Showing posts from June, 2015
The VA loan program offers veterans, active military and other specific groups the opportunity to purchase a home with 100% financing. However, the program does not end there, but continues to provide benefits to homeowners, one of which is the VA Streamline Refinance program or IRRRL. IRRRL stands for the Interest Rate Reduction Refinance Loan and is the VA program’s most commonly used refinance product. It is also known as a VA to VA loan because it is only available for those who already have an existing VA loan and is used to refinance the current mortgage to a lower rate, shorter term or adjustable to fixed rate. Just like the original VA loan, the IRRRL is designed to make it easier for VA mortgage holders to save money.
Requirements For Obtaining the VA IRRRL - The current loan must be a VA loan. - The mortgage must not have more than one 30 day late payment within the past year. - The borrower cannot receive any cash out from the refinance. - The borrower must certify that they prev…