The VA streamline refinance is also known as the VA IRRRL program which stands for Interest Rate Reduction Refinance Loan. They are the exact same loan program, just different names. The VA streamline refinance program is for homeowners with an existing VA loan. Facts about the VA Streamline Refinance program are:
- No credit score requirements
- Must have no more than one 30 day late payment made in the past 12 months
- No appraisal required
- For primary residence properties only. Not available for investment or second homes.
- May not get cash out greater than $500
- No out of pocket costs