VA Refinance
What is the Veterans Affairs IRRRL Program?
The VA loan program, also known as an Interest Rate Reduction Refinance Loan (IRRRL), was designed specifically as a benefit for veterans. This program makes it very easy for someone who has a VA home loan to lower their interest rate and save money on their monthly mortgage payment. On top of that, these loans aren’t required to have private mortgage insurance.
VA to VA IRRRL Program
This is the most popular for Veterans looking to refinance. It allows Veterans to reduce the interest rate and lower the payment of their current VA home loan. This program is commonly referred to as the Interest Rate Reduction Refinancing Loan or VA to VA Refinance.
This is a streamline refinance because there’s not a lot of paperwork needed. There’s no credit check and no appraisal needed for this process.
This is also the best way to go if you want to pay minimal fees, as the fees with this refinance are usually lower than the other options. Many lenders will cover this fee in the refinance process, but it’s usually at higher offered rate. If you have a second mortgage you are looking to pay off, then you should consider the cash-out refinance option.
VA Cash Out Refinance
If you have a lot of equity in your home, then you may want to consider our cash-out refinance option for veterans. This is an especially great option if you have two mortgages that you would like to refinance into one loan. With an IRRRL you can’t do this, but with a VA cash-out refinance you have the ability to pay off both of your mortgages with the new loan.
With this option you can also get cash back when you refinance. Some lender’s don’t allow borrowers to take cash out of the loan, but many lenders allow borrowers to refinance one hundred percent of the home’s value in order to pay off their old mortgages.
Conventional to VA refinance
If you never have had a VA loan and believe you’re eligible for one, you may want to consider refinancing your conventional loan into a VA loan. This transaction is considered a cash out refinance by Veterans Affairs and has certain options that are generally not available with conventional financing. (example: loan may be assumed by a family member or third party)
In order to go through this process the Veteran must pay a funding fee, which can be added to the new loan amount.
For most people the rates and benefits they get with switching their conventional loan to a VA loan are well worth it.
**There is a VA funding fee depending on the type of loan you have. Check out our VA Funding Fee page to learn more about this and what percentage you may pay.
Village Capital & Investment LLC – Refinance Experts
Village Capital & Investment LLC specializes in the VA loan product. This means our loan officers are efficient and experienced making refinancing a breeze.
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ARM to Fixed Loan
If you are refinancing from a current VA ARM loan to a fixed rate loan, then your interest rate may increase.
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No Income Verification
That’s right. No W2’s or tax transcripts. We only check to see if you’re employed.
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No Asset Verification
We don’t have to verify any of your assets to refinance your home.
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No COE
You will not need a Certificate of Eligibility. However a COE can be used to prove prior use of entitlement.
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No Appraisal
When you apply for the IRRRL program there is no appraisal required.
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No Money Out of Pocket
Village Capital & Investment LLC will cover the costs of the refinance. We are able to do this with the money generated from doing the business.
Today’s VA loan Refinance Rates
The first step to moving forward with the IRRRL program is getting a quote of today’s current rates. Click the button below to get a quote from one of our licensed loan officers.
The products or services described in this website do not originate from the Federal Housing Administration (FHA) or any other government agency. Village Capital & Investment LLC is not affiliated with your current lender and any loan information presented was not obtained from your current lender. Estimated payment is for a 30 year fixed rate loan and does not include taxes and insurance. These products may have higher interest rates, more points, or more fees than products requiring documentation. Only loans with no 30 day late payments in the past year accepted. Village Capital & Investment LLC NMLS ID: 3317 Arizona Mortgage Banker License No. 0909593.