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The VA's IRRL Refinance Loan is Simple, Easy, & Beneficial for Veterans
 
 
The VA's IRRL Refinance Loan is Simple,
Easy, & Beneficial for Veterans
 
 
It sounds like an obvious.  Elementary too ...  
 
A loan program's primary mission should be:  Make life better and easier for the consumer(s) utilizing it.
 
If that's the goal, then the VA (Veteran's Administration) has nailed it with their Interest Rate Reduction Loan.  This loan is better known by the acronym of "VA IRRL". 
 
What does the VA IRRL loan do?
 
This loan serves U.S. Veterans already holding an existing VA Loan by refinancing their present loan into a new lower interest rate loan.   This is accomplished all while requiring limited documentation from veteran borrowers. 
 
Because of the VA IRRL loan, I'd say the VA can proudly declare "Mission Accomplished"!
 
If verification proves that a veteran's current VA loan is being PAID ON TIME, very little additional documentation will be required from the borrower at the time of their new mortgage application. 
 
Most notably, no appraisal is required (once that info has been verified).  That is quite a savings to veteran borrowers, both in money and time.
 
Plus, some ... or all ... of the Closing Costs can be rolled into the new loan.  And veterans do not have to requalify for their new loan from an income/debt standpoint.
 
A Veteran's Administration IRRL Refinance Loan can ... more

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