Nationwide & JAckson MS VA Streamline Refinance Loans

HomeTown Lenders, Inc. Is Your Nationwide Mortgage Lender for VA Streamline Refinance Loans and VA Loan Refinancing

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*Approximately 3 -5 Minutes to Complete The form.

Ready to buy your home?

Let's Get Started


*Approximately 3 -5 Minutes to Complete The Form.

What Is A VA Streamline Refinance? Is It Right for You?

WE ARE TRUSTED BY CLIENTS ACROSS THE NATION For THEIR Nationwide & Jackson MS VA Streamline Refinance Loans

Welcome to HomeTown Lenders, Inc. – Ridgeland, MS Branch. We are  Leading Nationwide and Jackson MS VA Streamline Refinance Mortgage Lenders, and for good reason. We have helped many veterans and their families in Alabama, Arkansas, California, Florida, Illinois, Indiana, Kentucky,  Louisiana, Maryland, Michigan, Missouri, Mississippi, New Mexico, Tennessee, Texas, and Virginia refinance their VA home loans through the VA Streamline Refinance Loan Program.

The VA Streamline Refinance Program – also known as “The VA Interest Rate Reduction Refinance Loan” (IRRRL) – is designed to lower your interest rate by refinancing your existing VA loan. If you are currently in a VA loan and would like to lower interest rate by refinancing, the VA has made it easy for you. Since you are already qualified for a VA loan initially it’s a very simple and quick process to lower your monthly mortgage payments by taking advantage of this popular streamline refinance program.

Contact our Nationwide Veteran’s Administration Mortgage Loan Officers to get prequalified and start your mortgage loan process. 

Why Are VA Streamline Refinance Loan Options So Great?

The VA Streamline Refinance Program has reduced documentation, does not require an appraisal and is setup to let you get a lower interest rate in the easiest possible way. Many veterans refinance to lower their interest rate while others benefit from shortening the term of their loan to save on interest payments over the life of the mortgage. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.

What About The VA Funding Fee For Streamline Loans?

The VA funding fee is collected by lenders at closing and is financed into the loan which helps offset the cost to fund the VA streamline program. It’s a requirement on all VA loans except when the veteran has had a service related disability in which case they can be exempt from paying this fee.

The funding fee is .5% for a veteran of active duty and for National Guard or Reservist

What Are the Advantages of a VA Streamline Refinance?

  • Fast turnaround time
  • No appraisal required
  • No income verification
  • No debt to income calculation
  • Streamlined paperwork process
  • Primary, investment or 2nd home OK

What Are the Requirements For A VA Streamline?

  • Primary residence only
  • Minimum credit score 580 (Special Restrictions Apply)
  • 2 year work history

What Is A VA Cashout Refinance?

The VA Cashout is an excellent way to leverage the equity you have in your home to be able to payoff debt or simply pullout cash. It’s one of the most effective ways to consolidate high interest debt, including credit cards under one low fixed payment per month which may be tax deductible. You can also use it to refinance out of other types of mortgages like a conventional loan to get more favorable terms or even pay a second mortgage off with no mortgage insurance

What About The VA Funding Fee For VA Cashout Refinance?

  • The funding fee for first time use is 2.15% for a veteran of active duty and 2.4% for National Guard or Reservist
  • For second or subsequent use the funding fee is 3.3% for a veteran of active duty and 3.3% for National Guard or Reservist

What Are the Advantages of a VA Cashout Refinance?

  • Cashout up to 90% LTV
  • Payoff high interest debt
  • Can roll in all closing costs
  • Debt to income ratio up to 50%
  • No monthly mortgage insurance

What Are the Requirements For A VA Cashout Refinance?

  • Primary residence only
  • Minimum credit score 580 (Special Restrictions Apply)
  • No late payments over 30 days in last 12 months

Frequently Asked VA Refinance Questions

  • Copy of driver’s license
  • Copy of social security card
  • Copy of your mortgage note
  • Copy of your DD Form 214 for discharged veterans
  • Statement of service for active military personnel
  • Copy of your Certificate of Eligibility (COE)
  • Contact information for insurance agent

Contact HomeTown Lenders for More Information.

In some cases it may be possible to skip (2) mortgage payments as part of your refinance. It will depend on when in the month you close your loan. With that said, it is recommended that you speak with your VA Mortgage Loan Officer to learn more according to your situation.

Yes, you can. A VA Streamline Refinance Loan will allow you to refinance without an appraisal.

No, your VA Home Loan Lender will only verify if you are still employed but will not verify actual income. That is why debt to income is not a factor in qualifying for a VA refinance.

Typically this is not required since you used the COE to qualify for your original VA Home Loan Mortgage.

If you choose to roll in your closing costs instead of paying for them at closing your loan amount will increase by this amount including the VA funding fee. But by skipping up to (2) mortgage payments in some cases, receiving escrow money back after closing, and the savings per month your breakeven on the streamline is realized very quickly.

Yes you are allowed to subordinate a 2nd mortgage and just payoff your first mortgage as long as the lien holder will allow it.

No, you can cashout up to the full 90% of the appraised value or you can cashout less if you choose without penalty.

A Diverse and Comprehensive Line of Loan Products to Fit Everyone's needs.

FHA LOANS

Down to a 580 Credit Score

*SPECIAL RESTRICTIONS APPLY

Jumbo
Loans

Down to a 620 Credit Score

VA HOME LOANS

Down to a 580 Credit Score

*SPECIAL RESTRICTIONS APPLY

FHA
203K Loans

Down to a 620 Credit Score

USDA LOANS

Down to a 580 Credit Score

*SPECIAL RESTRICTIONS APPLY

FHA/VA/USDA
Conventional

Manufactured Home
Loans Available

CONVENTIONAL

Down to a 620 Credit Score

Down Payment
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By sending this form to your email you are agreeing to allow us to contact you by email to follow up with you. Call us today to see what programs you may qualify for and today’s interest rates

Hometown Lenders Helping You Achieve Your Dreams

Contact US today to get started on your Nationwide and Jackson MS VA Streamline Refinance Loans

We pride ourselves in making your home financing experience as easy and affordable as possible. Our service is second to none.
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FHA, VA, USDA Loans SPECIAL RESTRICTIONS

Special restrictions and guidelines for bad or poor credit.

All loans FHA, VA, USDA:

  1. FHA –  Minimum loan amount 200K
  2. Alternant trade lines ( utility bill, child care, insurance etc) 12 month history no late payments
  3. BK 7 Discharge over 2 years.  BK CH 13 3 years from file date
  4. Foreclosures over 3 years  
  5. Verifiable Rental history 12 months no lates (Cancel checks, money orders or by management company)
  6. 3 Months of reserves ( 3 months payments in reserves . example in bank, 401k etc)
  7. No excessive late payments in the past 12 months
  8. No Mortgage lates

On FHA with Credit scores less than 580

  • 90% LTV(Loan to Value) with 10% Down payment .

On VA with Credit scores less than 580  

  • 3.  100% LTV(Loan to Value) NO Down Payment

 On USDA with Credit scores  of 580-619

  • 100% LTV(Loan to Value) NO Down Payment

Guidelines