VA IRRRL Streamline Refinance 2024:

Guidelines and Rates

WHAT IS THE VA IRRRL?

Veterans seeking to improve their existing VA loan terms can leverage the streamlined program known as the “VA Interest Rate Reduction Refinance Loan.”

This program offers simplified steps by eliminating the need for income, employment, asset documentation, and potentially even an appraisal. Additionally, reduced closing costs with the option to roll them into the loan and eliminate upfront financial burdens.

Check your VA IRRRL eligibility HERE

VA IRRRL RATES

VA IRRRL rates consistently rank among the most competitive mortgage options available. This is largely thanks to the government backing provided by the Department of Veterans Affairs, which allows the lenders to offer exceptionally attractive interest rates on these loans.

VA 30-Year Fixed Rate

5.875% (6.06% APR)

VA 15-Year Fixed Rate

5.375% (5.67% APR)

*Scenario: loan amount of $300,000-660 FICO-95%LTV- SFR-CA. 04/26/24 (11:23 AM)

It’s important to remember that individual VA refinance rates will vary based on several factors, such as loan size, credit score, home value, property type and more.

Get your lowest VA IRRRL rate HERE

HOW THE VA IRRRL STREAMLINE REFINANCE WORKS

Similar to other mortgage refinances, the VA IRRRL will pay off your existing mortgage with a new loan. The new loan will start at 30 or 15 years, depending on your chosen term.

However, the process for this program is different from a traditional refinance.

There is no income and employment verification requirement. You DO NOT supply pay stubs, W2s, or Tax Returns. Since this program is to be used on an existing VA loan the lender already knows you’re VA-eligible.

Lastly, there’s no home appraisal. Not only can this save you a week or two in processing time it also saves you on out-of-pocket costs.

Get your custom VA IRRRL rate HERE

VA IRRRL program Pros and Cons

While the VA IRRRL program boasts numerous advantages, it’s important to acknowledge the limitations and potential drawbacks involved.

Pros

No income documentation required
No employment verification required
No appraisal required
No out-of-pocket costs
FICO score can be lower than a 620
$6,000 cash back for energy-efficiency improvements

Cons

Current loan must be a VA home loan
No cash-out over $500 unless it’s for energy-efficiency improvements
New loan must have a lower rate and payment
Waiting Period of 210 days or 7 months
Funding fee of 0.5% is added to the loan amount unless VA has 10% or more disability rating

Find the best VA IRRRL rate HERE

How to qualify for a VA IRRRL?

Existing Mortgage: Current loan has to be a VA Home Loan.
Payment History: Current with no more than one late payment in the past 12 months.
Occupancy: The property is occupied by the borrower.
Net Benefit: The new payment and rate must be lower unless the loan is refinancing an ARM or the term will be shorter.
Waiting Period: Current VA loan has to be open for at least 7 months or 210 days.

It’s an ideal time to talk to a VA loan specialist when you’ve made at least 5-6 payments.

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   cesar castillo 
 2022-06-28
 
 
  Mr. Santos is very helpful, profesional and knowledgeable about the mortgage industry. He was able to assist me in the question I had in order to find out how it would benefit me in refinancing my property. Mr. Santos even went the extra mile in assisting me. I totally recommend Mr. Santos for whom ever is thinking or has thought of refinancing their home. He will go out of his way in explaining what people should know or need to know on how to save money when making such an important decision.
  
 
       
   Marty Browder 
 2022-05-12
 
 
  Victor was a pleasure to work with, a true professional with a personal touch.  I will not hesitate to call on him again.
  
 
       
   Edward Piechocki 
 2022-03-18
 
 
  Victor, helped us through the on-line remortgage process from the start to the finish. Even afterwards helped us with some questions.
Great to work with someone that really know his business.
  
 
       
   FNU Amandeep 
 2022-03-17
 
 
  OnPoint Mortgage Pro has a very professional form of service and responds quickly and effectively to its clients. I had a great experience refinancing my home mortgage with this company and was able to get the process done completely stress free. They finished it in only 15 days and gave me a better price than any other company. I definitely recommend others who need assistance in refinancing their mortgage to reach out to this company.
  
 
       
   Michael Lucas 
 2022-03-03
 
 
  OnPoint Mortage

Was there for me In refinancing my house. I got a great rate and the loan process was super easy. I highly recommend onpoint mortgage for your loan needs!

Michael
  
 
       
   Bing S 
 2022-03-01
 
 
  I couldn't have been happier with the results of our refinance.  Not only that wife was able to buy a new car with this refinance but I was able to get a little bit of cash for rainy days.  We were able to save well over $500/month with this refinance.  Thank you OnPoint Mortgage Pro!
  
 
       
   Rosario S. 
 2022-02-28
 
 
  I completed my mortgage refinance 6 months ago.  OnPoint Mortgage Pro consolidated our debts and we're now debt free and enjoying the freedom.  My husband and I are in our 70's.  We will forever be grateful with how Victor handled our mortgage process making it the most painless one we've ever done for over 30 years of being homeowners
  
 
       
   Abigail Tionloc 
 2022-02-28
 
 
  I had a great experience refinancing my home mortgage with Victor Santos.
The entire process was amazingly quick and painless!

Victor was highly knowledgeable and thorough.

From start to finish, he promptly provided me updates of every step of the process.

From the time I submitted my loan application to closing, it only took less than two weeks!
I highly recommend Victor Santos for anyone looking for a mortgage / refinance.
  
 
       
   Bernard Palisoc 
 2022-02-27
 
 
  I recently refinanced my single family house. Worked with Victor Santos. The online process was seamless and communication was great. He offered a variety of loan options and provided solutions for possible problems. His promises were kept and we were closed within two weeks. His professionalism and knowledge was outstanding. I would highly recommend Onpoint Mortgage Pro.

Contributed by: Victor Santos NMLS#888844 Onpoint Mortgage Pro NMLS #2134550

Victor Santos is a licensed mortgage loan officer with over 20 years of experience. He has spent many years assisting homeowners and home-seekers in obtaining the optimal solutions for their mortgage needs.