VA Streamline Refinance, IRRL

VA Streamline Refinance Home Loan Features

	VA streamline refinancing lets you refinance your existing VA home loan with no out of pocket expenses. All closing cost and pre-paids can be rolled into the loan amount.  You can't receive any cash out paid to the borrower.
	Your credit score is not an issue. No minimum FICO (credit) Score -Credit qualifying is not required. Whether your FICO is 680 or 500 the SCORE is not THE deciding factor whether you qualify for a VA Streamline Refinance Loan  Your existing mortgage must be current and you can not have had more than one 30-day late mortgage payment within the last 12 months.
	No bank statements, Do Not Require Pay Stubs as conventional underwriting process do NOT apply.No Income documentation is required
	No job verification,
	Skip up to 2 payments, Can "roll 2 payments into IRRL" allowing you to delay 2 months scheduled payment.
	Get existing escrow account refunded back to you
	Fast, convenient in-home closings
	Your current mortgage loan must be a VA home loan in order to do a  VA streamline refinance.
	Cash-out is not allowed on the VA streamline loan but up to $6000 in energy efficient improvements can be included in the loan amount.

	Energy efficiency improvements to your home can be rolled into the loan amount up to $6,000
	If you need cash-out consider a VA cash-out refinance.

VA Streamline Refinance Loan

This VA loan guaranty program, which is also referred to as IRRL (Interest Rate Reduction Loan Program), is straightforward and simple for US Veterans and active duty members to qualify for. Keep in mind, you can use the terms IRRLand VA Streamline Refinance Loan interchangeably.

The VA Streamline Refinance Program is a program offered by the VA that allows those individuals who have previously bought a home, after qualifying for a VA loan, the chance to refinance their current loan in order to lower their interest rate. VA Streamline Refinance Program is easy to qualify for and takes little time to close. A VA Streamline loan does not pay out actual cash; it only lowers your interest rate and therefore puts extra money in your wallet every month.

The VA streamline refinance home loan also known as an interest rate reduction loan or irrrl, is without a doubt the best mortgage refinance loan on the market. Absolutely no other refinance loan program is as simple and easy to qualify for. This refinance program is a government backed mortgage loan for active duty and prior service veterans who already have an existing VA loan. It provides you a fast, simple and hassle free way to refinance your current VA home loan so that you can take advantage of lower interest rates. Credit qualifying is not required. This means that even if you have bad credit, as long as you have not had more than 1 thirty day late mortgage payment in the last 12 months, you may still be eligible for a VA streamline refinance.

No Income or Credit Qualifying

Not only is credit qualifying not required for the VA streamline refinance program but income documentation, job verification and appraisals are not required either. What could be easier! And to add icing on the cake, VA even allows you to roll energy efficient home improvements. over $6000 into the loan amount for

VA Streamline Refinance Process

The process of re-qualifying for a VA Streamline Refinance program is basically the fact that you previously bought your home through a VA loan. The credit checks and other documentation that was required for your original VA loan will not be repeated.

Understanding The VA Streamline

The VA uses all of this original information to process your VA Streamline Refinance loan. Understanding the VA Streamline Refinance Program is not hard at all. Basically, if your interest rate was higher when you bought your home than it is now, and six months has passed, you are eligible to use the VA Streamline Refinance Program. Military loans allow shorter time periods and fewer requirements than conventional loans, to refinance. The following is a list that sums up the perks of the VA Streamline Refinance Program:

Lower Your Existing VA Loan Rate

The VA Streamline Refinance Program is part of the VA loan that just keeps giving. Keep in mind however; if your interest rate does not end up being lower, you are not eligible for this VA Streamline Refinance Program. The point of the program is to lower your rate on your existing VA military loan and if your rate does not become lower you will not save. It is also important to remember that there will be no transferring of actual cash. This VA Streamline loan only reduces your current interest rate.

VA Streamline Refinance Loan - Designed to Help Vets Lower Mortgage interest Rates

Streamline Refinance Can Lower Your Current VA Mortgage Interest Rate - This Federally insured loan program was created by the Veterans Administration in order to help veterans and active duty members, who currently have VA loans, take advantage of lower mortgage interest rates.

Gives veterans and active duty service men and women a fast simple process to refinance their current mortgage loan.

VA Streamline Refinance Loan - Why The Program Was Developed

• Gives veterans and active duty service men and women a fast simple process to refinance their current mortgage loan.
• Gives veterans and active duty service men and women an inexpensive way to lower their mortgage bill
  
  

Why Consider a VA Streamline Refinance Loan?

Refinance Could Lower Foreclosure Risk - If you have an (ARM)adjustable rate mortgage, your housing bill may very well INCREASE when the fixed period expires. Depending on your exact mortgage terms, which is usually anywhere from 3-5 years.

It's not uncommon for your interest rate to jump dramatically - 2 to 5 percentage points after your ARM expires forcing you into conventional "refinance". The results can be devastating financially as you may not be able to afford to keep your home.

You NEED to get out of an ARM and into a fixed rate mortgage! IRRL can help you accomplish this.

If your not sure you have an Adjustable Rate Mortgage , check with your mortgage company ASAP, you need to know when the adjustable period expires so you can take action and get into a fixed rate mortgage using the IRRL program.

It's quite common that you may NOT realize you have an ARM! It could have been the way the loan was explained to you and didn't realize the interest rate could adjust after 1 to 3 years. If that's the case and you are Vet, it's time to take action NOW!

Take advantage of lower interest rates - What if today's interest rates are lower than the interest rate you are currently paying? If you simply want to reduce your monthly payment, an IRRL may drastically reduce the overall dollar amount spent on interest by lowering your interest rate.

Who is Eligible For a VA Streamline Refinance Loan?

Any Veteran or active duty military personnel that currently has a VA mortgage.

What are the Disqualifications for a VA Streamline Refinance Loan?

• Judgements - Must be cleared before qualifying
• Liens against your property - Must be cleared before qualifying
• Late payments - You'll be disqualified if you missed more than ONE 30 day late payment on your mortgage in the last 12 months.