VA IRRRL Refinance Update

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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San Diego, California
www.loansreduced.com
Recently there have been product revisions to the VA Streamline Refinance Program officially knowns as the Interest Rate Reduction Refinance Loan (IRRRL) by the government. This is a special loan program designed specifically for veterans, issued by approved lenders and guaranteed by the Federal Governement.

VA Loans are unique because veterans who qualify can purchase a home with no money down which makes buying a home attractive to those who have served in the military. This loan does have a Funding Fee however no private mortgage insurance, very competitive interest rates and very flexible requirements.

Typically to qualify for a VA loan the veteran must have served 181 days during peacetime, 90 days during war time and/or 6 years in the Reserves of National Guard. The spouse of a service member who was killed in the line of duty is also eligible. In most cases almost all active duty or honorably discharged members are eligible for a VA purchase or streamline refinance program.

My company has recently announced new changes to the VA IRRRL that now allow LTV’s up to 115%, and UNLIMITED Combined LTV!!! With this change the value can now be determined by a Conventional Appraisal or with an AVM that is ordered by our appraisal management company.
The maximum loan amount has also increased to 1,000,000.00 including the funding fee.

If you are looking into a VA Streamline Refinance (IRRRL) I would be happy to review your file to determine your eligibility.