If you currently have a VA loan and are looking to save money on your monthly mortgage payment by lowering your interest rate, the VA streamline refinance program is worth learning more about. test

The VA streamline refinance is the most popular refinance program for Veterans who currently have a VA loan because it allows you to get a lower interest rate with the least possible hassle. Many VA approved lenders will offer a no credit check or no appraisal required option for the VA streamline program.


Under the form, need a tab sheet (steal the idea from http://vaguaranteedhomeloans.com/income-requirements/)


Some simple facts and general guidelines about the VA streamline refinance program include:

  • The VA streamline has less documentation than a full refinance and many times the lender can close faster with less documentation than a full refinance.
  • Many lenders can do a VA streamline without requiring an appraisal. The VA does not require an appraisal, credit information, or underwriting, but your some VA approved lenders may require some or all of these items.
  • It is possible to roll all closing costs and fees into the new loan so there are no out-of-pocket costs when doing a VA streamline.
  • One rule for the VA streamline is that the new monthly payment must be lower than the previous loan’s monthly payment. One exception to this rule is when you are refinancing an adjustable rate mortgage or the new loan term is less than the old one.
  • Your new interest rate must have a lower interest rate than the previous loan. An exception is if you are refinancing from an adjustable rate loan.
  • With the VA streamline program, your new loan can be a fixed rate or adjustable rate loan.
  • A VA funding fee is usually required.
  • The VA streamline program allows for energy efficient improvements can be refinanced into the loan, up to $6000.
  • Your monthly mortgage payment may increase if you finance energy efficient home improvements, finance your closing costs including the funding fees, finance points, or get a higher interest rate if you move to a fixed rate loan.
  • The VA streamline program does not allow you to receive any cash out at the loan closing.
  • 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.herb seeds amazon


The stability of a potential borrower’s income comes from the history of employment. The VA Loan process verifies the previous two years of employment, usually through tax forms (W2s).

Basic VA Loan Income Requirements Include:

  • Proof of income for the previous two years.
  • Documents to show income such as W2’s.
  • Any other documentable income such as rental income, retirement, etc.
  • Basic Allowance for Housing (BAH)

Most lenders look for at least the 2 most recent years of proof; in some cases they might want additional documentation. If you have problems finding or accessing the documents that you need, make sure you tell your loan officer right away.


Income requirements are a big part of the loan process as this demonstrates your ability to repay a loan to the lender. It is important that you understand all of the VA requirements. Please call us at (888) 523-0770 if you have any VA Loan income requirement questions that aren’t answered in this FAQ.

What are the acceptable types of income?

Qualifying income includes:

  • W2 Income or Self-Employed Income
  • Overtime or Bonus Income
  • Retirement Income
  • Alimony, Child Support, or Separate Maintenance
  • Rental Income

What if I don’t have any documentation of my income?

It is important to let your loan officer know right away if you cannot access or find your proof of income. It may be possible that you can request tax forms but this can take time so it is important that you allow time for this request to process.

Why is a VA Loan a better choice than a conventional loan?

There are many benefits not offered by conventional loans that VA Loan offer. One of the most popular reasons for getting a VA Loan is that they do not require a down payment for a purchase. There are other benefits too, of course, such as VA Loans typically coming with lower rates, having lower closing costs, and not requiring private mortgage insurance like FHA or conventional loans.

What does it mean when I hear that a VA Loan is guaranteed?

This means the VA guarantees or ‘insures’ part of the loan to the lender in case you default and don’t pay. Being eligible for a VA Loan does not necessarily mean that you’re approved for a loan and having a VA guarantee doesn’t mean the lender will approve the loan either.

Are stated or no-document loans offered through the VA Home Loan Program?

No, the only loans allowed through the VA require full income documentation.

Do I need to have a property picked out?

No, you don’t have to have a property picked out before apply for a VA Loan. You can get pre-qualified before you even start looking for a property. Choosing to get qualified before you pick out a property lets you know exactly what price range you should be looking for when you do shop for a house.

How long is the process for getting a home loan?

You should count on at least 30 days for the process to take place. It’s possible to have your loan closed in less time if you and the lender are prepared ahead of time.

These are just the highlights of the VA streamline loan. Many people have questions about the VA streamline loan, so here are a few of the more frequently asked questions.