VA Streamline Refinance Loans

The VA Streamline Refinance Program is also known as an IRRRL (pronounced "Earl"). It stands for Interest Rate Reduction Refinancing Loan. As the name implies, it is a refinance loan used to reduce your interest rate on your current VA mortgage. It can also be used to refinance from an Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage, regardless of the interest rate. This program is specifically for veterans refinancing from an existing VA loan to a new VA loan, not from or to a conventional program.

The appeal of this refinance program is as follows:

• An appraisal is NOT required
• A credit report is NOT required
• Income information is NOT required
• Asset information is NOT required
• Debt information is NOT required
• A VA Certificate of Eligibility is NOT required
• Owner occupancy is NOT required

However, the following must be true (and documented) when you apply:

• NO past due balances on your current VA mortgage
• NO late mortgage payments for the last 12 months
• NO cash back at closing

An IRRRL may be done with no money out of pocket by including all costs in the new loan or by making the new loan at an interest rate which enables us to pay the costs for you. The only cost required by VA is the funding fee of 0.50%, which may be waived for disabled vets and which may be paid in cash or included in the new loan amount.  

Due to the streamlined nature of this VA refinance program, the entire process takes only a couple of weeks with minimal effort on your part.  If you would like to apply for the VA Streamline Refinance Program, simply call Chad, because a complete loan application is not necessary.