VA Interest Rate Reduction Refinance Loan
VA Streamline Refinance Loan
A VA Interest Rate Reduction Refinance Loan (IRRRL), also known as a VA Streamline Refinance Loan, allows homeowners with an existing VA loan to refinance their current loan with a more favorable VA loan.
A VA Streamline Loan may permit a borrow to obtain a lower interest rate with lower monthly payments. It also permits the borrower to convert from an adjustable-rate loan to a low interest fixed rate loan. An appraisal is not required and there are no out-of-pocket costs. A credit report and verification of income is not required. No cash out is permitted and the borrower may not have had any 30-day late payments in the prior twelve months.
Owners of condominiums in VA approved communities can apply for VA Streamline Refinance Loans.
Contact us if your condominium association board wants our assistance in obtaining VA project approval or FHA project approval.