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’s served in the military, as you can purchase a house with little to no money down.On top of that these loans aren’t required to have private mortgage insurance.
VA to VA IRRRL Program
This is the most popular VA refinance program. 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 VA refinance because there’s not a lot of paperwork needed. There’s no credit check and no appraisal needed for this process. You can use the original purchase amount for the value of the home. 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 VA refinance.
VA Cash Out Refinance
If you have a lot of equity in your home, then you may be considering the cash-out refinance option for veterans with a VA loan. This is especially great option if you have two mortgages that would you like to refinance into one loan. With an IRRRL you can’t do this, but with an VA cash-out refinance you have the ability to pay off both you 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. For example, if you have a VA loan for the amount of $250,000 and you owe $200,000 on it as well as a conventional second mortgage for the amount of $50,000, you can refinance your loan and get $250,000 allowing you to pay off the other mortgage and resulting in just one loan.
Conventional to VA refinance
If you never got a VA loan, but you know you’re eligible for one, then you should consider refinancing your conventional loan over to VA loan. This process is considered a cash out refinance by Veterans Affairs. In order to go through this process the Veteran has to pay a small funding fee. This fee can be added to the back of the loan balance. 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.
You don’t pay us anything to refinance your home.
You will not need a Certificate of Eligibility. However a COE can be used to prove prior use of entitlement.
If you are refinancing from a current VA ARM loan to a fixed rate loan, then your interest rate may increase.
When you apply for the IRRRL program there is no appraisal required.
That’s right. No W2′s or tax transcripts. We only check to see if you’re employed.
Village Capital will cover the costs of the refinance. We are able to do this with the money generated from doing the business.
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.
Copyright 2014 - Village Capital - All Rights Reserved
Village Capital & Investment LLC 10120 S Eastern Ave Ste 212 Henderson, NV 89052 | Toll Free: 1-866-933-4654 | Fax: 801-208-8228 | info@village-capital.com Copyright © 2013 Village Capital & Investment LLC We are required by law to list the following licensing information: Village Capital & Investment LLC (NMLS ID #3317) is licensed with the: Alabama Consumer Credit License #21086. Arizona Mortgage Banker License #909593. California Finance Lenders Law License #603A697. (regulated by the) Colorado Division of Real Estate. Connecticut Mortgage Lender License #18207. District of Columbia Mortgage Dual Authority License #MLB3317. Florida Mortgage Lender Servicer License #MLD965. Georgia Mortgage Lender License #19887. Illinois Residential Mortgage Licensee #MB.6760384. Indiana First Lien Mortgage Lending License #11048. Maryland Mortgage Lender License #12327. Maine Mortgage Lender License #SLM10500. Michigan 1st Mortgage Broker/Lender License #FL0010752. Missouri Mortgage Broker License #13-2095. North Carolina Mortgage Lender License #AL-145990. New Jersey Residential Mortgage Lender License #0400542. New Mexico Mortgage Loan Company License. Nevada Mortgage Banker License #3865. Ohio Mortgage Lender Exemption #MBMB.850163.000. Pennsylvania Mortgage Lender License #21472. Puerto Rico Concesionarios/Administradores #IH-175 Maine Mortgage Lender License #SLM10500. Michigan 1st Mortgage Broker/Lender License #FL0010752. Missouri Mortgage Broker License #13-2095. North Carolina Mortgage Lender License #AL-145990. New Jersey Residential Mortgage Lender License #0400542. New Mexico Mortgage Loan Company License. Nevada Mortgage Banker License #3865. Ohio Mortgage Lender Exemption #MBMB.850163.000. Pennsylvania Mortgage Lender License #21472. Puerto Rico Concesionarios/Administradores #IH-175. Rhode Island Lender License #20092622LL. South Carolina Mortgage Lender/Servicer License #MLS - 3317. Tennessee Mortgage License #4285. Texas SML Mortgage Banker Registration. Wisconsin Mortgage Banker License #214951BA. Allen Knudson residential mortgage loan originator NMLS #393738. Ada Hammon loan originator NMLS #255445. Allen Zitting loan originator NMLS #179606. The products or services described in this website do not originate from the Federal Housing Administration (FHA). Village Capital 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.