One of the best -- and easiest -- streamline refinance programs is available to consumers who now have a loan guaranteed by the U.S. Department of Veterans Affairs. The VA streamline, known as the Interest Rate Reduction Loan, has no "season" requirement, meaning that borrowers who refinanced recently still are eligible. In addition, the loans entail very little documentation and usually do not require an appraisal. In order to qualify, borrowers must have a current VA loan. The interest rate varies on the loan type (some 30-year fixed-rate loans are now less than 5 percent) and the length of the loan cannot exceed 360 months. Payments are due monthly. No more than two points may be rolled into this loan plus the allowable closing costs. A funding fee of approximately 0....
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