A VA Streamlined I.R.R.R.L. is the best option for you if:

• You are already in a VA mortgage.
• You know mortgage rates have dropped since you got your current loan, and you want to take advantage of what the market currently has to offer.
• You don't want cash out.
• You don't want a lot of hassle!

You aren't on a VA loan now, you can't streamline refinance to a VA mortgage.  (You can do a full refinance of another type product, to a VA loan, if you are VA eligible.)

VA Streamlines are easy!

• Appraisals are not required.
• Underwriting is very relaxed.  You need a score of 640 or higher.  We do a limited mortgage only credit pull, to verify that your mortgage has been paid on time the last twelve months.
• No asset verification, unless you need to bring money to close.
• You don't have to be living in the home.  If the property is an investment or a second home, you can still refinance it with a IRRRL!
• We don't need a new Certificate of Eligibility.  We can verify your eligibility with the VA.
• You can refinance from an adjustable rate mortgage to a fixed rate mortgage.
• Termite inspection is not required.
•  You can include your closing costs, so that no money is needed for closing.  We will give you several options to consider.
• You can not get cash out at closing. (There is a full documentation VA refinance that allows this.)

VA charges a fee of .5% of your loan amount.  As with the funding fee you paid with your initial purchase, this fee can be applied to your loan balance at closing.  The VA IRRRL Calculator automatically accounts for this fee.

If you were exempt from the VA funding fee on your purchase, you should be exempt for an IRRRL.  Your updated Certificate of Eligibility will state your exemption status.

As with your original VA Mortgage, there is no monthly mortgage insurance!