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 typically be closed in a shorter period of time than other loans too. This can be a huge benefit to Veteran Borrowers in search of much-needed monthly payment relief.
The new loan must meet VA's standards for veterans to receive the true benefits of doing the refinance. This means that the payment savings need to offset the cost or increase in the Veteran's loan amount.
Like most VA loans, the VA IRRL Refinance Loan can be made at 100% of the "Estimated Value" of the subject property. Plus let me point out again ... the Closing Costs can be rolled into the loan (added to the base loan amount).
Life is presently very challenging for many Americans ... particularly our veterans. The VA IRRL Refinance Loan can help veterans face some of those challenges more easily.
And that should be all our missions ...
* Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicagoland ... IL or WI
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