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Va irrrl versus va streamline?

Are they the same thing or no? I'd like to refi through the Va, my current house is with Va, but I don't know which is best to do. I have 708 fico and am around 60% LTV. I can keep up with my payments, just want a better interest rate by jerrodwelken4398661 from Martinsville, New Jersey. Nov 17th 2014 Reply


Bruce Dawson (bdawson)
#20 ranked lender in Tennessee - 27 contributions

Yes, it's the same thing. A VA IRRRL is a "Interest Rate Reduction Loan." There is no income or asset verification (unless you have to bring money to closing such as pay taxes unless you have them rolled up into the loan amount). There is no appraisal required; however, some lenders have a risk overlay that may require a full appraisal, AVM, or no appraisal.

Nov 17th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

VA IRRRL is for current VA loans to refinance into another VA refinance loan.. Sometimes it's called a streamline, but this term actually refers to FHA streamline refinance loans. Just like VA, FHA has a refinance feature called the streamline refinance, but it for FHA to FHA refinance only.. VA is absolutely the better of the two, which is moot since you can only do a VA IRRRL.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 17th 2014
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Ted Ark (tark@goldmortgage.com)
#32 ranked lender in New Jersey - 34 contributions

Interest Rate Reduction Refinance LoanThe VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.IRRRL FactsNo appraisal or credit underwriting package is required when applying for an IRRRL.An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase.No lender is required to give you an IRRRL, however, any VA lender of your choosing may process your application for an IRRRL.Veterans are strongly urged to contact several lenders because terms may vary.You may NOT receive any cash from the loan proceeds.EligibilityAn IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance, and it will reuse the entitlement you originally used.Additionally:A Certificate of Eligibility (COE) is not required. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan.The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL you need only certify that you previously occupied the home.Ted ArkGolden Mortgage Bridgewater, NJ

Nov 17th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

Yes, it is the same thing. The official name is a VA IRRRL, but it is more commonly called a VA Streamline refinance. We lend for VA loans in MN, WI, and SD. www.VA-IRRRL-Loan-mn.com

Nov 18th 2014
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Same thing, and that is probably your best option for lowering your rate. Whether it is worth doing will depend on the current rate. Good luck!

Nov 18th 2014
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Mona Hulteen (mhulteen)
#23 ranked lender in New Jersey - 49 contributions

Both are essentially the same. I can price it out for you. It should go fast. The streamlines do not ask for as much.Call me,

Nov 18th 2014
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