VA IRRRL Streamline Refi
The 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.
A VA IRRRL does not require an appraisal or credit underwriting. The loan is available with “no money out of pocket”. All closing costs can either be added to your new loan, or can be paid by your lender.
Who qualifies for a VA IRRRL
The VA IRRRL is a special entitlement program offered by the VA. If you currently have a VA loan, have paid on time for the last 12 months, are currently employed and have a 600 or better credit score, you should qualify for a VA IRRRL with no problem! The VA IRRRL is one of the simplest forms of refinance loans. We will not re-check your income, you do not have to prove your credit worthiness, and a new appraisal is not required.
Credit: You only need a 600 credit score to qualify for a VA IRRRL. We will not analyze your credit report in order to approve you for the new loan.
Income: We do not care how much money you currently make. The fact that you have paid all of your payments on time is enough proof for us that you will be able to pay your new payments. We only require that you are currently employed, retired or have some other steady form of income.
Assets: Normally assets are not needed for a VA IRRRL.
Property: Most single family, condos, planned urban developments (PUD), townhouses, and even manufactured homes qualify for the VA IRRRL.
Mortgage History: We require that all of your mortgage payments in the last 12 months have been paid on time. It is okay if you paid your payments after the 1st of the month, as long as they were not 30 or more days late.
Why Choose Oceanside for your VA IRRRL
We have been helping Veterans lower their monthly payments since our inception. We have refined the process in order to maximize the benefit to you. There are several distinct advantages that Oceanside Mortgage can offer you.
- We offer a no closing cost option. This minimizes the amount of money added to your loan
- We do not require an appraisal. It is ok if your property value has decreased
- You are allowed to skip your next mortgage payment. This payment will be financed into your loan
- We can transfer your escrow account to your new loan.
- We do not charge any ‘junk’ fees. You do not need to pay an appraisal fee, a credit report fee, or an application fee
- We are a direct lender. We eliminate all ‘middle-man’ fees. Loan decisions are made in house
How Do I Get Started?
Please contact a loan specialist immediately to get the process started. We can provide you with a no-cost, no-obligation, loan benefit worksheet showing you exactly how much you can save! There are 3 ways to do this:
- Call us toll free at 800-955-8965
- Fill out our contact form
- Chat live with a loan officer now
There are a few documents we need you to collect to process your loan. Do not worry if you cannot locate all of the documents, we should be able to help you. We will need:
- Drivers License
- Social Security Card, W-2, or 1099
- Mortgage Note
- Recent Mortgage Statement
- DD-214 – Certificate of Release or Discharge from Active Duty
- Certificate of Eligibility
- Homeowners Insurance Declaration Page or Agent’s contact info