VA IRRL Refinance Home Loan Features
If you are looking for a VA IRRL refinance loan for your VA mortgage, Mortgage Miracles Happen is a VA-approved mortgage broker company.
Save Big with great pricing! Veterans who use us get wholesale pricing.
How? We get wholesale pricing for VA loans, and we pass the savings on to our veteran clients.
We don’t charge junk fee’s that many other lenders charge.
As a VA mortgage broker, we get paid in loan volume from the wholesale mortgage industry that we work with and we don’t need to charge junk fee’s.
We are a military family and love to care for our fellow military families.
No Appraisal VA IRRL Refinance LoanIf you need a VA loan, a VA IRRL mortgage loan lets you refinance your existing VA home loan with no out-of-pocket expenses. All closing costs and escrow items, also known as pre-paids. Pre-paids can be rolled into the loan amount. You can’t receive any cash out paid to the borrower. |
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| Credit score Requirement. Minimum FICO (credit) Score – 580 Mid Score.
It used to be that Credit qualifying was not required, meaning it didn’t matter whether you had a 500 or 780 Fico score, that was not a factor in the past. But that has changed with the changes in the mortgage industry. Your existing mortgage must be current and you can not have had a 30-day mortgage late in the past 12 months. It used to be that you could not have had more than one 30-day late mortgage payment within the last 12 months. |
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| Must verify income by either your job or benefits or retirement income. (Use to be no verification of Job or income). | |
| Skip up to 2 payments, Can “roll 2 payments into IRRL” allowing you to delay 2 months’ scheduled payment. | |
| Get existing escrow account refunded back to you | |
| NO APPRAISAL Required for a VA IRRL | |
| Fast, convenient in-home closings | |
| Your current mortgage loan must be a VA home loan in order to do a VA IRRL refinance. | |
| Cash-out is not allowed on the VA streamline loan but up to $6000 in energy efficient improvements can be included in the loan amount. | |
| Energy efficiency improvements to your home can be rolled into the loan amount up to $6,000 If you need cash-out consider a VA cash-out refinance. |
