VA loan streamline refinances have a really nice feature if you have moved out of the property you once purchased with a VA loan that is now a rental. Even though the property is now a rental, you can still do a VA loan streamline refinance on it with the same VA loan interest rates and VA loan qualification guidelines as if you lived in it.
This is really a huge benefit. Because anyone else who wants to refinance a rental property with any other type of NON-VA loan on it, has to go through a very tough and stringent underwriting process with getting a full appraisal, only able to go up to 80% of the property value, full credit pull, full income documentation, etc… But on a VA loan streamline you do not need any of this on your rental and you can refinance even if the loan balance is 100% or more of the property value. Below are some of the advantages of VA loan streamline refinances:
- No income or job documentation required
- In many cases no credit report required, you only need to have not missed a mortgage payment in 12 mos
- In many cases no appraisal, and if there is an appraisal it will not be a full appraisal
- The loan balance can be 100% of the property value and sometimes more if no appraisal is needed
- VA loan streamline refinances can be done with no cost to the borrower and reducing to VA loan interest rates lower than anyone ever imagined!
If you have any questions about getting a VA loan streamline refinance on your rental property or other type of property give me a call or email at 858-922-7899 or homeloan8@gmail.com.
And other general current and up-to-date advantages of VA lending:
- VA loan credit scores do not have to be perfect, a 620 score can get you a top VA loan interest rate
- VA loan limits in California go up above $900,000 for 100% financing in certain counties. And many cities and counties such as Los Angeles, Orange County, San Diego, San Jose and San Francisco have very high VA loan limits
- VA homeloans have NO monthly mortgage insurance, a big advantage over FHA and conventional loans
- VA lending requires NO down payment, the loans are 100% financing
- Interest rates VA loan are still at close to 50 yea historical lows
- VA loan streamline refinance allows you to drop into a low interest rate easily if you already have a VA loan
- You can get a second VA loan if you have paid off your first VA loan, even a 3rd, 4th etc… But you can only have one VA loan at a time
Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or want to apply for a VA, FHA or conventional loan.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
VA Loan Streamline Refinance on A Rental Property In California is a post from: VA,FHA and Conventional Loans 858-922-7899
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