VA IRRRL Loans (VA Streamline Refinance) Program
The VA Interest Rate Reduction Refinance Loan (IRRRL), also referred to as a VA Streamline Refinance, is a specialized refinancing program designed for active-duty military or veterans with an existing VA home loan. It allows our military members to reduce their interest rate and monthly payments by refinancing with minimal documentation and no out-of-pocket costs.
What Are the Benefits of a VA IRRRL Loan?
- No appraisal required.
- No income verification
- No Asset verification
- No money out-of-pocket.
- You can refinance an existing VA ARM into a fixed-rate VA loan.
- Fast Closings
What Do I Need To Be Eligible for a VA IRRRL Loan?
- You must currently have a VA loan.
- You must lower your interest rate by a minimum of 0.50% (unless moving from an ARM to a fixed rate loan)
- You must be able to recoup any costs associated with the refinance in 36 months or less. (We calculate this for you up front)
- Although the VA does not require a minimum credit score most lenders require a minimum.
- You must be current on your loan payments and have no more than 1 mortgage late payment in the previous 12 months.
Peoples Bank & Trust Company is dedicated to serving our active military personnel and veterans. We are committed to simplifying the process of obtaining a VA home loan and making the entire process as easy as possible.
A VA streamline refinance loan may provide you with lower interest rates and a more affordable monthly mortgage payment. We encourage you to call Peoples Bank & Trust Company today and speak with one of our loan officers about your options.
