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VA IRRRL Refinance

 
The VA IRRRL Refinance is designed to help veterans who are currently in a VA loan. It is currently very easy to refinance to a lower rate with very little effort and no money out of your pocket. The Interest Rate Reduction Refinancing Loan doesn’t require an appraisal or income verification, so you can get the process started as soon as possible and take advantage of some very low rates. (It is important to note, however, that while the VA does not have these requirements, individual lenders might. Be sure you know exactly what your lending institution requires.)

This program, also known as the VA Streamline Loan, was created to help veterans lower their interest rates and save money every month. It can only be used if you have already used your eligibility for a VA loan on the property you want to get refinanced. In other words, it must be a VA to VA refinance, and it will use the entitlement that was used when the property was originally purchased. Talk to our professionals to find out if this is the right option based on your current circumstances.

 

VA IRRRL Requirements and Benefits Include:

  • No appraisal is required
  • No need to provide bank statements, job or income verification.
  • It is possible to roll all closing costs and prepaid items into the loan amount
  • You do not have to currently live in the home, but you must certify that you previously occupied the home
  • You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the last 12 months
  • You may defer 1-2 mortgage payments
  • You will receive a refund if there are funds in your current escrow account

The current economy has many veterans looking for ways to find extra money to help with monthly expenses. The IRRRL Refinance program can provide financial relief. If you feel that your current interest rates and monthly payments are too much of a strain, it is time to contact a financial special and discover your options. Get a Free Quote today and find out how we can help.