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VA IRRL Streamline Refinance

VA IRRL Refinance Mortgage Loan (VA Streamline Refinance Loan)

We are a mortgage lender in Colorado, Texas & Utah.

You can lower your current VA mortgage loans interest rate with a VA streamline refinance loan (VA IRRL).

VA Streamline Refinance Loan

This VA loan guaranty program, which is also referred to as IRRL (Interest Rate Reduction Loan Program), is straightforward and simple for US Veterans and active duty members to qualify for. Keep in mind, you can use the terms IRRL and VA Streamline Refinance Loan interchangeably

The VA Streamline Refinance Program is a program offered by the VA that allows those individuals who have previously bought a home, after qualifying for a VA loan, the chance to refinance their current loan in order to lower their interest rate. VA Streamline Refinance Program is easy to qualify for and takes little time to close. A VA Streamline loan does not pay out actual cash; it only lowers your interest rate and therefore puts extra money in your wallet every month.

The VA streamline refinance is without a doubt the best mortgage refinance loan on the market. Absolutely no other refinance loan program is as simple and easy to qualify for. This refinance program is a government backed mortgage loan for active duty and prior service veterans who already have an existing VA loan. It provides you a fast, simple and hassle free way to refinance your current VA home loan so that you can take advantage of lower interest rates. Credit qualifying is not required. This means that even if you have bad credit, as long as you have not had more than 1 thirty day late mortgage payment in the last 12 months, you may still be eligible for a VA streamline refinance.

Understanding The VA Streamline

The VA uses all of this original information to process your VA Streamline Refinance loan. Understanding the VA Streamline Refinance Program is not hard at all. Basically, if your interest rate was higher when you bought your home than it is now, and six months has passed, you are eligible to use the VA Streamline Refinance Program. Military loans allow shorter time periods and fewer requirements than conventional loans, to refinance. The following is a list that sums up the perks of the VA Streamline Refinance Program:

Lower Your Existing VA Loan Rate

The VA Streamline Refinance Program is part of the VA loan that just keeps giving. Keep in mind however; if your interest rate does not end up being lower, you are not eligible for this VA Streamline Refinance Program. The point of the program is to lower your rate on your existing VA military loan and if your rate does not become lower you will not save. It is also important to remember that there will be no transferring of actual cash. This VA Streamline loan only reduces your current interest rate.

Gives veterans and active duty service men and women a fast simple process to refinance their current mortgage loan.

VA Streamline Refinance Loan – Why The Program Was Developed

  • Gives veterans and active duty service men and women a fast simple process to refinance their current mortgage loan.
  • Gives veterans and active duty service men and women an inexpensive way to lower their mortgage bill

Why Consider a VA Streamline Refinance Loan?

Refinance Could Lower Foreclosure Risk – If you have an (ARM)adjustable rate mortgage, your housing bill may very well INCREASE when the fixed period expires. Depending on your exact mortgage terms, which is usually anywhere from 3-5 years.

It’s not uncommon for your interest rate to jump dramatically – 2 to 5 percentage points after your ARM expires forcing you into conventional “refinance”. The results can be devastating financially as you may not be able to afford to keep your home.

You NEED to get out of an ARM and into a fixed rate mortgage! IRRL can help you accomplish this.

If your not sure you have an Adjustable Rate Mortgage , check with your mortgage company ASAP, you need to know when the adjustable period expires so you can take action and get into a fixed rate mortgage using the IRRL program.

It’s quite common that you may NOT realize you have an ARM! It could have been the way the loan was explained to you and didn’t realize the interest rate could adjust after 1 to 3 years. If that’s the case and you are Vet, it’s time to take action NOW!

Take advantage of lower interest rates – What if today’s interest rates are lower than the interest rate you are currently paying? If you simply want to reduce your monthly payment, an IRRL may drastically reduce the overall dollar amount spent on interest by lowering your interest rate.

Who is Eligible For a VA Streamline Refinance Loan?

Any Veteran or active duty military personnel that currently has a VA mortgage.

VA Streamline Refinance Process

The process of re-qualifying for a VA Streamline Refinance program is basically the fact that you previously bought your home through a VA loan. The credit checks and other documentation that was required for your original VA loan will not be repeated.

  • No paystubs or W2s are required
  • No bank statements are required
  • No home appraisal is required
  • There is no loan-to-value limitation because no appraisal or value is required.
  • Underwater homes are eligible
  • The required funding fee is lower than for VA purchase loans
  • Closing costs can be wrapped into the new loan, meaning little or no out-of-pocket expenses

Why is this loan so easy to obtain? Homeowners with a VA loan are more likely to make payments on time if their payments are lower. It benefits everyone when veterans have affordable mortgage payments.

 Appraisals are not required.

What could be easier! And to add icing on the cake, VA even allows you to roll energy efficient home improvements. over $6000 into the loan amount for

No Income or Credit Qualifying

Not only is credit qualifying not required for the VA streamline refinance program but income documentation and job verification are required.

On-Time Payments

In addition, you are required to have made on-time payments over the past year, with no more than one payment that was 30+ days late in the past 12 months. If you did have a late payment, say, 8 months ago, you may want to wait 4 months before applying.

The VA Streamline Refinance Must Improve Veteran’s Situation

The VA streamline has to put the borrower in a better financial situation. VA lenders may only approve streamline refinances that help the veteran.

The new payments on the VA streamline must be lower than your current payments. There are a few exceptions, like when you:

  • Refinance an adjustable rate mortgage (ARM) to a fixed rate mortgage.
  • Refinance into a shorter term
  • Finance energy efficient improvements into the VA streamline

In all cases except for an ARM refinancing into a fixed rate, the interest rate must decrease.

What are the Disqualifications for a VA Streamline Refinance Loan?

  • Judgements – Must be cleared before qualifying
  • Liens against your property – Must be cleared before qualifying
  • Late payments – You’ll be disqualified if you missed more than ONE 30 day late payment on your mortgage in the last 12 months.
What are the Fees For a Streamline Refinance Loan?

There is a .5% funding fee for using the IRRL program to refinance your home. This fee can be fully financed which means it’s “rolled into the new loan amount”.
This fee helps defer the cost of private mortgage insurance that would have been required had you taken out a conventional loan. Keep in mind, VA charges no monthly mortgage insurance premium, instead letting Vets pay a funding fee of .5%.

The VA streamline is not viewed as a subsequent use of your VA home loan benefit. You will not incur the 3.3% subsequent use fee because you used the VA streamline refinance program.

Loan Terms

VA loan term may decrease. They can go from a 30 year loan to a 15 year loan. When you do this, it’s OK that your payment increases.

Long Term Loans – Increase in Term

You can also refinance a 15 year mortgage loan into a longer term loan.

The most your loan term can increase is 10 years. So if you currently have a 15 year term, the longest loan you can refinance into will be 25 years.


  • Ben was so great to work with on our refinance. He went above and beyond to make sure it was done right and that everything was in place. We would highly recommend him to anyone.

  • Ben worked with us when we were buying a home and I was particularly impressed with how quickly he always responded, even at odd hours. He was a pleasure to work with and we have already recommended him to friends.

  • Ben was courteous, professional, and knowledgeable. He had our best interest at heart through our entire home buying process and never pressured us. I would recommend him to anyone who is looking to buy or refinance a home.


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    All loans subject to credit approval. Rates and fees subject to change. Mortgage financing brokered by Mortgage Miracles Happen, LLC. Equal Housing Lender.
    Mortgage Miracles Happen, LLC is a mortgage broker in Arizona, Colorado, Florida, Texas & Utah.
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