VA Refinance (IRRRL)

VA Loans play an important role in putting our brave military-serving citizens and their families into a home of their own.

Product description

A VA loan is issued by a private lender and insured by the Department of Veterans Affairs. It’s a valuable benefit — offering a mortgage with a lower-than-most interest rate that usually requires no down payment — for qualified U.S. veterans, active-duty military personnel and certain surviving spouses.

Although the VA has no minimum credit score requirement, most wholesalers require scores of at least 620. A few lenders will approve loans with credit scores as low as 580 in some cases. The VA takes a real-life view of affordability by estimating the ability to pay the home loan after accounting for other monthly expenses.

The primary benefits of a VA Refinance (IRRRL) are...

  • Zero Down Payment. VA Loans are one of the only 0% down home loans for qualified borrowers available on the market
  • No PMI. VA Loans are government backed, so wholesalers do not require you to buy Private Mortgage Insurance
  • VA guaranty gives us lenders a greater degree of safety and flexibility. Typically giving you lower & more competitive rates

How do I qualify?

The Department of Veterans Affairs doesn’t issue the home loans; brokers & wholesalers do. But, the VA insures a portion of the loan in case of default. While a VA home loan qualifying requirements are much more relaxed than that of a conventional loan, you’ll still needs to have a decent credit score and sufficient income.

Some other eligibility requirements include...

  • The home must be your primary residence.
  • You must have a valid certificate of eligibility from the VA.

Why us?

We’re transforming the way people think about financing their home. We’re also building a team that proactively tackles the challenges that come with getting a mortgage. Learn more about why we do what we do.

Is a VA Refinance (IRRRL) right for you?

Speaking with one of our experience loan help officers can help you further decide the best option, weighting the benefits and drawbacks of loan types so that you can make the best decision for your situation.

Rate Assumptions

Last Updated: September 20, 2021, 9:23AM

Purchase of a one unit Single Family Home as a Primary Residence in Utah. 760+ FICO Credit Scores. $400,000 sales price/appraised value, $300,000 Loan Amount (75% LTV), 1% or less in Loan Discount Fee quoted in Interest Rate and APR. Typical lender closing costs without pre-paid escrow items and discount fee for rate range between $3,000-$4,000. Escrow account for taxes and insurance included in the loan.

VA - Waived, Upfront Funding Fee.

FHA - APR Includes Upfront and monthly Mortgage Insurance Fees