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VA Streamline Refinance: AKA The VA IRRRL Program
If you currently have a VA loan and are looking to save money on your monthly mortgage payment by lowering your interest rate, the VA streamline refinance program is worth learning more about.
The VA streamline refinance is the most popular refinance program for Veterans who currently have a VA loan because it allows you to get a lower interest rate with the least possible hassle. Many VA approved lenders will offer the benefits of:
no credit verification may be necessary
no appraisal required
Streamline refinance a primary residence (as long as you can certify that you previously owned the property)
The VA IRRRL program is one of the most beneficial refinance programs offered to Veterans and Military service members today, including some of the most competitive rates.
VA Streamline Refinance Qualifications
In order to qualify for a VA streamline refinance, you must meet the following requirements:
Up-to-date on your mortgage payments without exceeding a one 30-day late pay within the past 12 months.
The new VA monthly mortgage payment must be lower compared with the original VA mortgage payments prior to the refinance (this would usually pertain to switching from an ARM to a Fixed-Rate Mortgage).
You can not expect to receive any cash from the refinance but only to save.
The property in which you choose to refinance must be the one that you previously uses your VA entitlement for. (You may see this referred to as a VA-to-VA refinance.)
The VA streamline refinance is also known as the VA IRRRL program (which stands for Interest Rate Reduction Refinance Loan) and they are the exact same program – just referred to by two different names.
VA Streamline IRRRL General facts and Guidelines
Some simple facts and general guidelines about the VA streamline refinance program include:
The VA streamline has less documentation than a full refinance and many times the lender can close faster with less documentation than a full refinance.
Many lenders can do a VA streamline without requiring an appraisal. The VA does not require an appraisal, credit information, or underwriting, but your some VA approved lenders may require some or all of these items.
It is possible to roll all closing costs and fees into the new loan when doing a VA streamline.