Hawaii and California VA Streamline Refinance Program
Refinance your Hawaii VA (IRRRL) mortgage
- No verification of employment or income
- No credit score check
- No appraisal required – homes that are considered to be “underwater” still qualify!
- Available on Oahu, Maui, the Big Island, and Kauai
Important “VA to VA Refinance” FACTS
Hawaii VA Streamline Refinance
A VA-guaranteed loan made to refinance an existing VA loan. You must have a VA loan already to qualify for this loan. The VA streamline refinance will enable you to take advantage of lower interest rates when they are available with a streamlined underwriting process.
Typically, no appraisal, credit information, or underwriting is required. We do not require pay-stubs, W-2 forms, or any other proof of income. The only requirements are a clean mortgage payment history for the past 12 months, a credit-score above 620, no outstanding collections accounts, and no bankruptcy filings in the last 2 years. The new loan will re-use the entitlement you originally used. A Certificate of Eligibility is not required.
No Cash Needed to Close
A VA to VA Refinance may be processed with “no cash out of pocket”. Instead, all costs may be rolled into the new loan. Veterans entitled to VA disability compensation may be exempt from the funding fee. In addition, the only other expenses are title work which is required by all states and the establishment of an escrow account to pay your homeowner’s insurance and taxes.
Fixed and Adjustable Rate Mortgages
Adjustable Rate Mortgage (ARM) and Fixed Rates are available. There is a lot of flexibility in how a VA Streamline Refinance loan can be structured.
Lower Interest Rate
A Hawaii VA Streamline Refinance must result in a lower interest rate than the loan it is refinancing. An exception to this would be if the loan it is refinancing is an ARM.
A VA streamline cannot be used to take cash out of the property or pay off debts. The only debt that can be paid with a VA to VA loan is that associated with the VA loan being refinanced. Loan proceeds may only be applied to paying off the existing VA loan and to the costs of obtaining a new VA loan. Therefore, the general rule is that a borrower cannot receive cash proceeds from the loan. If necessary, the refinancing loan amount must be rounded down to avoid payments of cash to the veteran.
Cash Out for Energy Improvements
The one instance where you may be able to use a VA streamline refinance to get cash out is in the event that the cash is used for cost of energy efficiency improvements up to $6,000.
Contact us for a free consultation & have all of your VA mortgage questions answered today!
No Application Fee – Ever!