Fussball » Therefore, if the bank insists on run

VA Streamline Loan Guidelines ? What Every Veteran Needs to Know to Refinance Finance Articles | October 20 Cheap Adidas Shoes Australia , 2011
Many veterans looking to refinance with a VA Streamline loan are being rejected for the wrong reasons. This article reviews your rights as a veteran and the VA guidelines for Streamline loans.

Veterans looking to refinance a Military home loan using a VA Streamline loan should know the basic rules of a Military loan. Created in 1944, the purpose of VA home loans and Streamline loans is to aid former military personnel in the purchase and maintenance of a home through a guarantee by the Veterans? Administration on that loan. As a result, veterans with a VA home loan enjoy a lower interest rate than that offered by many private banks.

However, lately, many veterans have been reporting that their applications for VA Streamline loans have been denied based on a poor credit history or a lost value on their homes. Now Adidas Originals Shoes Australia , while no one wants to have bad credit, it happens to the best of us. Also, everyone knows that the housing market is in the dumpster these days. As a Veteran, there are still options, despite what the banks are saying.

The truth is many of the private lenders who are denying VA Streamline loans are actually interpreting the rules of VA lending incorrectly because they are unwilling to take the risk on the loan Adidas Shoes Australia , which is wrong. Therefore, as a veteran looking to refinance with a VA Streamline loan, it is important to know the guidelines that the VA has set.

VA Guideline #1: No Credit

There are three main points that the VA stipulates to private lenders regarding the issue of VA loans. The first of which is that no credit score is required for the process.

Therefore, if the bank insists on running your credit score as a stipulation for the loan and you know you have a bad score that will impact their decision, walk away and find a lender who will follow the rules and leave your credit score out of this. There are lenders who will refinance a VA loan even if your credit score is as low as 560.

VA Guideline #2: No Appraisal

This is a really important guideline in the current housing market because so many Americans are upside down on their mortgages. The housing market crashed Yeezy Boost Australia , we are all painfully aware of that. However, veterans who want to refinance current VA home loans to ensure that they can keep them, do not need to worry about this to a point. Do not allow a lender to tell you otherwise. You can owe up to $50k above what your home is currently worth and there are lenders who will work with you.