Do you qualify for a VA Streamline Mortgage Refinancing?
Sunday, January 31st, 2010Determining if you qualify for the new VA streamline refinance is a short process. If you can pass a few routine and easy to answer qualifiers you’ll know if the application process will be smooth sailing. First off what is the status of your current VA home loan? If you have made on time monthly mortgage payments for the last 12 months, that’s great. If you were late just once in that 12 month series of payments then you are still in the ballpark. However if you have two late payments in the past 12 consecutive months you get sent back to the dugout.
What’s changed? You can change the color of the house, the color of your hair even have a new dog since the inception of your original VA home loan. As long as you have not changed your spouse. A divorce will stop the process dead in it tracks. Why? Well if your wife that was party and signature to the first VA home loan mortgage is not around for the VA Streamline Refinance, than a refinance can’t happen. The original named applicants must remain the same for the refinancing. At that point you need to reapply for a brand new VA home loan. While this is a form of refinancing, it doesn’t carry all the benefits of a straight VA Streamline Refinance.
Lastly, to qualify you may not have any tax liens on the home at the time of application. Past satisfied liens are ignored. Now find a VA streamline refinance broker and get started!