The Orlando VA Streamline IRRRL Refinance Loan program is designed specifically for veterans, and is a government help program to aid homeowners who are underwater and have kept up with their mortgage obligations. The best feature of the program is the fact that it enables veterans who fulfill the eligibility criteria to refinance their house into a lower interest rate with ease.
What is VA IRRRL Program
Also known as VA “Streamline Refinance” this mortgage refinance program is offered by VA approved lenders in Florida, and is guaranteed by the VA if the mortgagor (homeowner) defaults on loan payments. This is a popular refinance option because the program helps streamline the qualification process and limits the amount of paperwork involved. Other notable features of VA loans include flexible requirements, no need of private mortgage insurance (PMI), and highly competitive interest rates.
VA IRRRL Basics – Orange County, Orlando
The VA Mortgage Interest Rate Reduction Refinance Loan (IRRRL) brings the VA mortgage interest rate low by refinancing the existing VA Florida mortgage loan. There could be a significant reduction in monthly mortgage payment if lower VA mortgage interest rates are obtained.
- Loan assumptions in VA IRRRL are not acceptable.
- It is necessary that the homeowner has timely mortgage payments for the last twelve months, and must be current at the time of refinancing to obtain this loan.
- IRRRL refinance can be done with zero out-of-pocket money by adjusting all costs in the new loan, or by creating the new loan at a slightly higher interest rate to make sure the lender pays the cost.
- The homeowners can’t accept any cash back. Homeowners that do have some equity and want to “cash out” some money can learn about the 100% VA Cash Out here.
- Most the time a new appraisal report or termite WDO report of the house is necessary.
- This refinance program is very “streamline” in regards to paperwork and time. Easy paperwork with fast closing times.
IRRRL Eligibility Criteria
The eligibility criteria of VA IRRRL are similar to the criteria for a home purchase VA loan. Normally, a service of more than 90 consecutive days of active duty during wartime or 181 days of service during peace time is required. The National Guard and Reservists veterans must have served for six years minimum to be eligible for this loan. Conditionally, the surviving spouses of the veterans who die in the line of duty, or from a service related disability may also be eligible for VA IRRRL. Also, in order to receive a VA IRRRL, you must have an existing VA loan. Finally, a new Certificate of Eligibility (COE) is not required.
Advantages of the VA IRRL Program
Listed below are some of the advantages of the VA IRRRL program:
- Interest rates are low, depending on your original loan rate, it may be possible to save a lot.
- Homeowners can often times skip a few mortgage payments while going through the refinance process.
- Even if the property values are going down, no appraisals or inspections are required.
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