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When people want to refinance their house then it can be assumed that people have already checked their credit report. After that a creditor will go through the same credit report. If he is satisfied with all the documents and the credit report then he will grant the loan that people have asked for.

Some rare exception to this rule has been identified in case of VA streamline refinance. This particular loan scheme will enable a borrower to qualify fo the loan by already having a VA backed loan. The basic specification is that the person has to be updated with his mortgage payments.

The reason for which a VA allows this loan is very simple to figure out. The person or the borrower who is applying for this laon has already gone through the qualification process in the past. Since the person is very familiar to VA program so he will qualify for this very easily and the monthly payment will also be very low. As the total process is very simple so more and more people would be interested for this loan. No one would like to miss out the oppertunity. But it does not indicate that ther will not be any closing cost involved in VA refinance scheme. Only no appraisal would be required and also no verification would be required.