Interest rates have come down again in recent weeks and one of the programs that has direct connection to the current interest rate levels is the VA IRRRL program. The VA IRRRL or VA Interest Rate Reduction Refinance Loan is a the VA's version of a Streamline Refinance. Just like the FHA Streamline refinance, the VA Streamline refinance requires less paperwork and less cost for qualified veterans.
- No Appraisal Required
- Job Listed on Application but No Income Verification
- Option to Qualify with no Credit Score Verification
- Allowable for Investment Properties
- VA Funding Fee (financed) Reduced to .50%
- No Funding Fee for Veterans receiving Service Related Disability Income
Common Questions Regarding the VA IRRRL - VA Streamline Refinance Program
Who qualifies for this VA IRRRL/Streamline Program?
Military Veterans with a valid Certificate of Eligibility who currently have a VA Mortgage
Can other types of mortgages be paid off with the VA IRRRL program?
No, the program is only for refinancing a current VA mortgage
Can this program be used to pay off other debts or to receive cash for home improvement?
In most cases the answer is No. The program is only for for refinancing the current VA mortgage. In some cases, cash can be provided to reimburse the Veteran up to $6000 for recent eligible Energy Efficient Improvements.
Are there some cases where an appraisal may be required?
While technically, the VA does not require an appraisal for the VA IRRRL program, many lenders have their own rules that will require require an appraisal for lower credit scores. We generally see no appraisal required for credit of 620 an
Keith Landis is a Licensed Mortgage Loan Officer covering all of Pennsylvania. He can be reached toll free at 877 334 6094 or on his cell at 412 726 1654 or by email at klandis@keystonehomefinance.com
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