the va streamline refinance option- irrrl.org

VASTREAMLINE

THE

REFINANCE OPTION

IRRRL.ORG

IRRRL.ORG LENDER HOTLINE: 888-581-5008

http://sctrak.com/irrrlss

One of the many benefitsveterans and current servicemembers have is a special

mortgage program throughthe VA. The VA also offers arefinance program for those

same service members.



VA loans don’t requirethe borrower to paymortgage insurance orPMI. When buying a newhome qualified militarymembers don’t need toput down a downpayment when they usethe VA home loan.



VA IRRRL BasicsAlso known as a VA-to-VA loan, the VA IRRRL wasdesigned to let military members who already have anexisting VA home loan refinance their current loaninto a new one and either lowering your interest rate,transition from an adjustable-rate loan to a fixed-rateloan, or both. VA IRRRLs were designed to be easy andquick.



VA Requirements for an IRRRL

Must qualify as veteran

Must already have a VA loan

Homeowner much reside in the home

No more than a one 30 day late

mortgage payment in the past 12 months



VA IRRRL Loan TermsThe IRRRL is only available to those who are refinancingan existing VA home loan. You can’t use the IRRRL for aFHA or other conventional loan. The IRRRL is availablewith fixed rates and you can choose whether your loanterm be for 10 years up to 30 years. Thanks to the IRRRLbeing backed by the VA you can take advantage ofrolling all of your closing costs into your new loan.



Choosing an Approved VA StreamlineRefinance Lender

The VA will never limit yourchoice of lenders, as long as thelender is VA approved. Youdon’t have to use your currentmortgage provider if you don’twant to. It’s always a good ideato use a lender that hasextensive experience with theVA IRRRL Program.



T O L E A R N M O R EIRRRL.ORG

LENDER HOTLINE: 888-581-5008

C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

INFORMATION PROVIDED BY:Justin McHood

Mortgage Commentator


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the va streamline refinance option- irrrl.org

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