Pulaski Bank VA IRRRL
The VA IRRRL Program
The VA IRRRL helps Military Veterans who currently carry an existing VA loan get a lower monthly mortgage payment by reducing the current mortgage rate.
IRRRL stands for “Interest Rate Reduction Refinance Loan” and is sometimes referred to as the VA streamline refinance.
The VA IRRRL Benefits
Here are some of the highlighted benefits to the VA IRRRL program:
- With the VA IRRRL program, a borrower can get up to $500 cash back – maximum.
- The VA IRRRL program allows your new VA insured loan to be either a fixed rate or an adjustable rate loan (ARM).
- The VA IRRRL refinance process requires much less paperwork than the original VA loan.
- Depending on the VA approved lender, the VA IRRRL refinance may not require an appraisal.
- The minimum credit score in the VA IRRRL refinance is 640.
- Depending on the current LTV (loan to value) it is possible to roll all closing costs and fees into the new loan so there are no out-of-pocket expenses.
- Unless you are going from an adjustable rate to a fixed rate, the new monthly payment on the new VA IRRRL loan must be lower than the old loan.
- If going from a fixed rate to a fixed rate, the VA IRRRL reifnance requires that your new interest rate be lower than the old one.
- It is possible to finance up to $6,000 of energy efficient home improvements with the IRRRL program.
- To qualify for the VA IRRRL program, you must be current on your current VA loan and can’t have more than one 30-day late payment in the last 12 months. (This varies from Lender to Lender).
