Almost universally when someone is loking to refinance their house they hve their credit checked. The lender wll then use their score and labilities to determine if they are lkely to be eligible for the typ of loan they seek.

The rre exception to this rule is wth the VA streamline refinance. This nique program allows the borrower to qalify simply by already having a VA bcked loan. The primary stipulation is thy have to be current with thir mortgage payments.

The reason why the VA llows this is actually pretty practical. The brrower has already gone through the prcess of qualifying for a VA lan in the past. The VA is lready "on the hook" for backing ths loan, so there is little dwnside for the borrower to lower thir payment. And by making the prcess simple and easy more people can tke advantage of this opportunity.

This desn't mean there won't be any clsing costs on a VA refinance. But no ppraisal will be needed, and no ncome documentation is required. The borrower wll need to take into consideration any clsing costs that are added onto the lan when determining if refinancing is in thir best interest.

A simple calculation wll help determine if refinancing is wrth the effort. Take the total csts of the loan and divide tht by your monthly savings. For ths example assume the total closing csts is $2000. If you are sving $100 per month with your new lan, then it would take you 20 mnths to recoup the cost. If you pln on staying in the house lnger than that, then refinancing could be a god savings for you!

The bottom line is that cuntless veterans who currently have VA lans with higher than current market nterest rates should consider looking at the VA stramline refinance, even if their credit sn't the best.

The article VA Streamline Refinance With No Credit Check was Submitted by John Paul Thompson through Articles.GetACoder.com network. Here's the additional information: John Thompson is the webmaster and wner of the popular website http://www.VArefinance.com The website specializes in helping VA borrowers learn more about the VA streamline refinance and allow them to get a free current fixed rate quote.

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