Have you heard of VA streamline or Interest Rate Reduction Refinancing Loans also known as IRRRL? If you haven’t now is your time to learn all about them.
IRRRLs are a great loan value for veterans that qualify. If you served in active duty in the Army, Navy, Airforce, Marine Corps, or Coast Guard and were honorably discharged then you could be eligible for the IRRRL.
To find out more what IRRRL can do for you click here.
IRRRL doesn’t require much documentation from you. Certain paperwork that the VA waive for you are:
- Income verification
- Credit reports
It is important to note that some lenders might still require an appraisal and credit scores, this is why it is important to check with several lenders to see who fits your needs the best.
One piece of documentation that you will need is the Certificate of Eligibility.
What Is A Certificate Of Eligibility for VA Loans?
Sometimes known as Form 26-1880 the certificate of eligibility is proof of your VA eligibility. This form proves you used your entitlement to purchase your home with a VA loan.
You may have used this entitlement before by getting a VA loan when you purchased your first home or by substituting your eligibility for that of the seller if you assumed the loan.
Since you can only use your VA IRRRL loan to a pre-existing VA loan, you will already have a Certificate of Eligibility. If you have misplaced your VA Certificate of Eligibility, lenders can use the VA’s email-confirmation procedure for the IRRRL in lieu of the Certificate of Eligibility.
IRRRL is a fast and easy way to refinance your VA loan. It has the potential to both lower interest rates and monthly mortgage payments.
If you have a VA loan then IRRRL can be the best option for you to reduce your bills and be able to pay off your home earlier!
Get Your Certificate Now.
With Automated Certificate of Eligibility, your lender can order your Certificate of Eligibility electronically and have it to you in just a couple days.
Spend 2 minutes completing the form below and get started with getting your VA loan!