VA Streamline Refinance Loan - Interest Rate Reduction Loan (IRRL)
IRRL
The benefit of this program is it lets veterans easily refinance their EXISTING VA loan without a lot of hassle, resulting in a lower monthly house payment.
What are the benefits of refinancing with a IRRL?
- Bad credit is Not an Issue - Your credit score (FICO) will not be checked
- OK if You're in collections - If you have any collections you can still qualify.
- No need to verify income - No employment check will be done, no need to produce check stubs or W2's.
- No appraisal - No appraisal of your current property is needed to qualify.
- Act quickly when rates drop This program allows Vets to act quickly when interest rates drop.
- No cash out of pocket - all closing costs can be rolled into the loan so you won't need to bring cash at closing.
What will Disqualify me from qualifying from an Irrl?
- Judgements - These must be cleared before qualifying.
- Liens against your property - All property liens must be cleared as well
- Late payments - You'll be disqualified if you missed more than ONE 30 day late payment on your mortgage in the last 12 months.
So if you're a VET and want to take advantage of lower interest rates you need to inquire about a VA streamline loan, it will save you thosands of dollars over the course of your mortgage. Most lenders will process a VA loan, so the application process is simple.
