VA and VA Streamline Refinance Mortgage & Home Loan
Central Coast Lending is a leading broker of VA mortgage loans, including VA streamline refinance, on the California Central Coast. Our expert team of loan officers make the process of mortgage finance (or refinance) easy and understandable.
We guarantee straightforward, honest advice. Contact us for a friendly and confidential discussion about your finances:
You can continue reading below for more information about VA loans. But first, here are some other links that may interest you:
VA Loan Overview
Created in 1944 under the Servicemen’s Readjustment Act (also known as the GI Bill of Rights), the VA loan helps make housing accessible for veterans and their families.
The program offers up to 100 percent financing, no mortgage insurance, and a 2.15 percent financing fee for loans up to $417,000. Loan amounts greater than this benchmark are subject to certain fees and a higher down payment.
For more information, go to www.homeloans.va.gov.
The terms of qualification are determined by the Certificate of Eligibility issued by the VA Department. General guidelines are listed below:
- Veterans who served a minimum of 90 days during wartime or 181 days during peacetime. (Note: two year service time requirement if born after Sept. 7, 1980 or Oct. 16, 1981 as an officer)
- Spouse of deceased veteran qualifies in certain cases
- 6 year requirement for National guards and reservists under certain criteria
Personal financial requirements and qualifying property specifications:
- Minimum credit score: 580
- Debt-to-income ratio (DTI): 45 percent
- Purchase must be owner-occupied property
- Singe-family housing
Up to $417,000 in financing with 2.15 percent funding fee. For larger loans, special conditions may apply.
- Reduced fee program. Disabled veterans may be eligible to waive fees.
- No down payment.
- No mortgage insurance required.
- Greater leniency: greater forgiveness for derogatory credit items.
VA Streamline Refinance
The VA Streamline Refinance is the most common loan type within the VA loan umbrella, and is officially known as an Interest Rate Reduction Refinance Loan (IRRRL) by the government. The VA Streamline Refinance loan allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. The Streamline loan is extremely popular because it’s easy to use; once you have already been approved for your initial VA purchase loan, it is relatively simple to lower your interest rate and experience considerable savings.
To be eligible for a VA Streamline loan, you must meet the following requirements:
- Be current on your mortgage with no more than one 30-day late payment within the past year.
- Your new monthly payment for the VA Streamline must also be lower than the previous loan’s monthly payment.
- No cash-out.
- You must certify that you previously occupied the property.
- You must have previously used your VA Loan eligibility on the property you intend to refinance. (You may see this referred to as a VA to VA refinance.)
For more refinance options, click HERE.
Obtaining a Mortgage After a Negative Credit Event
Things don’t always go as planned when buying a home. It’s a common misconception that after going through a negative credit event like foreclosure or bankruptcy, it’s impossible to get a loan. This is far from the truth. Please click here (LINK) for a rundown of the guidelines for obtaining mortgage financing for VA home loans after going through foreclosure, short sale or bankruptcy. A summary of this information can also be found in this chart.
We broker VA mortgage and home loans for the Central Coast and through the entire state of California. Among others, we supply VA loans for:
San Luis Obispo County:
Arroyo Grande, Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Nipomo, Oceano, Paso Robles, Pismo Beach, San Luis Obispo, San Miguel, San Simeon, Santa Margarita, Shandon, Templeton, and surrounding cities.
Santa Barbara County:
Buellton, Carpinteria, Goleta, Guadalupe, Hollister Ranch, Isla Vista, Lompoc, Los Alamos, Los Olivos, Mission Hills, Montecito, Orcutt, Santa Barbara, Santa Maria, Santa Ynez, Solvang, and surrounding cities.
Bakersfield, Delano, Arvin, California City, McFarland, Ridgecrest, Maricopa, Taft, Oildale, Lamont, Rosamond, Rosedale, Greenfield, Lost Hills, and surrounding cities.
Carmel, Del Rey Oaks, Gonzales, Greenfield, King City, Marina, Monterey, Pacific Grove, Salinas, Sand City, Seaside, Soledad, and surrounding cities.