Colorado VA IRRRL
The VA IRRRL program, or Interest Rate Reduction Refinancing Loan, is part of a Federally insured loan program that helps Veterans who have a VA loan refinance their VA loans and make the most of the lower interest rates whenever interest rates go lower. The VA IRRRL program, also known as the VA streamline refinance loan, is uncomplicated and not very difficult to qualify for as long as you meet the guielines.
Colorado VA IRRRL Refinance Benefits
What are the features and benefits of the VA IRRRL program?
First of all, there is no appraisal required.
When doing a VA IRRRL, it is possible that closing costs may be rolled into the new loan.
There is no cash out in this refinance loan.
Colorado VA IRRRL: Be Aware
There are some issues to be aware of when doing a STATE VA IRRRL.
First, some lenders may require a credit score even though the VA doesn’t.
Second, you shouldn’t have more than one 30 day late payment in the last 12 months on your current VA loan.
Third, you can roll energy efficient improvements into the new loan.
Fourth, you can do a streamline refinance on a home that you no longer occupy.
Fifth, the loan amount of your new loan may not surpass the current balance on your existing VA mortgage plus any allowable closing costs for the IRRRL. To keep it simple, allowable closing costs include the VA funding fee and up to 2 discount points. It is also possible to add up to $6000 of energy efficiency improvements into the loan. Be mindful that adding all of these items into your loan may cause you to owe more than the fair market value of your home.
Colorado VA Lender: VA IRRRL Experts
Make use of today’s historically low interest rates and see if the VA IRRRL program can be an betterment to you and help you save money on your VA loan!
