Refinancing with a VA Loan

he U.S. Department of Veterans Affairs administers home loans to qualified individuals through its VA Loan Guaranty Service. According to the VA’s website, more than 27 million veterans and service personnel are eligible for home loan financing through the VA. The program offers many benefits. Qualified veterans are eligible for loans up to 100 percent of the purchase price of a home. After veterans buy homes with a VA loan, they have an opportunity to refinance their homes through the VA Streamline Refinance. There are requirements for these loans, but the requirements are not as stringent as those required for regular VA loans.

Features of the VA Loan Refinance:

  • Allows you to refinance your existing loan with no closing costs
  • Income documentation is not required
  • Employment documentation is not required
  • Your existing mortgage must be current on payments.
  • Skip up to one payment

VA Loan Refinance Requirements

To obtain a VA guaranteed home loan or a VA refinance loan, home buyers must meet several requirements. Chiefly, homeowners must reside in the home, and they must qualify as veterans. Under the regular VA loan program, though, the purchased home must be appraised, and home buyers must provide income verification. Lenders also require credit qualifying. With the VA’s mortgage refinance program, there is no need for an appraisal, and there is no income verification or credit qualifying. As long as the homeowner has not had more than one 30-day-late mortgage payment in the past 12 months, the homeowner can qualify for the VA Streamline Refinance Loan. The loan refinance program is available only to homeowners who already have regular VA loans. If someone qualifies as a veteran but has a conventional mortgage, the individual does not meet the requirements for a VA refinance loan.

Proudly Serving Texas, Illinois and Florida



​Texas Location:

7100 Regency Square Blvd 
Suite # 230-04,
Houston, Texas 77036
Office: 713-300-1008
Fax: 713-893-6080
NMLS # 335991



​Illinois Location:

1901 Raymond Drive
Suite #1,
Northbrook, IL 60062
Office: 847-400-0600
Fax: 847-574-8301
NMLS # 324286
Equal Housing Lender. Figures deemed reliable, but errors may occur. Rates and terms subject to change without notice. This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under the underwriting requirements and satisfy all contingencies of loan approval. NMLS # 324286 Regulated by the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705 - www.sml.texas.gov - In Illinois Regulated by the Department of Financial and Professional Regulation - Division of Banking License # MB.6760918 http://www.idfpr.com/Bankingdefault.asp
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