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FL VA IRRRL, interest rate reduction loans. Start saving now.

One of the most popular refinance programs in today’s mortgage arena is the VA IRRRL or interest rate reduction loan.  A Veteran home owner can lower their current VA interest rate and save hundreds monthly even th0usands over the life of their loan. Many Veterans calling today with current VA FL home loans are saving approximately $175 – $200 on the average, every month, by reducing their current VA mortgage interest rate.

With a FL VA IRRRL, there is no appraisal requirement for qualified Veterans; which is extremely useful in today’s FL VA mortgage market valuations.  Credit qualifying is even made easier; requiring a review of only the past 12 months mortgage payment history.  All closing costs and prepaids can be rolled into the new FL VA loan removing inconvenient out of pocket expenses.

If you are looking to reduce your monthly payment and you current have a VA home loan; it may make sense to speak with a FL VA Mortgage Specialist.  I have been assisting Veterans and their home loan needs for 17 years and can be reached by calling or sending text request for mor directly at 407.733.6425.  It’s not too late to start saving now.  Stephen Thaggard

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  5500 Murrell Road Suite 201, Viera, FL 32940

Lower your FL VA loan interest rate now; it’s as easy as IRRRL

If you are a US Veteran and have been thinking about refinancing your current VA home loan to a lower fixed rate; now may be the time. Interest rates are the lowest I have seen in my 17 year FL mortgage career. There are huge advantages (less hoops to jump through) many FL Veterans enjoy when considering to streamline refinance their VA home loan with IRRRL.

IRRRL stands for Interest Rate Reduction Refinance Loan and many refer to it as a streamlined refinance program for VA home loans. Of all the benefits with this mortgage program, the major allowance is no requirement for an appraisal. And in today’s FL mortgage market, avoiding appraisal issues can be very valuable while seeking a lower VA fixed interest rate.

Credit report requirements are streamlined as well, reviewing only the previous 12 months of mortgage payment history. And keep in mind, there are usually no income requirements – so keep your pay stubs and tax returns. They may not be required on a VA IRRRL.

Also, the VA funding fee is reduced to just 0.50% and can be rolled into the new VA mortgage loan amount. And even though you cannot receive more than $500 as cash-out; everything else is typically rolled into the loan amount allowing the Veteran save more.

For more information on VA IRRRL streamlined refinance loans please call 407.733.6425 or email Stephen Thaggard.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751

VA Streamline Mortgages in Florida are on the Rise

Eligible veterans and active military members in Florida can take advantage of the Department of Veterans Affairs (VA) Interest Rate Reduction Refinance Loans (IRRRLs) to lower their interest rates and mortgage payments on their VA mortgages. Increasing numbers of Florida veterans are doing so. In fact, IRRRLs in Florida increased by a whopping 83.5 percent from 2014 to 2015, with 10,582 loans issued in 2014 and 19,419 loans issued in 2015.

The current low-interest rate is fueling this dramatic increase in VA refinance loans, but there are other reasons that eligible veterans and military personnel are rushing to refinance their home mortgages. VA refinance mortgages are called “streamline” loans because many of the traditional refinancing documentation isn’t required. That makes the VA IRRRL a fast and efficient option for VA mortgage refinancing.

VA Streamline Refinance Advantages

A VA IRRRL doesn’t require a property appraisal like many other mortgages do. And VA lenders aren’t required to get credit reports, set minimum credit scores, or verify income or savings. However, many VA lenders have internal policies for credit scores, some as low as 580 and credit reports to verify mortgage payment history only. The good news is that these requirements are typically much more lenient than those for other mortgages.

Other advantages include the fact that VA refinances allow the borrower to close the refinance loan without any out-of-pocket costs since the VA allows origination fees, VA funding fees, closing costs, and other costs to be rolled into the new refinance loan.

Benefiting You

The main rule that VA streamline refinance loans must follow is that the new loan must benefit the veteran. Obviously, lower interest rates and mortgage payments do benefit the veteran, but there are other benefits that veterans can pursue, including converting from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or getting cash (up to $6,000) for energy-efficient improvements to the home. If you’ve got a VA mortgage in Brevard County or elsewhere in Florida, Embrace Home Loans can work with you on a VA streamline refinance. Call us today at 407-733-6425.

VA Streamline Refinance: Here’s What You Need to Know

Mortgage loans offered through the Department of Veterans Affairs have a lot of nice features that can help eligible veterans in Florida save money and let them buy homes. One of the important benefits, though, is only available after you’ve gotten a VA mortgage.

Called an Interest Rate Reduction Refinance Loan or IRRRL, these are often referred to as VA Streamlined Refinance loans. Simply put, this program allows people with VA loans to quickly and easily refinance those loans by waiving some of the documentation that’s required for other refinance loans. It also allows borrowers to roll closing costs into the new loan, which means you may be able to refinance with no out-of-pocket costs.

Keep It Simple

If interest rates have dropped since you got your VA loan, a streamline refinance loan lets you refinance to the lower rate and save money. Since you’ve already been approved by your VA lender for your original loan, the refinancing process is relatively simple, requiring less than a month in many cases. To qualify for an IRRRL, there are some conditions:

  • You must have used your VA loan eligibility to obtain the mortgage you want to refinance.
  • You must certify that you previously occupied the property.
  • Your new monthly payment must be lower than your old payment (unless you’re switching from an adjustable-rate mortgage to a fixed-rate mortgage).
  • You must be current on your mortgage, with no more than one late payment in the last year.

In addition, you can’t receive any cash when you refinance your loan with an IRRRL. There is an exception to this; some borrowers can get up to $6,000 to reimburse them for energy-efficient home improvements that were made in the three months prior to closing. There is another type of VA refinancing loan that allows you to refinance while taking cash from your home’s value, similar to a home-equity loan. Called a VA Cash-Out loan, it requires you to have sufficient equity in your home to qualify for this program, and it must be used for a home you occupy.

Find Out More

You don’t have to use your current lender for a VA Streamline Refinance, and sometimes it’s better to shop around, since different lenders offer different terms. It helps to work with a lender that’s experienced in VA Streamline Refinancing, like Embrace Home Loans. We’re experts in Florida VA mortgages, and we can help you review your refinancing options and work with you to get the best deal for you. Call us today at 407-733-6425.

8 Things to Love About VA Mortgages

One of the best benefits available to veterans, active-duty military, and some other eligible people is a VA mortgage loan guaranteed by the Department of Veterans Affairs. Commonly known as VA loans, these mortgages offer great interest rates, flexible guidelines to qualify, and no down payment. VA loans are available to most of the 1.5 million veterans in Florida, as well as current service members. Here are eight things to love about VA mortgage loans:

  1. No down payment. With a VA loan, you can finance up to the full purchase price of a home. If you want to make an optional down payment, you can, but it’s not required. VA loans do require a funding fee, an upfront charge that’s based on your service, the size of the loan, and other factors. But that fee can be financed with the loan so you don’t have to pay it all up front. And not all borrowers have to pay the fee as it can be waived for some borrowers.
  2. Low interest rates. VA loans are guaranteed by the VA Home Loan Guaranty Program. That means the federal government will repay a portion of the loan if you can’t make your monthly payments. The guarantee protects the lenders from the risk of default, and that means they can offer you lower rates of interest.
  3. No mortgage insurance. Mortgage insurance protects the lender in case the borrower defaults on his or her loan, and most borrowers have to pay for it. But since VA loans are guaranteed by the government, no mortgage insurance is required.
  4. Easy qualification. You’ll need an acceptable credit history and enough income to make your payments, as you would with any mortgage loan. However, VA guidelines are more flexible than those for other mortgages, so it can be easier for you to qualify.
  5. Many options. VA loans provide several options from a lot of different lenders. They can be fixed or adjustable, allow you to make repairs or refinance your existing loan, or even make energy-efficient upgrades. VA loans are offered by banks, credit unions, mortgage lenders, and other financial institutions, and each one has different rates and fees. So there are a wide variety of VA loan options from which you can choose.
  6. Low closing costs. The Department of Veterans Affairs establishes limits on the closing costs that lenders can charge to VA borrowers, another money-saving feature.
  7. No prepayment penalty. If you decide to sell your home later, VA loans don’t allow any prepayment penalty. They also don’t allow any restrictions on refinancing your home.
  8. Streamlined refinancing. The VA also offers an Interest Rate Reduction Refinance Loan (IRRRL) that allows you to refinance your VA loan to a lower rate if interest rates drop. You can also refinance from an adjustable rate to a fixed rate. IRRRLs have little paperwork and often require little to no out-of-pocket costs.

If you’re an eligible VA borrower in the Sunshine State, Embrace Home Loans can help you take advantage of your VA loan benefit. We’ll work with you to look at your VA mortgage options and figure out the financing that’s right for you. Contact us today at 407-733-6425, or browse the rest of our website, for more information on our services.

Lower Your Rate with a VA Streamline Refinance

If you’re an eligible veteran, mortgage loans guaranteed by the US Department of Veterans Affairs (VA) can be a great deal. These mortgages are available to veterans with good credit, sufficient income, and have met certain military service requirements. Some spouses of eligible veterans may also be able to take advantage of these loans. You’ll need a Certificate of Eligibility (COE), available through your local VA office.

The biggest advantage of a Brevard County VA mortgage is that the borrower can buy a home with no money down. In addition, VA loans usually offer very attractive interest rates and do not require private mortgage insurance (PMI), which saves even more money.

Fast and Easy Refinancing

VA loans have another very useful benefit. If you’re currently holding a VA mortgage and want to take advantage of lower interest rates, or if you have an adjustable-rate mortgage (ARM) and want to switch to a fixed-rate mortgage, you can refinance your existing loan using the VA Interest Rate Reduction Refinance Loan (IRRRL). These are also called VA Streamline Refinance loans because they’re easy to use and can close quickly. There are some conditions you have to meet:

  • You need to be current on your payments with no more than one late payment in the last year.
  • Your new payment must be lower than your current payment unless you’re switching from an ARM to a fixed-rate mortgage.
  • Unlike a regular VA loan, you don’t have to occupy the house, but you do have to certify that you previously occupied it.
  • You don’t need an appraisal.
  • You can avoid out-of-pocket costs by financing them into the new loan.
  • You may not receive any cash from the IRRRL.
  • You must have used your VA eligibility to obtain the loan you plan to refinance (often called VA to VA refinance).

Save Money

In some cases, eligible veterans may be able to save thousands of dollars over the lives of their loans by using streamlined refinancing. And refinancing can be done quickly, sometimes in as little as a month. Terms do vary between approved VA lenders, so it’s important to shop around to make sure you’re getting the best rates. At Embrace Home Loans, we’re experts in Brevard County VA mortgages, and we will work with you to make sure you get refinancing that meets your needs and budget. If you think a VA streamline refinance can help you save money, call us at 407-733-6425.

Seven Reasons to Choose a VA Mortgage

If you’re a qualified veteran in the state of Florida, your VA loan benefit is an excellent way to finance a new home. Guaranteed by the Department of Veterans Affairs (VA), a VA mortgage loan offers a number of advantages that other mortgage programs don’t. VA loans were created to help active-duty military, veterans, and some other qualified groups buy homes at affordable rates, with fewer fees and other costs.

To obtain a VA loan, you’ll need a Certificate of Eligibility (COE) from the VA. Veterans, active-duty personnel, their spouses, and some other groups (including certain National Guard members, academy cadets, and others) are eligible. If you’re wondering if you qualify, visit this website to find out more. So, what do VA loans offer that other mortgages don’t? Here are seven advantages:


  • Available through many VA-approved lenders. Every VA-approved lender sets its own interest rates, fees, and other charges. You can compare loans from different lenders and pick the one that you prefer.
  • Wide range of options. VA loans can be used for houses, duplexes, manufactured homes, or even condominiums, including new construction and existing homes. VA loans can have fixed or adjustable rates. You have many choices available.
  • Flexible qualification guidelines. VA loans do have credit and income requirements, but the fact that they are guaranteed by the VA means lenders are more willing to accommodate VA borrowers.
  • No down payment. With a VA loan, you can finance up to 100 percent of your home’s purchase price.
  • No mortgage insurance. Since the mortgages are backed by the VA, you won’t need mortgage insurance.
  • Low closing costs. To make VA loans more affordable, the VA limits the closing costs that lenders can charge you.
  • No prepayment penalty or refinance restrictions. If you sell or pay off your home early, there is never a prepayment fee, and you can refinance at any time. In addition, the VA’s Interest Rate Reduction Refinance Loan (IRRRL) offers VA borrowers a streamlined way to refinance.


A VA-approved lender can help you review your VA loan options and decide which one is best for you. At Embrace Home Loans, a VA-approved lender, we have experts in VA mortgages who will work with you to help you get the most from your VA loan benefit. Call us today at 407-733-6425.

VA Home Loans are Surging

Home loans guaranteed by the Office of Veteran’s Affairs (VA) are rising. In fact, in Florida, VA mortgages to purchase a house increased by 22.8 percent in 2014.1 Eligible borrowers (veterans with at least 90 days of active duty during war years) can take advantage of low-cost mortgages at very favorable terms. The VA guarantees the loans, which are offered by approved lenders. The VA’s guarantee protects the lender against loss, which means the lender provides more favorable loan terms to veterans.

Why the increase in VA loans? There are a lot of reasons:

  • Mortgage rates are at near-historic lows, according to Freddie Mac.2 That means many veterans are rushing to lock in these rates while they’re available.
  • Military borrowers can finance up to 100 percent loan-to-value (LTV) on purchase loans, and they have access to a streamlined refinance program that allows them to quickly take advantage of lower rates.
  • In addition to lower mortgage rates, VA loans feature easier mortgage approval requirements.
  • The VA loan benefits can be used over and over, as long as the VA loan has been paid in full following a sale, another veteran has assumed the outstanding VA loan balance, or there is enough remaining Entitlement.

Streamlined Refinancing

The VA mortgage program also features one of the easiest and fasted home loan refinancing programs available in the mortgage market, called the Interest Rate Reduction Refinance Loan (IRRRL). This program waives almost all of the normal verifications and documentation that other refinancing loans require. Qualified veterans don’t have to provide income documentation, credit, verification of employment, or a property appraisal. As long as you’ve made their mortgage payments on time over the last year, and refinancing will save you money, the VA will allow you to refinance.

Take Advantage of Your VA Benefits

If you’re a qualified veteran and want to find out more about your VA home loan benefit, contact Embrace Home Loans at 407-733-6425. We’re mortgage professionals with extensive experience in VA mortgages, and we’ll work with you to get you home you’ve always wanted.

Answers to Your Questions From a VA Home Loan Expert

A Veterans Administration (VA) home loan has a lot of advantages over other types of home financing. These benefits allow active-duty military personnel, veterans, and their families to save significant amounts of money when purchasing a home. How does this unique and powerful loan program work? Let’s look at some questions and answers from your Florida VA Mortgage experts at Embrace Home Loans.

Who is eligible for a VA loan?

VA loans are available for veterans, active duty military personnel, reservists or National Guard members, and some surviving spouses.

How much can I borrow with a VA loan?

In most parts of the US, qualified veterans can buy a home worth up to $417,000 with no money down. In some high-cost areas, this limit may be higher.

Is a VA loan complicated?

No! In fact, the ease of a VA loan is one of the biggest reasons borrowers choose them. You’ll need to request a Certificate of Eligibility, based on your military service, to apply for a VA loan. You can then apply for a VA home loan at any mortgage company that is VA approved. The VA home loan process has been streamlined over the years so that now it can be easier than some conventional mortgage programs.

What makes a VA loan better than other loans?

Because VA loans are backed by the government, they offer a lot of advantages, including:

  • 100% financing (no money down) for purchasing or refinancing a home (up to certain limits).
  • Closing costs are limited by the VA, and the program allows the property seller to pay most or all of those expenses.
  • Lower interest rates and monthly payments.
  • Less stringent qualification requirements and more flexibility.
  • No pre-payment penalty.
  • A streamlined refinancing, or interest rate reduction refinance loan (IRRRL) option, for homeowners with VA loans who want to refinance to a lower mortgage rate.

Do VA loans require private mortgage insurance?

Private mortgage insurance (PMI) is generally required for Federal Housing Authority (FHA) or conventional mortgages to protect the lender if the borrower doesn’t pay back the mortgage. However, because VA loans are guaranteed by the government, PMI isn’t required.

I already had a VA home loan. Can I get another?

Under certain circumstances, yes, you can have your entitlement restored to use again on another home. These include:

  • The property has been sold, you no longer own it, and you’ve paid off your previous VA loan in full.
  • A qualified veteran has agreed to assume the outstanding balance on the loan and substitute his or her entitlement for yours.
  • A one-time-only entitlement restoration for eligible veterans who have paid their prior VA loans in full, but haven’t disposed of the property securing the loan.
  • Also, many Veterans are choosing the option of renting their current VA home, and with enough remaining Entitlement, they can be eligible for a new VA home loan for their new primary home purchase.

I have a conventional mortgage. Can I get a VA loan?

Yes, you can still qualify for a VA loan if your current mortgage is not a VA loan.

Find out more

The loan experts at Embrace Home Loans are ready to help you understand your benefits as a veteran and work with you to get you a Florida VA mortgage. Call us today at 800-620-6292 for more information about VA loans and how they can benefit you.

FL VA home loans save Veterans more money

Hundreds of Florida home owners with current FL VA home loans, have taken advantage of today’s even lower fixed rate VA home loans.  As a home owner with an already approved VA home loan and with a 12 month on-time payment history, refinancing to a lower interest rate and lower monthly payment can be accomplished without an appraisal.

If you want to refinance and enjoy a lower rate using your VA Entitlement; consider changing your current FL FHA loan or Fannie Mae mortgage to a new VA home loan.  You can comfortably borrow up to 90% of the VA appraised value and qualify for that lower payment even if you have a 2nd mortgage.  Yes, the 2nd mortgage lender will be required to subordinate to the new VA first mortgage, but there is no limit with VA on the CLTV or combined loan-to-value.

Remember too that there are several advantages with respect to Veterans entitlement with a FL VA home loan mortgage.

  • No matter how much you borrow, there is no private mortgage insurance requirement with a VA home loan, saving you even more on monthly payments.
  • Enjoy streamlined approvals when refinancing a current VA home loan using VA IRRRL or interest rate reduction refinance loan. Typically, with a verification of employment and recent 12 month mortgage history, there are no income or assets required.  Veterans with VA loans, under VA IRRRL, have basically already been approved making refinancing easier.
  • Veterans with service-connected disabilities can save even more as they may be exempt from paying the VA Funding Fee.

Even if you have refinanced in the past, it may make sense to speak with a FL VA mortgage professional and determine if refinancing to today’s extremely lower VA fixed rate home loan makes sense.  Remember to always review recovery periods before refinancing!  For more information on this type of refinance as well as others, contact Stephen Thaggard or call 407.733.6425.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  5500 Murrell Road Suite 201, Viera, FL 32940