VA Streamline Refinance (IRRL) for VA Loans

You are pre-approved for a Streamline Refinance if: 

• •  Have a VA loan?

  •  No mortgage lates in the past 12 months?

  •  Had your loan for more than 90 days?

  •  Want to lower your payment?

What is IRRL?? It is the single largest benefit of your VA loan which allows you to streamline Refinance your VA loan.

• • VA Streamlines don’t require proof of income or assets. Lost your job? No savings? Doesn’t matter, you are still entitled to a refinance.

  • VA Streamlines don't care about your new credit problems: collections, judgments, liens mortgage payments as long as your minimum credit score is 600.

  • VA Streamlines don't require money to close escrow! You can even receive up to $500 cash back at closing!

  • VA loans never pay a prepayment penalty; so you’re free to refinance at any time during the entire loan term with no extra cost.

But wait there is more:

VA Streamlines allow you to skip your next month’s mortgage payment!

• • Closing costs are far less than when you purchased- some fees are waived or discounted. All closing costs can be financed.

  • Your old escrow reserve account (taxes and insurance impounds) will be closed and a cash refund will be sent to you after closing!

  • Your Streamline can close in as little as 20 days from your full application.

  • Documentation is easy! Only the following is required to underwrite your loan:

  • 1. Driver’s license/SS card

  • 2. HUD-1 Closing statement

  • 3. Deed of Trust

  • 4. Mortgage statement

  • 5. Mortgage Note

  • 6. Insurance information

  • 7. DD214

Don’t have your Certificate of Eligibility? No problem. Submit the above documents and we’ll pull your COE electronically from VA.

Why use a VA Streamline Refinance?

The two main reasons to use a streamline is 1) to reduce your interest rate or 2) to change loan programs, such as from a 30 year term to 15 year term (or vise versa), or from an adjustable rate to fixed.  If you are interested in a cash out VA refinance, you would need a full appraisal and a full qualification with the new guidelines. Either way a BankerBroker is always ready and happy to assist you with your loan request. Helping you since 1991, call 949-244-1880