The VA mortgage refinance also known as a VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.
An IRRRL can only be made to refinance a property on which you have
already used your VA loan eligibility. It must be a VA to VA refinance,
and it will reuse the entitlement you originally used.
A new Certificate of Eligibility (COE) is not required. You may take your Certificate of Eligibility to show the prior use of your entitlement or your lender may use our e-mail confirmation procedure in lieu of a certificate of eligibility.
VA does not set a cap on how much you can borrow to finance your
home. However, there are limits on the amount of liability VA can
assume, which usually affects the amount of money an institution will
VA Funding Fee
Generally, all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee. This reduces the loan's cost to taxpayers considering that a VA refinance loan requires no down payment and has no monthly mortgage insurance. The funding fee is a percentage of the loan amount which varies based on the type of loan and your military category, if you are a first-time or subsequent loan user, and whether you make a down payment. You have the option to finance the VA funding fee or pay it in cash, but the funding fee must be paid at closing time. You do not have to pay the fee if you are a:
Some lenders offer IRRRLs as an opportunity to reduce the term of your loan from 30 years to 15 years. While this can save you money in interest over the life of the loan, you may see a very large increase in your monthly payment if the reduction in the interest rate is not at least one percent (two percent is better).
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VA Refinance Requirements
VA Interest Rate Reduction Refinance Loan (IRRRL)
lowers your interest rate by refinancing your existing VA home loan
No Minimum Credit Score
There are no minimum credit scores required to qualify for a VA streamline refinance
No minimum credit score
No Appraisal Required
There is no appraisal required to qualify for a streamline refinance
No appraisal required
No Employment Verification
You don't even have to have a job they don't verify it
No employment required
No Credit Report Required
You must have 12 months on time mortgage payments
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