Interest Rate Reduction Refinance Loan (IRRRL)
The Interest Rate Reduction Refinance Loan can be used to refinance your current VA mortgage loan to a lower interest rate or a reduced term. The VA IRRRL offers a reduced VA funding fee (.5%) so the costs are significantly reduced compared to a VA cash out refinance! NASB waives our origination fee on IRRRLs; this is a great option to save thousands of dollars every year.
Who is Eligible for an IRRRL?
Veterans and Active Duty Military personnel who already have an existing VA home loan are eligible for VA Streamline Refinancing. The Department of Veterans Affairs (VA) implemented this program to help Veterans and Active-Duty personnel lower their interest rates and monthly payments with no out-of-pocket costs.
Do you have an adjustable rate mortgage? You are also eligible for an IRRRL. This might be a good fit for you if you want a more secure and guaranteed payment program.
Streamlined VA Home Mortgage Loan Refinancing
The VA Streamline refinance home loan is one of the best options on the market for veterans who want to refinance their VA loan. In addition to lowering interest rates and monthly payments, this type of VA home loan refinancing has relaxed requirements compared to a standard VA loan, which consequently reduces the cost of the new loan. The loan process is quick and easy!
- No appraisal needed in most scenarios
- No income qualification or income documentation will be required in most scenarios
- It is possible to get an IRRRL with no money out of pocket. This can be accomplished by bundling all costs in the new loan
- Does not require a new Certificate of Eligibility
- VA IRRRL Lending and Refinancing - Click to Learn More
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