VA Loans

cap off VA Loans
VA loans are loans are designed specifically for veterans. VA loans can be issued by any VA-approved lender and are guaranteed by the federal government.

The VA loan's main feature 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.

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.

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(That is me Dan Parisi first row third from left)

 

VA Streamline Refinance

The VA Streamline Refinance is a specific loan program available via the VA Loan Guaranty program.

Officially known as an Interest Rate Reduction Refinance Loan (IRRRL) by the government, the VA Streamline Refinance is sometimes called a VA-to-VA Loan.

Generally speaking, almost all active duty and/or honorably discharged service members are eligible for a VA purchase or streamline refinance loan.

Interest Rate Reduction Refinance Loan

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.

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:

A Certificate of Eligibility (COE) is not required. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.
No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.
You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan.
The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL you need only certify that you previously occupied the home.
 

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