A well kept secret!
by Jorge Pazmiño
VA Interest Rate Reduction Refinance Loans a.k.a. VA IRRRL
VA IRRRL is probably the easiest way to refinance your current VA home loan. If you’ve been responsible with your current VA Home Loan, your lender should be able to assist you lowering your monthly payment and taking advantage of the current market rates. This product can be used to save money for the life of the VA Loan or can also be used to help many veterans that have experienced a decrease in their income. Either way, VA IRRRL is a great opportunity for veterans to use a benefit available to them that no many know about.
In most cases, new VA Loans can be originated with no out-of-pocket expenses or minimum fees, a positive payment history is the door to this program!
Here are some benefits of a VA IRRRL:
No appraisal required in most cases.
No minimum income requirements.
No out-of-pocket expenses are required.
No minimum credit score is required.
Borrower may skip up to two payments after closing of new VA Loan.
VA does not require you to have equity in your home to take advantage of a VA IRRRL.
Shortening the term of the current VA Loan is also an option.
New to 2013, Active Heroes is adding VA Home Loan support. You can get a consultation from our Board of Advisor member Jorge Pazmiño.
Jorge Pazmiño is an OIF veteran and is currently helping veterans achieve home ownership and answers any questions in regards to VA Mortgage Loans.