About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under VA streamlines / IRRRLs

We have spent a lot of time writing about FHA to FHA streamlines here in the past but there is also a streamline program for borrowers who currently have VA loans. The program is officially called the IRRRL program and it is very much like the FHA to FHA streamline program. Borrowers who have VA loans now can trade their current VA loan in for a new VA loan at a lower rate. With interest rates on VA loans hovering near all time lows lately now is a great time to get a VA IRRRL/streamline.

The advantage of this VA streamline program is that borrowers who have even average credit or better do not need to prove their income levels or assets to qualify. Further, the IRRRL program works no matter how underwater the VA mortgage is right now. There is normally a 0.5% VA funding fee rolled into the new loan for VA IRRRL loans, but that funding fee is waived entirely for disabled veterans. If you have a VA mortgage, contact us in the sidebar right away to learn more about this VA-to-VA streamline, or IRRRL, program.

Comments (0) Posted by G.R.A. Admin on Tuesday, January 22nd, 2013

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