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VA IRRRL Guidelines

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VA IRRRL Guidelines for Veterans

Interest Rate Reduction Refinance Loan

Reduce You Rate.
Lower Your Payment.

The VA Streamline Refinance, officially known as the VA IRRRL, is a great option for qualified VA borrowers who are looking for a refinance loan. The term IRRRL in VA IRRRL refers to Interest Rate Reduction Refinance Loan. Because you as a homeowner are just refinancing between two VA loan products, VA Streamline refinance loans are typically easier and quicker to complete than other options.

A VA Streamline Refinance can be helpful if you’re having trouble making monthly payments on your VA loan. VA IRRRLs can help you to refinance your way to a lower interest rate. The terms VA IRRRL and VA Streamline can be used interchangeably. The term streamline

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VA Loan Refinance - VA IRRRL loans

What Can a VA Streamline Refinance Do For Me?

With A VA IRRRL, you can accomplish several things, including:

  • Switching from an adjustable rate mortgage (ARM) to a fixed rate mortgage.
  • Lower your monthly interest rate
  • Change your loan term

How Does a VA IRRRL Work?

You’ll only be allowed to get a VA Streamline refinance of your loan for financial purposes. If you want to refinance your loan for a non-financial related reason, the VA will not allow it. VA Streamline refinancing is only allowed if you will be provided with immediate financial relief or benefit from taking advantage of it. These advantages could be a lower interest rate or lower monthly payment.

IRRRL Refinancing Rates

VA IRRRL rates are some of the lowest rates out there, if you’re able to secure a VA IRRL. These IRRRL interest rates can fluctuate and change daily depending on the market conditions, so it’s best to research current rates before applying for a VA IRRL so you have an idea of what your rate will be.

Am I Eligible For a VA IRRRL?

If you currently have an outstanding VA loan, you are a candidate for a VA Streamline. Veterans with non-VA loans are not eligible for a VA Streamline refinance. If you have a non-VA loan, check out the VA cash-out refinance option.
If you have an investment property that you would like to refinance using a VA Streamline, you must show proof of residence in order to qualify. If you rent out the property now, you have to prove that you lived in the home at some point. This proof of residence can be in the form of utility bills with your name and the address on it, bank statements, or pay stubs with your name and that address.

It’s important to note that in order to apply for the VA Streamline, you must wait 270 days from the closing date of your original mortgage. In addition to this 270 day period, you must also wait until you have made six consecutive monthly payments on your loan. There must be at least a 210 day period between your first mortgage payment and the date you close on the IRRL.

Commonly Asked IRRRL Questions

What are the closing costs associated with an IRRRL?
When it comes to a VA Streamline refinance, the fees and closing costs associated with the IRRRL varies by lender. These costs can usually be included in the final loan amount rather than paid separately.

Will an IRRRL enable me to refinance a 30-year mortgage to a 15-year mortgage?

Many people choose a VA Streamline refinance in order to get a shorter mortgage period. Since you are cutting the mortgage length in half, you can expect your 15-year mortgage payments to be significantly higher than with a 30-year mortgage. However, your lifetime interest cost will be lower.

How Do I Apply for a VA IRRL?

The VA Streamline refinance application process is simple and does not require many steps. You can apply online to make it even easier.

Step 1: Make Sure You’re Qualified for a VA IRRL
Look over specific qualification details and ensure that you qualify for a VA Streamline refinance before starting the application process.

Step 2: Get In Contact with VA Loan Experts
Talking to an expert when applying for a VA Streamline refinance to make the process easier and guarantee that it’s the right choice for you.

Take the next step and start your VA mortgage process today.

If you’re ready to move forward, or just want more information, the first step is to get no-obligation rate quotes.

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