VA Interest Rate Reduction Refinance Loan (IRRRL)
VA Interest Rate Reduction Refinance Loan (IRRRL)
Qualified borrowers can take advantage of one of the simplest and most effective VA refinance options available: the VA Interest Rate Reduction Refinance Loan (IRRRL), also referred to as a VA Streamline refinance.
With a VA IRRRL, the process is simplified “streamline” refinance with fewer requirements than a standard refinance—no full appraisal in most cases, no income verification for many borrowers, and reduced paperwork.
Reasons to choose a VA Interest Rate Reduction Refinance Loan (IRRRL)
A VA IRRRL (Interest Rate Reduction Refinance Loan), is a program from the U.S. Department of Veterans Affairs that lets eligible veterans, service members, and surviving spouses refinance an existing VA-backed home loan. The main goal is to lower your monthly mortgage payments (typically by securing a lower interest rate) or make payments more stable (e.g., switching from an adjustable-rate to a fixed-rate mortgage).
30-year VA Interest Rate Reduction Refinance Loan (IRRRL) benefits and guidelines
To qualify for a VA Interest Rate Reduction Refinance Loan (IRRRL), you will need:
Apply for a VA Interest Rate Reduction Refinance Loan (IRRRL)
VA IRRRL qualifications are the same as VA purchase loans. If you interested in a streamline refinance you must: (1) have a VA loan, (2) are an active duty, retired member of the military or a surviving spouse , (3) you current rate is at least .5% higher than current rate
No, borrowers need to cover some closing costs to refinance a VA loan. However, you can get a lender credit to cover most of your costs and we are able to waive escrows for taxes and insurance, which should help lower your cash at the table. In addition, your VA funding fee can be rolled into the new mortgage
Yes. The posted national averages should be in the same ball park as our VA IRRRL rates. Exceptions to rates may be driven by fair to poor credit scores. Ask your Scout advisors loan expert about no credit score options, which may get you a rate in line with national averages, or better.
Typically, we are able to get a clear to close in less than 14 days.
Typically, for a VA interest rate reduction loan (IRRRL), we need a credit report, current mortgage statement, drivers license or passport and your current insurance declaration page
Scout Advisors is a branch of Barrett Financial Group, L.L.C., and our loan officers are licensed in North Carolina, South Carolina, Florida, Georgia, Virginia, New Jersey, Alabama and California. Through our parent company, we are able to offer VA IRRRL in 49 states, except New York.
