VA Streamline (IRRRL)

VA to VA Streamline Refinance (VA IRRRL)
If you are a Veteran, with an existing  VA Guaranteed Mortgage, you are entitled to an additional benefit from The Department of Veteran Affairs when it comes to refinancing your VA mortgage.  This program is called a VA Interest Rate Reduction Refinance Loan or IRRRL. Under this program, you can refinance your existing VA mortgage loan without having to re-qualify. In fact, the full credit report is replaced by a mortgage only credit report for qualification purposes. This report shows only your mortgage payment history and your credit scores. In most case, you will not need an appraisal
The primary eligibility for this is the new VA loan must have the purpose of lowering the current interest rate, shortening the loan term of the current mortgage or converting from an ARM to a fixed rate loan.
For loan amounts over $417,000, see our Jumbo VA Loan page.VA Streamline Program highlights include:

  • Will not need to provide bank statements, W2s or paycheck stubs
  • You cannot receive any cash at closing
  • Refinancing with out an appraisal is possible
  • It is possible to roll all closing costs and prepaid items into the loan amount – so no out-of-pocket costs
  • You must be current on your existing VA mortgage and not have had more than zero 30-day late mortgage payment within the last 12 months.
  • Within 30 days of closing, you will receive the money that was held in your old escrow account because a new escrow account will be set up with your new loan
  • An IRRRL is used to refinance an existing VA loan with a new VA loan that usually has a lower interest rate.
  • An IRRRL can be a fixed rate loan or an adjustable rate loan.
  • An IRRRL must be at a lower interest rate than your previous mortgage loan unless you are refinancing from an adjustable rate mortgage loan.

Existing VA Home Loans Take Advantage of Lower Rates
Many people are aware that the Veteran’s Administration (VA) offers attractive financing terms for our veterans. However, many veterans do not know that they can take advantage of lower mortgage rates with relative ease.  The VA offers a program called the IRRRL or the Interest Rate Reduction Refinance Loan. Any veteran that currently has a VA mortgage can re-finance without a new appraisal or meeting the standard refinance guidelines. The credit report used for this process is a mortgage only credit report that shows the mortgage payment history and credit scores.

VA Refinance
If you are a Wisconsin Veteran, with an existing VA Guaranteed Mortgage, you are entitled to an additional benefit from The Department of Veteran Affairs when it comes to refinancing.  This program is called a VA Interest Rate Reduction Refinance Loan or IRRRL (VA Streamline Refinance). We like to refer to it as the simple and easy mortgage program! Under this program, you can refinance your existing VA mortgage loan without having to re-qualify or have a new appraisal done. In fact, the full credit report is replaced by a mortgage only credit report or a verification of payment history from your current lender for qualification purposes. This report shows only your mortgage payment history and none of your other credit or credit scores.  The main eligibility for this program is the new VA mortgage must have the purpose of lowering the current interest rate, shortening the loan term of the current mortgage or converting from an ARM to a fixed rate loan.

VA Streamline Mortgage loans:
If you are a Veteran, with an existing Wisconsin VA Guaranteed Mortgage, you are entitled to an additional benefit from The Department of Veteran Affairs when it comes to refinancing your VA mortgage. This program is called a VA Interest Rate Reduction Refinance Loan or IRRRL. Under this program, you can refinance your existing VA mortgage loan without having to re-qualify or have a new appraisal done. In fact, the full credit report is replaced by a mortgage only credit report for qualification purposes. This report shows only your mortgage payment history and none of your other credit or credit scores.  The main eligibility for this program is the new VA mortgage must have the purpose of lowering the current interest rate, shortening the loan term of the current mortgage or converting from an ARM to a fixed rate loan.

VA Builder Approval Process
All properties designated as “new,” “proposed,” or “under” construction must have a valid builder identification number on file with the VA.  If you are not yet approved, you will need to complete the following 3 documents.

FHA and VA Refinance, Cash Out Refinance and Streamline Refinance
If you are considering  home loan refinance, the first steps are to determine your short and long term goals and then to evaluate the different types of home refinance loan programs available. Refinance loans are available to obtain better interest rates and terms on your existing restaurant or cash out a portion of your equity in property. Below you will find the most popular refinance programs:

For more information;

FHA Loans

VA Home Loans

Conventional Loans

USDA Rural Development Loans

Mortgage Fees

Mortgage Checklist

Be the first to comment

Leave a Reply

Your email address will not be published.


*