How Divorce Can Effect A VA Streamline Refinance
Posted: December 26th, 2009 | Author: admin | Filed under: Refinance | Tags: Refinance Program, VA Streamline Refinance | No Comments »If you currently have a VA loan for your home and are considering the VA streamline refinance program, you need to be aware how a divorce could effect the VA streamline refinance. Everyone whose name was on the required original loan to participate in the VA streamline refinance, must be on the new loan as well. This not only effects those who are divorced, it can effect anyone who has another person named on the original loan.
If you want to apply for the VA streamline refinance program, anyone who is named on the original loan must be named on the new loan as well. This is because the VA streamline refinance can be streamlined by no credit checks. There is also far less paperwork in the streamlined VA cash out refinance, it goes through much faster without credit checks for everyone named on the loan.
If someone is no longer going to be on the new loan, you cannot get the VA streamline refinance, unfortunately. There are other programs that you may qualify for. If you do qualify for the VA streamline refinance program, you could have extra cash in your hands shortly for whatever your needs are. Who doesn’t need extra cash these days? VA cash out loans also help veterans with extra cash needs. Cash out loans have their own sort of qualifiers but are available to those who need them.
