VA IRRRL in Alaska
The VA IRRRL streamline refinance, or Interest Rate Reduction Refinancing Loan, is part of a Federally insured loan program that aids people who have a VA loan to refinance their VA loans. The VA IRRRL program, also known as the VA streamline refinance loan, is straightforward and not very difficult to qualify for as long as you meet the guielines.
Benefits of the Alaska VA IRRRL Program
What are the benefits of the VA IRRRL program? The first benefit is that there is no appraisal of your home (although some lenders may require it). It is also possible to roll closing costs into the new loan but there isn’t a “cash out” option with the VA IRRRL.
Alaska VA IRRRL: Things To Know
There are some situations to understand when doing an Alaska VA IRRRL.
First, the VA doesn’t require a credit score, however some lenders have a minimum required credit score.
Second, you are not allowed to have more than 1 30 day late payment on the VA loan that you currently have.
Third, you can roll energy efficient improvements into the new loan.
Fourth, you can do a VA IRRRL for a home that you used to live in but no longer occupy it as a primary residence.
Fifth, the loan amount of your new loan may not be more than the current balance on your existing VA loan plus the closing costs the lender charges for the VA IRRRL. To keep it simple, allowable closing costs include a VA funding fee and up to 2 discount points. You can also add up to $6000 of energy efficiency improvements into the mortgage. Be heedful that adding all of these items into your loan may cause you to owe more than the fair market value of your home.
Alaska VA IRRRL Lender
Make use of today’s historically low interest rates and see if the VA IRRRL program can be an advantage to you and help you save money on your VA loan!