VA Loans: VA Streamline Refinance


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Having a VA loan makes it easier to save money when refinancing through the VA streamline refinance, also known as the IRRRL.

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VA Loans: VA Streamline Refinance

  1. 1. VA Loans: Streamline Refinance Also Known as the Interest Rate Reduction Refinance Loan (IRRRL) By
  2. 2. What is a VA Streamline Refinance (IRRRL)? The VA Streamline Refinance is available for those who already have a VA loan (VA to VA loan). It is used to refinance to a lower mortgage rate, shorter term loan or from an adjustable rate to a fixed rate.
  3. 3. What are the requirements for the IRRRL? - The current loan must be a VA loan. - There cannot be more than one 30 day late payment on the current loan within the past year. - The borrower cannot receive any cash-out through refinancing the original loan.
  4. 4. MORE - The borrower must certify that they previously occupied the property at one time. - The monthly mortgage payment must be lower than the current mortgage payment unless the borrower is refinancing from an adjustable rate loan to a fixed rate loan. - If there is a second mortgage, the lien holder must subordinate so that the VA loan is in first place.
  5. 5. What are the benefits of a VA Streamline Refinance? - The IRRRL requires very little paperwork and documentation than traditional refinances. - The borrower can refinance with no out of pocket expenses because the closing costs can be added to the loan amount. - A new Certificate of Eligibility is not necessary.
  6. 6. MORE - Borrowers can use any lender since it is not mandatory to use the original lender. - There is minimal credit underwriting. - Income verification is usually not required. - The IRRRL does not require an appraisal (depending on the lender and other factors).
  7. 7. MORE - The IRRRL can be used for investment property since the borrower must only certify that they have previously lived in the home. - Borrowers may be able to finance up to $6,000 of energy efficient home improvements with an IRRRL. - The entire process is easy and quicker than other loans.
  8. 8. Conclusion The VA Streamline Refinance is a simple means to save money for those who already know and enjoy the benefits of VA loans. To find out more about the IRRRL, please contact Brian Thomas at (888) 913-5531 or email at: