VA Interest Rate Reduction Loan (VA IRRRL Refinance)
VA IRRRL Refinance (VA Streamline)
VA IRRRL refinance (VA Interest Rate Reduction Loan) also known as a VA Streamline is refinancing an existing VA-guaranteed loan, for veterans and military families, with limited borrower credit documentation and underwriting. No appraisal is required for a VA IRRRL and a certificate of eligibility is not required. Depending on the lender, guidelines and requirements can vary – Nationwide Mortgage & Realty, LLC does not have overlays.
Qualifications For A VA IRRRL Refinance
No minimum credit score required.
When reducing the term, the PITI cannot increase more than 20% without qualifications.
See the new policy update, Circular 26-18-13, by the Veterans Benefits Administration effective 5-25-2018 for the net tangible benefit:
All loans are subject to credit, underwriting and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions and programs are subject to change without notice. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator atwww.dora.state.co.us/real-estate/index.htm. Also licensed in: FL. VA, and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857