What is the Michigan VA Streamline Refinance Program?
A Michigan VA Streamline Refinance is a loan program designed specially for veterans. It’s issued by certain approved lenders, and guaranteed by the federal government. The most common type of Michigan VA Streamline Refinance, it’s also called an Interest Rate Reduction Refinance Loan (IRRRL).
The main characteristic of an IRRRL is that veterans with qualifying levels of income and credit can buy a home with no down payment. This makes buying a house very attractive. Michigan VA Streamline Refinance have flexible requirements, so you don’t need private mortgage insurance (PMI). Best of all, interest rates are very competitive.
Michigan VA Streamline Refinance FAQ’s
Who can qualify for a VA Streamline Refinance?
Anyone who’s served 181 days during peacetime, 90 days during wartime, or 6 years in the Reserves or National Guard can qualify. If you’re a spouse of a service member killed in the line of duty you may also qualify. Generally, almost any active duty or honorably discharged service member is eligible for either a Michigan VA Streamline Refinance or purchase loan.
Do I need a Certificate of Eligibility?
Since you would have needed your COE for the first VA loan, you don’t need it for the Michigan VA Streamline Refinance.
Are there set Michigan VA Streamline Refinance rates?
No, the banks set the interest rates for the mortgages that they buy and sell.
Do I need to go with my current mortgage lender when refinancing my VA loan?
No, and in fact shopping around is an excellent idea. All that you need to look for is a VA approved lender.
What are the requirements & guidelines for a VA Streamline?
You need to meet the following criteria:
- You have to be current on your mortgage. You’re only allowed a single late payment (30 days) within the last year
- Your new IRRRL monthly payment has to be lower than the monthly payment for your previous loan, unless you’re refinancing an adjustable-rate mortgage to a fixed-rate one
- You can’t get any cash from an IRRRL
- You have to certify that you occupied the property beforehand
- You have to have previously made use of your eligibility for VA loans on the property that you want to refinance.
What about Michigan VA Streamline Refinance Rates
Michigan VA Streamline rates vary depending on your financial situation and the property, but they are very competitive with the rest of the industry.
What is the Difference between a Michigan VA Streamline Refinance and a conventional refinance?
A Michigan VA Streamline is only open to people eligible for VA loans who previously financed their property with a VA loan.
What are the pros & cons of a Michigan VA Streamline Refinance?
The interest rates are generally lower, you need no down payment, and the requirements are flexible.
The VA limits the amount of liability it will assume, which may limit how much money you can borrow. If you need to borrow more than $150,000, the basic entitlement may not be enough to cover the loan. You also have to pay a VA funding fee.
How do I qualify for the Michigan VA Streamline Refinance Program
If you meet the requirements for a Michigan VA Streamline, qualifying is very easy. You don’t have to go through another appraisal or credit check. However, if you swap lenders, the new lender may require either or both.
Choosing Atlantis Mortgage as your Michigan VA Streamline Refinance Lender
Since the Michigan VA Streamline Refinance is an extremely attractive mortgage product, get started now by getting reguesting a Quick Rate Quote at the top of this page or use our Full Application to get started now. Our rates are extremely low right now, so it’s a fantastic opportunity to make use of your benefits.