VA IRRRL

To learn more, visit VA Loans.

Refinance:

• No minimum credit score required
• No maximum LTV (loan to value)
• No mortgage late payments in the last 12 months
• No monthly mortgage insurance
• Low interest rates

Property Type:

• Single Family
• 2 Unit
• 3 Unit
• 4 Unit
• Condo
• Townhouse
• Second homes
• Manufactured homes
• Mobile homes
• PUDs

What is a VA IRRRL?

If you’re a veteran or active-duty service member looking to refinance your VA loan, you may be eligible for a VA IRRRL.

A VA IRRRL (Interest Rate Reduction Refinance Loan) is a streamline refinance designed to lower the monthly principal and interest payment on the current VA mortgage.

Most lenders require a 620 credit score to qualify for a VA IRRRL. At Mortgage-World.com, we do not require a minimum credit score.

What is needed to qualify for a VA IRRRL?

• No minimum credit score
• Current mortgage must be a VA loan
• Certificate of Eligibility
• Served 90 consecutive days of active service during wartime
• Served 181 days of active service during peacetime
• Served six years in National Guard or Reserves
• You are the spouse of a service member who died in the line of duty or as a result of a service-related disability

How to Apply for a VA IRRRL:

1. Provide your COE from the VA
2. Get Pre-Qualified to determine how much your can afford to borrow
3. Complete the loan application process, including providing income and emplopyment documentation
4. Close on your VA IRRRL loan!

What are the Benefits of a VA IRRRL Loan?

• No monthly mortgage insurance
• Low interest rates
• Flexible credit requirements
• No pre-payment penalty

To learn more about VA-Backed Veteran home loans, visit U.S Department of Veteran Affairs.

Written by: Chris Luis, loan officer for Mortgage-World.com

• Chris Luis covers mortgages and the housing market. Chris Luis has over 20 years experience in the mortgage industry.