Fairfield Financial Services is an approved VA lender.
VA permits streamline refinances on current VA guaranteed mortgages with reduced paperwork, underwriting, and closing costs. The new mortgage can be processed with or without an appraisal and with or without a full credit report check.
Benefits of VA Streamline IRRRL:
- Quickly and easily decrease monthly mortgage payments or reduce loan terms.
- Appication to closing time is very quick (1-2 weeks)
- Appraisal normally not required.
- A full credit report is not pulled and typically only the mortgage to be refinanced is confirmed from the credit bureau.
- Out of pocket closing costs are reduced.
The basic requirements of a VA IRRRL are:
- The mortgage to be refinanced must already be VA guaranteed.
- The mortgage to be refinanced should be current (not delinquent).
- The refinance is to result in a lowering of the borrower's monthly principal and interest payments. (If the Veteran chooses to refinance an ARM to a Fixed rate, the payments may go up.)
- No cash may be taken out on mortgages refinanced using the streamline refinance process. Tolerance of $250 cash back allowed at closing.
- An IRRRL can be done only if you have already used your eligibility for a VA loan on the property you intend to refinance. It must be a VA to VA refinance, and it will reuse the entitlement you originally used.
- The veteran must occupy or previously occupied the property.
- The loan may not exceed the sum of the outstanding balance on the existing VA loan, plus allowable fees and closing costs, including funding fee and up to 2 discount points. You may also add up to $6,000 of energy efficiency improvements into the loan.
- Any subordinate financing may remain in place as long as it is subordinated on title.
Start your VA Streamline Refinance now...
