The VA Interest Rate Reduction Refinance Loan, also known as the VA Streamline Refinance, helps veterans to refinance their loan and make it easier to make mortgage payments on time. Now, there are a few things that you must know before applying for a VA IRRRL. In the following post, we would be looking at some of the facts that you should know about the loan.
The Things That Make You Eligible for a VA Refinance Loan
To get a VA Streamline Refinance Loan, you must fulfil the following criteria
To get a VA Streamline Refinance Loan, you must fulfil the following criteria
- You should have an existing VA mortgage with no more of one 30 day late payment within the past year.
- You must not receive any cash from a VA Loan.
- You must certify that you have previously occupied the property that you intend to refinance.
- The new monthly mortgage payments should be less the previous mortgage payment. However, there can be an exception to this when you are refinancing your ARM into a fixed rate loan.
Do you need to go for a credit check or appraisal process for getting the loan?
The Department of Veteran Affairs (VA) does not require you to go through a credit check or appraisal for getting a VA Streamline Refinance. However, lenders might require you to go through them to ensure that you are financially able to pay the mortgage.
The Department of Veteran Affairs (VA) does not require you to go through a credit check or appraisal for getting a VA Streamline Refinance. However, lenders might require you to go through them to ensure that you are financially able to pay the mortgage.
Does the Property Need to be Your Primary Residence?
No, the property does not need to be a primary residence for you to qualify for a VA IRRRL. You just need to certify that you have previously occupied the home. This way, you can even refinance an investment property.
Do you think to use your current lender to refinance your loan?
No, it’s not necessary. You can get in touch with a different lender to get an IRRRL VA.
We would recommend that you get in touch with reliable lenders and compare their interest rate, so that you get the best deal. However, you must ask about the terms and conditions of the lender before proceeding further.So, get in touch with a reliable, VA approved lender and make the process of getting a VA Refinance Loan much easier.
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