Loan/Loan Repayment
> VA - Home Loans - Interest Rate Reduction Refinancing Loan
Program Description:
VA loan guarantees are made to service members, veterans, reservists and certain qualifying unmarried surviving spouses for the refinancing of a VA home loan.
General Program Requirements:
You must have a current VA loan to be able to utilize the Interest Rate Reduction Refinancing Loan (IRRRL) program.
Status
Active
Loan Terms:
The interest rate varies and the length of the loan cannot exceed 360 months. Payments are due monthly. No more than 2 points may be rolled into this loan plus allowable closing costs.
Application Process:
Contact a lender to discuss qualifying for an IRRRL. The lender will make sure you meet basic program requirements, including the following:
- The monthly payment must be for less than the original loan.
- The interest rate must be for less than the original loan (unless refinancing an Adjustable Rate Mortgage).
- The term cannot exceed 360 months or no more than 10 years more than the original loan (up to a max of 360 months).
Please note that if you are interested in obtaining an Adjustable Rate Mortgage (ARM) loan, the loans are being offered as a traditional 1 year ARM and also as hybrids with 3, 5, 7 and 10 year fixed rates, where available.
NOTE: If you plan to stay in your home for longer than the fixed rate period, an ARM may not be in your best interest.
It is a good idea to use a mortgage calculator to determine what the best loan, term and interest rate are for you and your family.
Program Contact Information:
For more information on this program, please visit:
http://www.homeloans.va.gov
You may contact a Regional Loan Center to discuss purchase and Refinancing issues:
http://www.homeloans.va.gov/RLCWEB.htm
Managing Agency:
Veterans Benefits Administration (VBA)
http://www.vba.va.gov
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