Kentucky VA Streamline Refinance Guidelines
- The Kentucky VA streamline refinance is fairly simple when compared to qualifying for a VA loan in Kentucky.
- The VA does not require an appraisal, credit information, or underwriting, but your VA approved lender may require these.
- It is possible to roll your closing costs into your Kentucky VA streamline refinance – meaning you will be required to bring zero money to closing.
- With the kentucky VA streamline, your new monthly payment must be lower than the previous loan’s monthly payment, unless you are refinancing an adjustable rate mortgage or the new loan term is less than the old one.
- Your new interest rate must be lower than the interest rate you had with your previous loan. /li>
- The VA streamline allows for a fixed rate or variable rate mortgage.
- With the VA streamline, you can finance energy efficient improvements into your loan, up to $6000.
- No cash out is allowed with the Kentucky VA streamline refinance.
- You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the past 12 months.
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