not a mortgage lender. This is not, and is not intended to be a mortgage application. Once you have completed this online inquiry (information request form) your information will be sent to our participating lenders. The lender will contact you by phone, automated calling, and/or email. By submitting your expression of interest you are consenting to receive telephone calls from our participating lenders even if you have previously listed yourself on any internal company, state or federal Do-Not-Call list.