Did you know that Veterans have access to more refinancing options with less restrictions than the average homeowner. There are many VA refinance programs available to suit your specific needs. Whether you are looking to lower your interest rate, reduce your payment, pay off credit cards or other debt consolidation, the VA can help you achieve your goals.

Here are some of the VA loan program highlights:

VA Streamline Refinance Loan (VA IRRRL)-

This specialized program is the easiest and quickest way lower your interest rate and reduce your monthly payment. If eligible, you may not even need an appraisal or credit check. A VA streamline refinance requires only very basic limited documentation from the Veteran. As a result, the process can be done quickly and easily. There are no out of pocket expenses needed with this program.

VA Debt Consolidation Loan

With a VA debt consolidation loan, it is possible to access up to 100% of the value of your home for the purpose of consolidating credit cards, car loans or second mortgages into one single low payment. As with many other VA refinance programs, there are no out of pocket expenses required.

VA Refinance Relief- Veteran's Benefits Improvement Act of 2008

On October 10, 2008, President Bush signed the Veterans Benefits Improvement Act into law. There are four housing provisions in the bill that pertain to Veterans and active duty members who are homeowners or potential homeowners. This law provides VA refinance opportunities for veterans who are currently trapped in non-VA sub-prime or conventional loans with unfavorable terms. These changes are major improvements which open up VA refinance opportunities for all qualified veterans, even those who are 'upside-down' or have no home equity. The VA is giving those who were subjected to subprime loans the option to refinance into safer more stable products.

These are just a few of the many VA refinance options available that can be used effective to lower your monthly payment each month. In addition, many of these VA loans require only limited or reduced documentation and have no out of pocket costs associated with them.

Interest rates currently at record lows. Since VA mortgage rates are consistently lower than traditional 'conventional' financing options, now is the time to take advantage of reducing your mortgage payments or consolidating your credit cards into one low monthly payment.