The VA Streamline Refinance (irrrl) Loan The VA Streamline Refinance is also known as the Interest Rate Reduction Refinance Loan (irrrl).

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1 VA STREAMLINE LOANS Update (August 8, 2015) : This VA Streamline Refinance information has been revised to include new information. Loan guidelines change constantly. If you get your VA Streamline Refinance information somewhere else on the internet, make sure it s current and accurate. What Is A VA Streamline Refinance/VA Loan? VA loans are a special loan program designed specifically for veterans, issued by approved lenders and guaranteed by the federal government. Cash advance online only The VA Streamline Refinance is the most common loan type within the VA loan umbrella, and is officially known as an Interest Rate Reduction Refinance Loan (irrrl) by the government. The program is also known as a VA-to-VA Loan. The VA loans definitive characteristic is that veterans with qualifying credit and income can purchase a home with no money down, which makes buying a home extremely attractive for those who have served in the military. In addition, VA loans also offer feature flexible requirements, no private mortgage insurance (PMI and extremely competitive mortgage rates. In order to qualify for a VA Loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. You may also qualify as the spouse of a service member who was killed in the line of duty. Generally speaking, almost all active duty and/or honorably discharged service members are eligible for a VA purchase or streamline refinance loan. Click for todays live VA streamline refinance rates. The VA Streamline Refinance (irrrl) Loan The VA Streamline Refinance is also known as the Interest Rate Reduction Refinance Loan (irrrl). The irrrl allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. The Streamline loan is extremely popular because of its ease of use: once you have already been approved for your initial VA purchase loan, it is relatively simple to lower your interest rate and experience considerable savings. In most cases, a loan officer or lender with expertise in VA loans should be able to complete the loan within a months time in most cases. Need a quick closing? Get rates now. VA loan closing costs can be rolled into the cost of the loan, allowing veterans to refinance with no out-of-pocket expenses. Payday loan abbeville la Sometimes it is also possible for the lender to take the brunt of the cost in exchange for a higher interest rate on your loan. In order to qualify for a VA Streamline, you must meet the following requirements: Be current on your mortgage with no more than one 30-day late payment within the past year. Your new monthly payment for the irrrl must also be lower than the previous loans monthly payment. (The only time this condition does not apply is if you refinance an ARM to a fixed rate mortgage.) You must not receive any cash from the irrrl. You must certify that you previously occupied the property. You must have previously used your VA Loan eligibility on the property you intend to refinance. (You may seewho qualifies for a VA Streamline Refinance Mortgage also referred to as the Interest Rate Reduction Loan (irrl)? Financing for eligible VA loan customers whom are service members with a valid DD 214. This may include qualified veterans, reservists, active duty personnel, or eligible family members. What paperwork is required for a VA Refinance Mortgage when it is streamlined? Since the streamline refinance (irrl) usually does not require income debt ratios it regularly does not require documentation of income and assets. The loan also tends to disregard the majority of credit issues. Although, there a very basic credit check to verify mortgage payment history. The streamline does require that the last 12 months of payments have been made on time. There is usually only some basic documents needed. You may need to provide job information, current VA home loan

2 information and license/military ID. There may also be some other minor documents but one of the main benefits of a streamline is the massively reduced paperwork. Know the NO(s) of a VA Streamline Refinance. NO out-of-pocket expenses. Many cost that arise can be rolled into the streamline refinance. NO full credit checks and NO income verification required if you current have a VA loan and desiring to refinance into a lower rate or change the mortgages term. It is recommended that you a general credit score of above 600. Reduced PMI (Private Mortgage Insurance) when you streamline refinance a VA home loan. There is also only a 0.5 funding fee which is rolled into the loan. In order to qualify for a VA streamline refinance a loan must have a rate reduction. This means that you can only streamline your VA home loan if you are reducing the interest rate on the current loan. If you desire to take cash out or your rate goes up then you must do a standard VA refinance. Standard VA refinance mortgages will require income and assets to be verified. In addition, you may be required to provide additional documentation. Welcome to VA Streamline Refinances, our team has been assisting VA homeowners with VA streamline refinances for over 15 years and we are ready to serve you. Once you request you will be contacted by skilled a VA loan consultant. They can answer questions and tell you the loan options available to meet your needs. Step 1:Simply complete the simple online VA streamline refinance rate quote request form. Step 2: Once you complete the VA streamline refinance request form you will be contacted by a licensed VA approved loan officer. Step 3: Once you learn your VA refinance options you can weigh them and decide wether or not the streamline is right forstreamline Home Improvement Cash Out VA vs. Conventional Loans Home Purchase Guide Home Buyers Guide Benefits of a Hybrid Loan The 5/1 Hybrid The 3/1 Hybrid Branches Management Loan Officers Processors Support Assistants Employment Benefits Education Benefits Other Benefits Veteran Centers VA Refinance Mortgage Loan VA Purchase Mortgage Loan VA Mortgage Loan Application The VA loan program, like other loan programs, offers a streamline refinance option for their borrowers. The option the VA offers comes with a great deal of advantages beyond that of other streamline refinance offerings, and has been tailored to best meet the needs of VA-eligible borrowers all over the country. Learning more about the VA streamline refinance can change your future plans for the better, and open up doors you didnt realize were there. The VAs streamline refinance option is called the Interest Rate Reduction Refinance Loan, usually abbreviated as the irrrl. Why You Want One: The irrrl is usually the best way to refinance your VA loan if youre looking to get a lower interest rate (hence the name). Irrrls boast three big advantages over other refinance options: Quicker - where a normal refinance or new purchase loan usually takes around 45 days, and as long as 90 days, an irrrl can be done in as little as 10 days. Easier - Most of the paperwork you already did when you bought the home or refinanced into a VA loan can be reused. Cheaper - You dont have to pay for an appraisal, can roll the Funding Fee into the loan amount, and save on underwriting fees. The irrrl is an option that is full of benefits for you as the borrower. A lower interest rate is usually a requirement on an irrrl (unless youre refinancing from an ARM loan to a fixed-rate as is an overall lower monthly payment. You dont have to obtain an updated COE or get the property re-appraised, and you dont have to spend any money out-of-pocket to get your irrrl. The VA allows you to roll all of your closing costs, including the VA Funding Fee, into the loan amount, so you can take advantage of a lower interest rate and not have to pay any money upfront. Irrrls are so quick for a lot of the same reasons they are so cheap; less underwriting, less homework, less to-do overall. While some lenders are usually required to get prior approval from the VA for each loan they close, nearly every lender can close most irrrls without that prior approval. Combined with the removal of the appraisal and updated underwriting information, the ability of lenders to close irrrls on their own make the process go a lot faster. As if being quick, easy, and cheap wasnt enough, the VA wants the irrrl option to work for as many different people as possible, which is why theyve added some great options. One of the most common reasons a borrower would want cash back on a refinance is to improve their home. In light of that, the VA allows a borrower to add an Energy Efficiency Mortgage onto their refinance when using an irrrl. An EEM allowswe have over 20 years of experience providing active duty and military Veterans with great VA loans. By keeping our focus on

3 helping Veterans, the exceptional staff and customer service at Crosspoint Financial Inc continually strive to prove ourselves and remain the most committed VA Loan Specialists in the area. VA Loan Specialist Crosspoint Financial Inc. Is a VA Loan specialist dedicated to provide its clients with the best loans and customer service. The member of the a Crosspoint Financial Team are highly trained and specialized in all areas of VA[This article was originally published on the 2nd Marine Aircraft Wing website.] This article is intended to give the reader a basic understanding of the sales techniques of the VA streamline refinance offer, and at the end of the article guidelines are provided to help decide who this type of loan is really good for. Recently, there have been a lot of VA streamline mortgage refinance offers being circulated through the mail. In bold letters the flyers announce that this program is only for VA loans, a limited time, no home or pest inspections required, no appraisal required, skip one or two months mortgage payments, get an escrow refund at closing, and close in 7-10 days. The offers seemed too good to be true, but I wanted to see for myself. I shopped around looking at many reputable loan companies and banks to see what loan offers that suited my needs, and then called the number from one of these flyers. The information that I found was pretty shocking to me, but possibly helpful to others if their situation fit the costs of this type of loan. I called the number on the flyer late on a Friday afternoon. The receptionist that answered the phone was there only to set up appointments for a loan officer to come to the homes of applicants to give a presentation and complete the paperwork for applying for a VA streamline loan. The receptionist could not answer any questions about the loan terms, closing costs, VA funding fees, etc. The only information that the receptionist could offer me is the current rate on a 30-year mortgage rate is 4.5% for a very limited time, the history of the company and that the owner of the company was a retired Marine. When I started to get annoyed with not having my questions answered the male receptionist switched me to a female (a sales technique widely used to lure customers based on the gender of the caller). Out of curiosity and to better inform Marines of this refinancing option I decided to set up an appointment. The receptionist set up an appointment for the following day and said that it would only take minutes of my time. Prior to the loan officer arriving at my home, I was able to speak to another Marine who had previously looked into this type of loan. This Marine told me that the offer was valid, but that the closing costs were extremely high ($8,000 in their case). To prepare for the meeting, I reviewed questions to ask in regards to a mortgage loan, and looked at what kind of offer this company would have to give to me in order to make the loan a good deal for me. In addition, I decided to set the actual location of the presentation. I decided to keep the meeting outside of my house just in case this became one of those people that was too pushy and wouldnt leave. The loan officer arrived at my home right on time from Wilmington. He was in a nice car, dressed in business casual with a name tag, leather brief case, and a portable turn-chart of slides. He was very courteous and ready to present hisva Streamline Refinance: AKA The VA irrrl Program If you currently have a VA loan and are looking to save money on your monthly mortgage payment by lowering your interest rate, the VA streamline refinance program is worth learning more about. Click here for a free VA streamline refinance quote. The VA streamline refinance is the most popular refinance program for Veterans who currently have a VA loan because it allows you to get a lower interest rate with the least possible hassle. Many VA approved lenders will offer the benefits of: The VA irrrl program is one of the most beneficial refinance programs offered to Veterans and Military service members today, including some of the most competitive rates. VA Streamline Refinance Qualifications In order to qualify for a VA streamline refinance, you must meet the following requirements: Up-to-date on your mortgage payments without exceeding a one 30-day late pay within the past 12 months. The new VA monthly mortgage payment must be lower compared with the original VA mortgage payments prior to the refinance (this would usually pertain to switching from an ARM to a Fixed-Rate Mortgage). You can not expect to receive any cash from the refinance but only to save. The property in which you choose to refinance must be the one that you previously uses your VA entitlement for. (You may see this referred to as a VA-to-VA refinance.) The VA streamline refinance is also known as the VA irrrl program (which stands for Interest Rate Reduction Refinance Loan) and they are the exact same program just referred to by two different names. Click here for a free VA streamline refinance quote. VA Streamline irrrl General facts and Guidelines Some simple facts and general guidelines about the VA streamline refinance program include: The VA streamline has less documentation than a full refinance

4 and many times the lender can close faster with less documentation than a full refinance. Many lenders can do a VA streamline without requiring an appraisal. The VA does not require an appraisal, credit information, or underwriting, but your some VA approved lenders may require some or all of these items. It is possible to roll all closing costs and fees into the new loan so there are no out-of-pocket costs when doing a VA streamline. One rule for the VA streamline is that the new monthly payment must be lower than the previous loans monthly payment. One exception to this rule is when you are refinancing an adjustable rate mortgage or the new loan term is less than the old one. Your new interest rate must have a lower interest rate than the previous loan. An exception is if you are refinancing from an adjustable rate loan. With the VA streamline program, your new loan can be a fixed rate or adjustable rate loan. A VA funding fee is usually required. The VA streamline program allows for energy efficient improvements can be refinanced into the loan, up to $6000. Your monthly mortgage payment may increase if you finance energythe 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. Irrrl Facts No appraisal or credit underwriting package is required when applying for an irrrl. 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. When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase. No lender is required to give you an irrrl, however, any VA lender of your choosing may process your application for an irrrl. Veterans are strongly urged to contact several lenders because terms may vary. You may NOT receive any cash from the loan proceeds. Eligibility 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. Additionally: Application Process 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 confirmation procedure in lieu of a certificate of eligibility. Loan Limits 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 lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location. The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to four times a Veteran s available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price. See Loan Limits for more information about the limits in your county. 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 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. Thinking of rrefinancing my home loan with a VA streamline loan. Pros Cons?My Fiance and I plan to buy a house about a month before we marry this November and he is currently deployed (USMC). I'm needing to get information on VA loans, how do they work? Do we have to. What are the pluses and negatives of a VA Streamline (IRR) Loan?I currently have a VA loan on a home that purchased in At the time of purchase the interest rate was 5.8%, so I am looking into refinancing. I recently found out that I am eligible for the VA. What are the costs and cons of a VA hyrbid Streamline IRRRL loan?just bought a house last year and have been getting bombarded with these letters about the VA Interest rate reduction loan (IRRRL) programs. At first I thought this was just another sucker scam but. Refinance: I want to refinance my home, I have a VA loan and can do a VA Streamline.?Hi there. My husband is active duty Air Force and we own a home in Montana. I have been looking into refinancing our house through Citi Bank and using his VA loan.

5 But. we have bad credit. Does a. Can we get a VA loan with bad credit?the bank I talked to says it will cost me $2,000 in closing costs. I have no loan origination fee because I get VA Disability. Are those closing costs standard or should I shop around? INFORMATION on VA Loans anyone?my husband and I both have blemishes on our credit report we are currently working on fixing (medical bills for our disabled daughter mostly) We are both around 600 in our credit score, I know not. VA streamline refinance home loan question.?i am in the Navy and bought a house in I then refinanced to 5.5% a year later. I received a letter in the mail informing me that a 3.875% 30-year VA 5/1 hybrid arm rate loan is available to m. I need some help understanding VA Home loans?just got into the loan June Interest rate is currently fixed at but with this streamline the rate they're offering is Should I do this? It sounds good but there are so man. What is a VA 5/1 Hybrid Arm Rate loan?fixed rate. Va streamline is ARM loan. What are the pros and cons? I'm thinking about refinancing my home loan with a va streamline loan. Right now my loan is fixed. Va loan i?

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