VA IRRRL Refinancing

Quaint home in summer with American flag out front.

We are pleased to offer our military borrowers the option of an Interest Rate Reduction Refinancing Loan or IRRRL. These types of refinancing products are also sometimes referred to as “VA to VA” or “Streamline” loans. The goal of the program is to provide eligible homeowners with the means to refinance their existing VA mortgages to a loan with a lower interest rate. This in turn helps VA borrowers lower their monthly mortgage payments.

Request a Quote or More Information on VA IRRRL Financing

  • Call 866-544-7013
  • Pre-Qualify Now.
  • Use the Rate Quote Form on this page to request additional information.

More Details on VA IRRRL Loans

Here’s a look at some general guidelines for a VA IRRRL Refinance:

  • May be used to switch from an ARM (adjustable rate mortgage) to a fixed-rate loan with a lower interest rate
  • The VA IRRRL refinancing program is only for refinancing a property to a lower interest rate that was originally financed with a VA loan
  • May not be required by the VA for the borrower to obtain an appraisal or credit check, however, some lenders may do so
  • The VA-approved lender may verify your eligibility-you may not be asked to supply or reapply for a Certificate of Eligibility
  • The refinancing loan may only be applied to the existing VA loan, not a second mortgage
  • You will need to provide proof that the property that the VA IRRRL refinancing loan applies to is your primary residence
  • Although a cash-out refinance is not possible, the borrower is allowed to take out up to $6,000 for energy efficiency upgrades and improvements
  • Any upfront costs may be able to be absorbed into the total refinancing loan total so the borrower will not be faced with extra costs

In terms of loan limits, the VA does have a set upward limit on how much a borrower can receive for the refinance. Instead, the VA establishes how much liability it is prepared to assume which in turn determines how much an approved lender will provide. In some situations, the maximum amount allowed for the refinancing loan will be 100 percent of the home’s appraised value. Extra funds for the VA funding fee and energy efficiency improvements may  also be included.

Terms and conditions may apply. Please speak with a licensed mortgage professional for more information. Mid America Mortgage, Inc. is pleased to offer VA financing assistance throughout much of the United States.

Give us a call today for a free, no-obligation quote and consultation at 866-544-7013.

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15301 Spectrum Drive, Suite 405
Addison, TX 75001
Phone: 214-261-3300
Toll Free: 866-544-7013
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Lisle, IL 60532
Phone: 630-796-6092
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