Delaware VA IRRRL Refinance Loan
Delaware VA IRRRL Refinance Loan is a streamline refinance for Delaware Veterans to refinance a current VA mortgage loan to reduce your interest rate and monthly payment. Veterans who currently have a VA loan can refinance with the VA Streamline Refinance with no appraisal, no bank account verification and no income verification. Call 302-703-0727 to apply for a Delaware VA IRRRL Refinance or APPLY ONLINE.
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Delaware VA IRRRL Streamline Refinance – What is it?
VA IRRRL Loan also known as a VA Streamline refinance is a reduced documentation refinance loan for eligible veterans who currently have a VA mortgage. The Department of Veteran Affairs designed the program to reward veterans who already went through the qualifying process when they first got their mortgage so that they can refinance to take advantage of lower interest rates without the time and expense of a full documentation loan.
Delaware VA IRRRL Refinance Loan – What are the Benefits?
The benefits of a VA IRRRL Refinance Loan are amazing when compared to a conventional refinance loan. The VA Streamline Refinance has the following benefits for qualified veterans:
- No Appraisal Required
- No Income Verification
- No Asset Verification
- No Monthly Mortgage Insurance (No PMI)
- Can Roll Up to Two Mortgage Payments into the New Loan
- Great Low Rates
- Can roll closing costs into the new loan so No Out of Pocket Costs!
How do You Qualify for VA Streamline Refinance (VA IRRRL)?
In order to qualify for a VA Streamline refinance you must currently have a VA home loan and meet the following requirements:
- Current VA loan paid up to date with no more than one 30 day late in the last 12 months
- Must be lowering the interest rate with the refinance and lower monthly payment
- Must receive a net tangible benefit of a 36 month breakeven or less
- Must NOT receive any cash back at closing on the refinance
- Minimum 620 FICO Credit Score
What Documents Do You Need to Provide for Delaware VA IRRRL Refinance Loan?
When applying for VA IRRRL Loan you will need to provide your mortgage lender with the following documents when your loan goes into processing:
- Most recent mortgage statement
- Copy of homeowners insurance policy declarations page showing yearly premium
- Copy of Photo ID such as driver license of passport
- Statement showing balance of current escrow account if getting escrow advance
- Name, Address, & Phone Number of Current Employer (Lender Must Verify Currently Employed)
Take advantage of the VA Streamline Refinance today by speaking to one of our Certified VA Loan Specialist by calling 302-703-0727 or APPLY ONLINE today.