VA Streamline: 7 Things About The VA IRRRL Streamline Refinance

Many people contact us every day asking about the highlights of the VA streamline (also known as the VA IRRRL refinance program) so we thought we would put out a simple list of the basic requirements of the VA streamline / VA IRRRL refinance program.

  1. You cannot get any “cash back” at closing when doing a VA streamline / VA IRRRL refinance.
  2. The abbreviation “IRRRL” stands for Interest Rate Reduction Refinancing Loan and is also commonly referred to as a “VA Streamline Refinance”.
  3. If you currently have a fixed rate VA loan, the new interest rate on your new VA loan must be lower than the interest rate on your current VA loan at the end of the VA streamline / VA IRRRL refinance.
  4. If you currently have an adjustable rate VA loan, your interest rate can be higher than it is now as long as your new interest rate is a fixed rate when you participate in the VA streamline / VA IRRRL program.
  5. With the VA streamline / VA IRRRL refinance program, no appraisal is required by the VA. It is possible that certain lenders will require an appraisal for their own purposes, but one is not required by the VA.
  6. The VA streamline / VA IRRRL refinance can be done where you don’t have to pay any “out of pocket” closing costs. All costs may be rolled into your new loan.
  7. You may use any VA approved lender – Veterans are encouraged to shop around.

Still have questions about the VA IRRRL / VA Streamline refinance program? Be sure to contact a VA IRRRL expert today! 888.448.2669

Advertisements

3 Responses to VA Streamline: 7 Things About The VA IRRRL Streamline Refinance

  1. John Dvorak says:

    Hello
    I have an existing Cal Vet Mortgage with a ballance of 307,000. at 4.95% and a second Cal Vet Mortgage of 15,000 at 5.5%. My payments are 2555. per month. The home is worth about 389,000. I would like to refinance the two loans into one to reduce my payments. Is it possible to refinance using the Streamline/IRRRL Home loan when I have a cal vet loan instead of a VA loan? And if so what would my payments be? thank You

  2. K Smith says:

    I would also like an answer to the above question: Is it possible to refinance using the Streamline/IRRRL Home loan when I have a cal vet loan instead of a VA loan?

    Why is this question so hard to find an answer to?

  3. Ken S. says:

    To answer both Mr. Dvorak’s and Mr. Smith’s questions, I can tell you both that YES! you can refinance your loans using the IRRRL program or VA Streamline as it is known. CALVET is a program offered for NEW purchase for active duty and veterans in the State of CA only. They are backed by the USDVA or Veterans Administration. For further information or assistance you can email me at ken.salas@academy.cc We are VA Lender in CA.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: