VA Streamline refinances have become very popular in recent years due to the historically low interest rates that are now available to borrowers. These loans are also known as interest rate reduction loans since they are commonly acquired by borrowers seeking lower payments on their outstanding loans.

The lower interest rates you can obtain by acquiring one of these loans is not the only benefit associated with their use though. According to mortgage industry expert, Gus Dahleh, there are numerous other benefits that make this particular type of loan easier to acquire compared to other financing options available today and since it is designed to service the needs of veterans, the terms applied to this type of lending contract are favorable.

Underwriting Guidelines with Gus Dahleh:

Lenient underwriting guidelines applied to these financing options make them exceptionally attractive. These lenient guidelines allow lenders to make deals with a broader range of customers and ultimately help more veterans obtain the money they need without facing high interest rates in the process.

For instance, according to Gus Dahleh, veterans who utilize this refinancing option can refinance their existing loans without additional reviews of their current financial condition being required. Lenders are not required to review the income or assets at the disposal of veterans who seek out this type of loan and this can be beneficial to borrowers that have been hurt due to slow economic growth.

Of course, some lenders may require an additional review of the borrower’s finances even though they are not required to complete this step before making a deal with a customer. For this reason, it is recommended that veterans shop around at various lenders to find the best deals available to them right now.

VA Streamline refinances are also very attractive during times when housing prices are facing record lows as well. Most loan contracts require that an appraisal of the home being financed be completed before any money is transferred from the bank to a borrower. This step is often required due to the additional protection it can give to lenders. With the VA streamline refinance though, an appraisal is not required. This can be particularly beneficial to homeowners who are refinancing a property that has lost a significant amount of its value, because these borrowers will not be rejected due to the low value of their properties.

Gus Dahleh: “Before you seek out this attractive deal though, you should first check to see whether or not you even qualify for it.”

Gus Dahleh suggests that employed members of the Armed Forces with loans that have been consistently paid on time for at least twelve months while also maintaining a mid-level credit score generally qualify for VA Streamline refinances.

While there are other factors that can determine whether or not you qualify for these unique lending agreements, these are the most important requirements you must satisfy in order to qualify for them. By focusing your efforts on meeting these requirements, you can greatly increase the chances that you will be approved for a VA Streamline refinance.

Since interest rates are at record lows and veterans who obtain VA streamline refinances are practically guaranteed to obtain lower interest rates on their new mortgages, you can easily reduce your monthly payments by obtaining one of these loans. By using this refinancing option instead of other financing options available to you, you will be able to bypass stringent financing requirements while also borrowing money at some of the lowest interest rates seen in years.

Find more advice and tips about the advantages and benefits of choosing a VA Streamline today! You can get the information and details you will need to about the IRRRL (interest rate reduction refinance loans) that will meet all of your needs by contacting Gus Dahleh.