VA IRRRL Refinance (VA Streamline)
A VA IRRRL refinance (VA Interest Rate Reduction Loan) 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.
Benefits of a VA IRRRL Refinance (VA Streamline)
- Possibility to bring no money to closing.
- Refund of current escrow account.
- Defer up to two mortgage payments.
- In the case of an escrow shortage, a new escrow account will be set up with the appropriate amount for taxes and insurance.
- Generally more competitive rates than conventional loans, which means savings in the long run.
Closing costs for vary by lender. Closing costs can be financed with a VA IRRRL. Call today to talk with a loan specialist about loan costs.
- No paystubs, W2s or tax returns.
- No appraisal.
- No bank Statements are required.
- Chapter 7 bankruptcy must be discharged.
- Chapter 13 bankruptcy is permitted as long as there is a satisfactory trustee payment history and court approval.