For Michigan property owners with VA home loans you could qualify for a VA Streamline or IRRRL (Interest Rate Reduction Refinancing Loan). These streamlined refinance loans for Michigan homeowners boast many of the same benefits as the FHA program.
They can be used to switch between fixed rate and adjustable rate mortgages, lower rates and payments and also require no appraisal, no money out of pocket and no credit to be pulled (unless requested by an individual lender).
However, one great advantage of VA streamlined refinancing is being able to add up to $6,000 worth of financing for energy efficient home improvements into the new loan.
|Streamline Refinance FAQ|