VA IRRRL Program

VA IRRRL (Interest Rate Reduction Refinance Loan) is a program that involves federal insurance. It is a loan program set up to benefit veterans by allowing them to refinance a VA loan. This program is also referred to as streamline refinance loans. Qualifying for one of these loans is easy for any veteran to do.

There are many highlights of this federal insurance program, including the fact that anyone applying for one is not required to underwrite their finances. This means a veteran get qualify for this loan without having to show a pay stub or a bank statement. Other perks include the ability to add the closing costs to the amount of the loan and also take steps to improve the energy efficiency of the house in question, which will also be included in the amount of the loan.

Many times, when a veteran is applying for this refinance loan they will not have to have their home appraised in most cases. However, certain lenders may require a home appraisal after all. This type of loan does not involve having to cash out. To qualify for a veteran’s refinance loan, they must not be more than 30 days behind in the payments on their current house. They may also be required to have a minimum credit score for some of the lenders that offer refinancing to veterans. Once a veteran has moved out of their previous home, they can have a streamline refinancing done on that house.

Right now the rates for veteran refinancing loans are lower than they have been throughout history. Veterans can do this on order to avoid having their house foreclosed on. The Va IRRRL program is there to support all of our veterans and help them and their families to live comfortably. They care about helping our country’s veterans.

Contact one of our loan consultants to learn more about this program.