Are you currently in a VA home loan and searching for more information about the VA IRRRL (also known as the VA Streamline refinance) program? You have found the right place. With the increasing popularity of the VA home loans programs, many veterans are able to lower their monthly payment by participating in the VA IRRRL program. We have designed this site for people who are currently in a VA loan and may be able to lower their monthly mortgage payment through the VA IRRRL program.

Should you still have questions, a loan officer who is an expert in the VA IRRRL program is only a phone call away – call anytime to be connected and get your questions answered in a friendly, knowledgeable way.

VA IRRRL Highlights

• No proof of assets required
• No income requirements
• No appraisal is required
• No credit score required

VA IRRRL: Qualification Criteria

There are some simple criteria that must be met in order to participate in the VA IRRRL program. The first rule is that the interest rate on your new loan has to be lower than the interest rate on your current VA loan. Second, just like you must get a lower interest rate, you must also pay less in overall principal and interest. Lastly, you need to be current on your mortgage and can’t have any late payments in the last 12 months.

Call Now To Qualify For The VA Streamline Refinance Program! 888-448-2669

VA Streamline Refinance: Paperwork Needed

To get the VA streamline refinance started, the first step is to complete an official loan application. Usually there are about 30-40 pages that make up the application and various disclosures that the lenders require. Along with completing the paperwork, you will need to provide a certificate of eligibility, a copy of your drivers license and social security card and a copy of your Note for your current loan.

VA Streamline Refinance: Process

Once you have the initial paperwork completed for the VA streamline refinance, the lender should take about 3-4 days to process the paperwork, 3-4 days to underwrite it and 1-2 days to get documents ready. In a perfect world, this means that you should be able to close your VA streamline refinance transaction in about 2 weeks after you complete the paperwork.

Of course, it doesn’t always work out that way – for whatever reason – but as a general guide, it should take a couple of weeks to complete a VA streamline refinance. Ready to start the process? Call your VA streamline refinance experts at 888-448-2669 to get started.

When interest rates drop, it is possible that it may make sense to do a VA streamline refinance multiple times.  The VA doesn’t put a limit on how many times you can take advantage of the VA streamline refinance program, the only requirement is that it makes financial sense each time.  With the VA streamline refinance program, as long as your interest rate and payment are going down and your file meets the “net tangible benefit” test, you are eligible to participate.

VA Streamline Refinance Program: Do You Need An Appraisal?

When you go through the VA streamline refinance program, you will not need an appraisal. Not only will this save you money (usually about $350) but it will also mean that you will be able to refinance and lower your interest rate and monthly payment even if you owe more than your house is worth.

VA Streamline Refinance Program: Not Everyone Is Eligible

It really is too bad that not every loan has these benefits – the VA streamline refinance is only available to eligible Service members and Veterans and their spouses currently who currently have an existing VA mortgage loan. The VA streamline refinance is a rate and/or term reduction program only and does not provide for consolidating debt and/or cash out. To find out if the VA streamline refinance program can help you in your situation, call now to speak with a VA streamline refinance expert! 888-448-2669

The VA streamline refinance program is one of the few loan programs that allows you to lower the interest rate on your VA loan (if lower interest rates are available), change the loan term or loan program all without having to completely re-qualify for a new loan.  The VA streamline program is designed to allow veterans in the VA loan program make their mortgages more affordable and get lower payments when interest rates dip – without having to pay any out of pocket expenses.

VA Streamline Refinance Program: No Appraisal Required

With the VA streamline refinance program, there is never an appraisal required – so even if you owe more than your home is worth, you can still participate in the VA streamline program.  For veterans who live in areas such as Arizona, California, Nevada or Florida – where many home values have decreased in recent years – the VA streamline refinance without an appraisal is the only way that they would be able to qualify for a lower interest rate and payment.

When contemplating whether or not the VA streamline refinance program is right for your situation, be sure to contact a loan officer who is knowledgeable about VA loans and can help you find out if the VA streamline refinance program makes sense for you. 888-448-2669

VA Streamline Refinance Program Highlights:

• No appraisal is required
• Will not need to provide bank statements, W2s, job verification or paycheck stubs
• You cannot receive any cash at closing
• No out of pocket costs
• You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the last 12 months.
• Upon closing, it is possible to defer a monthly mortgage payment
• 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

VA Streamline Refinance Information from VA.gov

“Veterans are strongly urged to contact several lenders. There may be big differences in the terms offered by the various lenders you contact. Some lenders may contact you suggesting that they are the only lender with authority to make IRRRLs.

Remember – Any lender may make you an IRRRL.  Some lenders may say that VA requires certain closing costs to be charged and included in the loan. Remember – The only cost required by VA is a funding fee of one-half of one percent of the loan amount which may be paid in cash or included in the loan.

The occupancy requirement for an IRRRL is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.”

If you are veteran, now is a great time to see if the VA Streamline refinance program can help you lower your monthly payments. Contact a VA streamline refinance expert today! 888-448-2669