If you currently have a VA military home loan, VA streamline refinancing is a great option to lower your interest rate, at minimal cost and limited documentation. The VA IRRL (interest rate reduction loan) is one of the most attractive loan programs available in any sector. Here are the basics :

 

If you meet the minimum credit score requirement and you have been current on your mortgage for the past 12 months, you qualify. It is that easy. VA streamlines are easier to attain than FHA streamline mortgages, as they do not have the loan amount restrictions in place that FHA has. VA IRRL's do not allow for cashout, if you have VA eligibility and would like to take cash out of your home, you can do this whether or not you currently have a VA mortgage. The loan to value restriction is 90% and the loan requires full income and asset documentation.