There is help for our veterans who are looking to refinance their mortgage loans. With the help of a VA home loan when using a VA Streamline loan the refinancing process should be very easy.
What Is The VA Streamline Loan
The VA Streamline loan was created in 1944. The purpose of this loan was to give aid to the former military personnel when purchasing their homes and helping maintain their homes. This is a loan that was guaranteed by the Veteran’s Administration. With this type of a loan the veterans would receive an interest rate that was considerably lower than that of a typical financial lender.
Even as a veteran there are those that are being denied for the VA Streamline Loan. They are being denied due to a not so good credit history or because the home that they own has lost it’s original value. Believe it or not even though the banks are denying you there is still help and options available to you.
Guidelines To A VA Streamline Loan
Even though the lenders claim that they know all of the mortgage rules and policies for every type of a loan out there the personal loans for bad credit lenders who are unfortunately denying the VA Streamline loans are doing so because they do not know the policies of the lending for the Veteran’s Administration. They will deny the loan due to them not wanting to take the risk. This is not correct. It is important that as a veteran you know the guidelines and rules as well as the lender.
Guidelines
The first and major thing to remember when applying for one of these loans is that there is no credit score required. Many lenders will demand that they run your credit score. If you are a person with a not so good credit history it might be a great idea to walk away from that lender and find one who will follow the correct policies of the Veteran’s Administration.
Another guideline that should be followed is that there is no appraisal required. This is a very important guideline to remember because in today’s housing market there are many people who have upside down mortgages. This is because the values of their homes have crashed and the amount of their mortgage is more than what their house is worth. As a Veteran you have the option of refinancing your home under the VA Streamline loan without having to worry about how much is owed on your current mortgage loans with no credit check.
The last guideline is that manufactured homes are eligible. If you are a veteran with a current VA mortgage loan you will be eligible for this loan whether you have a manufactured home or a home that the frame has been built.
Conclusion
As a Veteran you have many advantages when it comes to certain things. A home loan and a refinance of your home loan is one of these advantages. You should take advantage of all of the benefits that you receive. After all you have served the country and you deserve what it gives back to you.
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