VA Interest Rate Reduction Refinance Loans (IRRRLs) allow qualifying military personnel, veterans, and surviving spouses to refinance an existing VA guaranteed loan into a new VA loan. Obtaining a lower interest rate or moving from an adjustable rate mortgage into a fixed rate loan are some of the reasons why those who are qualified choose a VA IRRRL.
This streamlined loan program has fewer requirements and costs associated with it when compared to a traditional refinance, making it very easy to borrowers to lower their monthly payments and overall interest exposure when mortgage rates drop.
Program Highlights
- 620 minimum qualifying credit score
- Available in 10, 15, 20, 25, and 30 year fixed rate terms
- Eligible properties include 1 – 2 unit primary residences, 1 – 2 unit non-owner occupied residences (the veteran or the spouse of an active service member must certify that he or she previously occupied the property as his or her home), VA approved Condominiums, PUDs, and Singlewide/Multi-width Manufactured Housing
- Unlimited LTV – see our Program Matrix for AVM requirements
- No appraisal, No income verification, and No reserves required!*
Because these loans aren’t overly complicated for either the borrower or the mortgage professional, veterans and military personnel are heavily marketed to during low rate markets when lenders know there is a great deal of opportunity to help these borrowers save.
Be sure to reach out to veterans and military personnel when rates drop to make them aware of what they could save with the streamlined, simplified VA IRRRL.
If you would like to know more about the VA IRRRLs, check out our program requirements for more details.
Photography by [Oleg Dudko] © 123RF.com
Subscribe To Our Newsletter
Sign up with your email address to receive news and updates.
Tags: VA IRRRL
