Interest Rate Reduction Refinance Loan (IRRRL)
This program is for those with an existing VA loan. It allows for an easy, streamlined process for refinancing a VA loan to a lower interest rate, without the need for an appraisal or income documentation.
Many veterans take advantage of this program to reduce their interest rate when market rates are low.
No Appraisal Needed
Save on average $450 by avoiding an appraisal fee. For those that do not have equity, this can be an attractive feature.
No Income Documentation
You do not need to supply W-2’s or tax returns, making for less paperwork. We do not calculate a debt to income ratio. Great for self-employed borrowers.
580 Minimum Credit Score
We have a minimum credit score of 580 for VA IRRRL’s. Many other lenders require a 640 FICO score for this program.
No Payment for 2 Months
We can structure the loan so that you can skip 2 mortgage payments, meaning you can save thousands of dollars from the start.
Many borrowers that take advantage of this program save hundreds of dollars per month. In addition, some people will use the IRRRL as an opportunity to shorten the loan term to build equity and pay the loan off sooner.
VA IRRRL loans can be used for all property types, including primary residences, second homes, and investment properties.
Want more information on the VA IRRRL program?
Contact us today to receive more information.
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