fbpx
Uncle IRRRL wants to refinance your VA loan
You don’t have to have an Uncle IRRRL but you must be a veteran with a current VA-backed home loan. IRRRL is an acronym for Interest Rate Reduction Refinance Loan. To refinance with this program, also called the VA Streamline, the loan must provide a net tangible benefit (NTB) which would be in the financial […]
Uncle IRRRL wants to refinance your VA loan
You don’t have to have an Uncle IRRRL but you must be a veteran with a current VA-backed home loan. IRRRL is an acronym for Interest Rate Reduction Refinance Loan. To refinance with this program, also called the VA Streamline, the loan must provide a net tangible benefit (NTB) which would be in the financial […]

Qb1cBenvjkSs9ZuoRj2PhQ.jpg

You don’t have to have an Uncle IRRRL but you must be a veteran with a current VA-backed home loan. IRRRL is an acronym for Interest Rate Reduction Refinance Loan. To refinance with this program, also called the VA Streamline, the loan must provide a net tangible benefit (NTB) which would be in the financial interest of the Veteran.

Obtaining a lower interest rate is usually the reason behind refinancing but there needs to be enough difference in the current and the new mortgage to justify the expenses incurred. Significantly lower payments or a shorter term are examples of acceptable benefit.

The Veteran must currently have a VA-backed home loan to refinance using this program. The Veteran does not have to currently live in the home as long as it can be certified that he or she did at one time.

In most cases, an appraisal is not necessary and less verifications are required. A minimum 640 credit score is needed, and borrower must be current on their payments with no 30-day late payments in the previous 12-months. A two-year employment history is required.

There are expenses associated with the IRRRL but they can be rolled into the loan balance. The VA funding fee, required on new VA loans for purchases or refinances is lower on the IRRRL at 0.5%. Disabled Veterans and qualifying surviving spouses refinancing under this program are exempt from the VA funding fee.

This program is not available for a cash-out refinance. There is a $6,000 exception for additional funds to pay energy improvements completed 90-days prior to closing. Your lender can provide more information for you.

If you are a Veteran and considering a refinance, ask your mortgage professional about this program. If you need a recommendation of a trusted mortgage professional who is experienced in VA loans, give me a call at (703) 707-0334 or ghughes.

LIST OF BLOGS

Area 1031 Exchanges genuine Estate Investors

Area 1031 Exchanges genuine Estate Investors When an investor offers realty, a capital gains tax is acknowledged, together with a tax on deprecation regain. The routine capital gains tax, deprecation regain, and any suitable state tax can typically lead to a tax...

Developing Real Estate Notes Can Help Sell a House Quickly

Producing Real Estate Notes Can Help Sell a House Quickly Banks and home mortgage business have actually been offering home mortgage notes in the secondary for years. They even purchase and offer those notes to other loaning business. The details in this message is...

Why do you require a property representative?

Why do you require a realty representative? Buying or offering a realty is too dangerous and extremely intricate to invest cash. It is skillfully to seek for a trustworthy and experienced genuine estate representative to avoid remorses in the future due to the fact...

Realty lawyer

Property lawyer The realty lawyers Genuine estate market is growing and with that the company of genuine estate lawyers appears to be expanding too. Well it does not so much impact the genuine estate lawyers whether the genuine estate market is flourishing or not. 1....

Realty guide- How to handle Real Estate Business

Realty guide- How to handle Real Estate Business Real Estate refers to a stationary residential or commercial property that is forever attached to the land. Genuine estate company normally consists of appraisal, brokerages, advancement, residential or commercial...

Should You Install Artificial Turf in Your Yard?

Who wouldn't want to reside in a beautiful neighborhood adorned with meticulously manicured lawns? While some homeowners relish the thought of working on their yards, others may not share the same enthusiasm. If you've ever contemplated the idea of installing...

1031 Exchange Escaping the Certainty of Taxes

1031 Exchange Escaping the Certainty of Taxes Enabling the exchange of one residential or commercial property for another, this residential or commercial property market pattern can assist you hold on to cash that may otherwise end up with the IRS. How do you...

RECENT POSTS

Realty lawyer

Property lawyer The realty lawyers Genuine estate market is growing and with that the company of...

ABOUT  TWENTY
THREE HOMES

The Twenty Three Homes are one of the premiere real estate groups locally, nationally and internationally, specifically dealing with high-end properties and exclusive clientele. Partner with Keller Williams Twenty Three Homes are full service real estate experts whose clients benefit from the custom tailored, hands on service while receiving all the exclusive amenities and resources of one of the most established and respected firms in the business.

GET IN TOUCH