Streamline Loan

With this loan, you are eligible for an interest rate reduction with no or minimal cost to you.

Other advantages of this program are:

No Appraisal

No Credit Check or Income Verification

Skip Two Mortgage Payments

Have Your Escrows Refunded

Quick In Home Settlements

"IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a "Streamline" or a "VA to VA." Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.

No appraisal or credit underwriting package is required by VA. You should be aware, however, that lenders may require an appraisal and credit report anyway.

A certificate of eligibility is not required. Your lender may use our e-mail confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.

An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs. (Remember: The interest rate on the new loan must be lower than the rate on the old loan unless you refinance an ARM to a fixed rate mortgage).

No lender is required to make you an IRRRL, however, any lender of your choice may process your application for an IRRRL. While it might be the best place to start shopping for an IRRRL, you do not have to go to the lender you make your payments to now or to the lender from whom you originally obtained your VA Loan."

More information is available online at www.homeloans.va.gov/irrrl.htm

VA Loan Specialist

If you have questions or if you want to determine if a Veteran Home Loan is actually the best financial decision for you, you may get advice from a VA mortgage specialist online or call 1-877-803-0780.