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